Optometry Market (Type - Therapeutics (Anti-inflammatory Drugs (Steroids and NSAIDS), Anti-fungal Drugs, Anti-infective Drugs, and Anti-allergic Drugs) and Vision Care Equipment (Eye Glasses and Contact Lenses (Soft Contact Lenses, Rigid Gas Permeable Lenses, and Extended Wear Contact Lenses); Distribution Channel - Hospital Pharmacies, Optometry Clinics, Online and Retail Stores, and Optical Centers) – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast 2019 - 2027
- According to Transparency Market Research’s latest report on the global optometry market for the historical period 2017–2018 and forecast period 2019–2027, growing prevalence of eye diseases and refractive errors to escalate the growth of global optometry market.
- According to the report, the global optometry market was valued at US$ 60.7 Bn in 2018 and is anticipated to expand at a CAGR of 4.3% from 2019 to 2027
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Surge in Demand for Optometry: Key Drivers of Global Optometry Market
- Optometrists have become the mainstay of the primary eye care services all over the world. They are more geographically widespread. About 60% of optometrists work independently while others are affiliated to hospitals and other retail chains.
- Constantly increasing awareness of eye care services leads to rising number of eye care providers have created a need for differentiation of services in terms of new and advanced technologies. Technological advancements have helps to bring cost-effectiveness therefore majority of optometrists focus to surge in adoption of new technologies for eye examinations
- Augmenting the demand for advanced optometry for eye exams has induced diagnostic equipment manufacturers in the vision care industry to adopt innovation and introduce new and miniaturized, portable and easy to use examination devices and technologies. This in turn to drive the growth of market
- To address these demands, the industry players are investing in the research and development activities to develop and introduce new products thereby boosting the global optometry market.
Growing Prevalence of Eye Diseases and Refractive Errors Propel Global Optometry Market Growth
- Uncorrected refractive error is one of the major causes of visual impairment and vision loss in the long term
- Aging demographics and rising incidence of chronic diseases, such as diabetes, have led to growing prevalence of eye diseases such as diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma and thereby increase the use of products. This in turn to drive the growth of market. For instance, according to an article published in BMJ Open Ophthalmology, the estimated global prevalence of diabetes retinopathy is 34.6%
Side Effects Associated with Use of Contact Lenses to Hamper Global Optometry Market
- Extensive use of contact lenses causes side effects such as dry eye, redness etc. Moreover, microbial infections caused due to the deposition of protein or lipid materials on the lens surface are common side effects faced by a contact lens wearer
- These side effects may further result in serious vision complications, causing great discomfort and pain. In addition, factors such as poor sanitation or irregular cleaning habits and prolonged usage further increase the risk of infections. Also, improper handling of contact lenses may lead to several ophthalmic infections or disorders such as keratitis, corneal ulceration, vision loss, and hypersensitivity. These factors result in reduced spending and usage on contact lenses is likely hamper the growth of market.
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Global Optometry Market: Competitive Landscape
- This report profiles major players in the global optometry market based on various attributes such as company overview, financial overview, product portfolio, business strategies, and recent developments
- The global optometry market is highly fragmented, with the presence of a number of international as well as regional players
- Leading players operating in the global optometry market are
- Johnson & Johnson Vision Care, Inc.
- Carl Zeiss
- Novartis AG
- Valeant Pharmaceuticals International, Inc. (Bausch+Lomb Incorporated)
- ALLERGAN, Pfizer, Inc.
- F. Hoffmann-La Roche Ltd.
- Transitions Optical Limited
- HOYA GROUP
- CIRON Drugs & Pharmaceuticals Pvt. Ltd.
- NIDEK CO., LTD.
- TOPCON CORPORATION
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Global Optometry Market: Key Developments
Key players in the global optometry market are engaged in regulatory approvals, technologically advanced products, launch of new products, and acquisition & collaborative agreements with other companies. These strategies are likely to fuel the growth of the global optometry market. A few expansion strategies adopted by players operating in the global optometry market are:
- In January 2020, Zeiss announced the launched of Zeiss Virtual Optometry Hub
- In September 2019, EyeCare Partners LLC complete the acquisition of Nationwide Vision to strengthen the company’s network of free-standing optometric offices in fast-growing regional markets
- In July 2019, Eyeris announced the FDA approval for their daily disposable contact lens
- In March 2017, Bausch + Lomb Incorporated announced the launch of ULTRA, a new silicone hydrogel contact lens with moisture-seal technology for patients suffering from astigmatism.
The report on the global optometry market discussed individual strategies, followed by company profiles of manufacturers of optometry. The competitive landscape section has been included in the report to provide readers with a dashboard view and a company market share analysis of key players operating in the global optometry market.
Global Optometry Market - Scope of Report
TMR’s report on the global optometry market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2019 to 2027. The report provides revenue of the global optometry market for the period 2017–2027, considering 2018 as the base year and 2027 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global optometry market during the forecast period.
The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global optometry market.
Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global optometry market.
The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global optometry market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global optometry market.
The report delves into the competitive landscape of the global optometry market. Key players operating in the global optometry market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global optometry market that have been profiled in this report.
Key Questions Answered in Global Optometry Market Report
- What is the scope of growth for product companies in the global optometry market?
- What will be the Y-o-Y growth of the global optometry market between 2019 and 2027?
- What is the influence of changing trends in technologies on the global optometry market?
- Will North America continue to be the most profitable market for optometry providers?
- Which factors are anticipated to hamper the growth of the global optometry market during the forecast period?
- Which are the leading companies in the global optometry market?
A unique research methodology has been utilized by TMR to conduct comprehensive research on the growth of the global optometry market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.
Secondary research sources referred to by analysts during the production of the global optometry market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of TMR’s study on the optometry market as primary methods.
These primary research respondents have provided exclusive information during interviews, which serves as a validation from the optometry market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global optometry market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching TMR’s estimates on future prospects of the global optometry more reliably and accurately.
Regional Segmentation of Optometry Market
- North America
- Rest of Europe
- Asia Pacific
- Australia & New Zealand
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
Global Optometry Market – Segmentation