Industry revenue has grown at a CAGR of 3.7 % over the past five years, to reach an estimated $484.6m in 2023.

IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.

The Glasses and Contact Lens Manufacturing industry in Canada produces eyeglass lenses, frames, and protective eyewear. Several of the industry's product segments are essential to the visually impaired, somewhat insulating the industry from economic downturns. While rising per capita disposable income has enabled consumers to increase expenditure on glasses and contacts, competitively priced imports satisfy a significant portion of consumer demand for industry products. Although COVID-19 hindered the overall economy, IBISWorld projects revenue to continue expanding as industry products are considered an essential health expenditure for many consumers. As a result, IBISWorld projects industry revenue will increase at an annualized rate of 3.7% to $484.6 million over the five years to 2023, falling 3.3% in 2023 alone.Moreover, the industry has experienced moderate revenue volatility, with the increasingly dominant position of imported industry products in the Canadian market damaging revenue stability. Conversely, factors such as the aging of the Canadian population and growth in public and private healthcare spending generate greater demand for ophthalmic goods. However, industry exports fell more than 20.0% in 2020 alone due to the pandemic. Moreover, industry imports account for over 70.0% of domestic demand over the past decade. Although imports pose a threat to domestic producers, new entrants and strategic distribution will support the industry. Moreover, some niche glasses and contact lens manufacturers have appealed to consumers by providing customizable eyewear with quick product turnaround. Consequently, IBISWorld expects industry profit to expand over the past five years.The industry will continue to benefit from the rising demand for optical products among the burgeoning elderly population. Moreover, the Canadian dollar is expected to depreciate over the five years to 2028, supporting domestic manufacturers to compete with foreign goods. In addition, new producers will continue entering the industry. Consequently, IBISWorld projects industry revenue will increase at an annualized rate of 5.3% to $628.2 million over the five years to 2028.

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Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.

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Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.

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Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.

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Demand for eyecare professionals rises as more people obtain comprehensive insurance coverage, benefitting industry demand. Similarly, the aging Canadian population supports ...

Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.

The number of industry establishments per province highly correlates with provincial population levels. This is because glasses and contact lens manufacturers are typically l...

The market size of the Glasses & Contact Lens Manufacturing industry in Canada has been growing at a CAGR of 3.7 % between 2018 and 2023.

The biggest companies operating in the Glasses & Contact Lens Manufacturing market in Canada are Outlook Eyewear Canada Limited, Kits Eyecare Ltd. and CooperVision Inc.

All medical products in Canada, including eyeglasses and contact lenses, are subject to Health Canada's regulations. All medical products manufactured by industry producers a...

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IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.

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Industry revenue is measured across several distinct product and services lines, including Contact lenses, Spectacle lenses made of glass and Spectacle lenses, excluding products made with glass. Contact lenses is the largest segment of the Glasses & Contact Lens Manufacturing in Canada.

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There is no single company accounting for more than 5.0% of market share. As eyewear and contact lens can be produced more economically by foreign producers, the industry is ...

Eyeglass frame (i.e. fronts and temples) manufacturing and Glass and plastic eye manufacturing are part of the Glasses & Contact Lens Manufacturing industry.

Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.

The Glasses and Contact Lens Manufacturing industry in Canada manufactures ophthalmic goods, including eyeglass frames, lenses and contact lenses. The industry also produces sunglasses and goggles and nonelectrical ophthalmic equipment including optometers, retinoscopes and ophthalmometers.

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Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.

Over the next five years, the Glasses & Contact Lens Manufacturing industry in Canada is expected to grow.

View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.

Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.

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There are 104 businesses in the Glasses & Contact Lens Manufacturing industry in Canada, which has grown at a CAGR of 0.4 % between 2018 and 2023.

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IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.

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