Global Optometry Market: Snapshot

At present, the global optometry market is fragmented in nature on account of the presence of numerous players. To retain and grow their market shares in such a fragmented landscape, most players are seen competing with one another on the basis of better therapies and treatments. Some of the dominant players in the market have established a solid stronghold with their extensive geographical outreach and a diverse product portfolio.

Serving to stoke growth in the global optometry market is the ever-increasing elderly population who are highly susceptible to visual problems and rising instances of eye ailments on account of chronic health conditions such as diabetes. As a result, eye diseases, namely diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma are increasing by the day. Besides, the surging popularity of eye wear fashion and rising disposable incomes of people have also proved beneficial to the global optometry market.

A report by Transparency Market Research projects the global optometry market to rise at a lackluster CAGR of 4.1% from 2017 to 2025 to become worth US$79.871 bn by 2025 from US$55.974 bn in 2016.

Global Optometry Market

Contact Lenses to See Increased Uptake due to their Ability to Treat Refractive Errors

Depending upon the type of products, the global optometry market can be broadly split into vision care equipment and therapeutics. The therapeutics segment again can be further divided into anti-inflammatory drugs, anti-fungal drugs, anti-infective drugs, anti-infective drugs, anti-infective drugs, and anti-allergy drugs. Of them, the anti-inflammatory drugs contributed the most to revenue – almost 32.5% in 2016.

The segment of vision care equipment in the optometry market can also be divided further into eye glasses and contact lenses. The eye glasses segment, among them, is projected to rake in higher revenue in the years to come. However, contact lenses too are expected to clock healthy growth in the near future on account of the rising awareness about the various types of contact lenses available in the market and their use in treating refractive errors.

Superior Healthcare Infrastructure Catapults North America Market to Forefront

From a geographical standpoint, North America held maximum share of 36.5% in the global optometry market in 2016. Europe trailed North America vis-à-vis market share in 2016. The dominant positions of the two regions is attributed to their developed economies and advanced healthcare infrastructures. Further, the high degree of awareness among the people in the region pertaining to the various treatments available for eye diseases is also serving to drive their markets. Currently, the vision care segment of the optometry market contributes the most to the revenue in the two regions.

The optometry market in North America is primarily being driven by the U.S., whereas the market in Europe is being powered mainly by Germany. In terms of growth rate, on the other hand, Asia Pacific is slated to outshine all other regions by clocking a CAGR of 5.1% from 2017 to 2025. The market in the region is being propelled by its burgeoning population, mushrooming healthcare facilities, and rising knowledge about eye ailments. The markets in Latin America and the Middle East and Africa too are expected to witness impressive growth in the next couple of years on the back of increasing initiatives by the governments in the region to overhaul the healthcare industry.

Some of the prominent participants in the global optometry market are CooperVision, Johnson & Johnson Vision Care, Inc., Novartis AG, Pfizer, Inc., Valeant Pharmaceuticals International, Inc., Allergan, and Essilor.

Global Optometry Market: Overview

Over the last couple of years in the industry of optometry or eye diagnosis, the surge in demand of the geriatric populace for routine eye check-up has led to a wide expansion of optometry services. With the increase in revenues, aided by the Affordable Care Act (ACA), the arena of pediatric eye care is witnessing a robust growth. Rise in medical insurance coverage will offer better access to cohesive eye exams for the elderly population.

Optometry incorporates an extensive range of products used to assess vision and diagnose disorders associated with the cornea (the anterior) and the retina (the posterior) of the eye. These devices measure refractive errors, identify the power of the intraocular lens, measure intraocular pressure, and analyze the field of vision.

The report offers a distinctive evaluation of the global optometry market, taking into account its growth factors, restraints, and potential business prospects.

Global Optometry Market: Trends and Opportunities

Stoking the growth of the global optometry market is the ever-increasing geriatric populace, who are highly susceptible eye ailments and visual problems due to of chronic health conditions such as diabetes. As a result a number of eye diseases such as diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma are increasing each passing day. In the US alone, around 20.5 million patients are suffering from cataract and 7.6 million are suffering from diabetic retinopathy as per the American Association of Ophthalmology. Thus, the increasing prevalence of eye diseases and refractive errors has fueled the need for examination of the eye as well as eye care. Besides, the surging popularity of eye wear fashion and rising disposable incomes of people have also proved beneficial to the rise of the global optometry market.

The market segment of eye glasses is projected to rake in higher revenue in the years to come. However, the trend of utilization of contact lenses are expected to clock healthy growth in the near future on account of the rising awareness about the various types of contact lenses available in the market and their use in treating refractive errors.

Global Optometry Market: Geographical Analysis

North America held maximum share of 36.5% in the global optometry market in 2016. Europe followed North America vis-à-vis market share in the same year. The leading positions of the two regions in the market is accountable to their growing economies and progressive healthcare infrastructures. Further, the high degree of awareness among the people in the region pertaining to the various treatments available for eye diseases is also serving to drive their markets. Currently, the vision care segment of the optometry market contributes the most to the revenue in the two regions.

The optometry market in North America is primarily being driven by the U.S., whereas the market in Europe is being powered mainly by Germany. In terms of growth rate, on the other hand, Asia Pacific is expected to outshine all other regions on account of its burgeoning population, mushrooming healthcare facilities, and rising awareness of eye ailments.

Global Optometry Market: Companies Mentioned

The global optometry market is a fragmented one, with most players striving to offer superior treatment and therapies which involve advanced technology. Players are showing keen interest in the attractive emerging markets of Asia Pacific.  The increasing disposable incomes of the people in this region, as well as the burgeoning population growth is anticipated to make Asia Pacific a promising market and will see an increasing number of players expanding their bases to this region.

Some of the prominent participants in the global optometry market are Johnson & Johnson Vision Care, Inc., Pfizer, Inc., CooperVision, Allergan, Essilor, Valeant Pharmaceuticals International, Inc., and Novartis AG.

Global Optometry Market Revenue, by Product Type

  • Therapeutics
    • Anti- Inflammatory Drugs
      • Steroids
      • NSAIDs
    • Anti-fungal Drugs
    • Anti-infective Drugs
    • Anti-allergy Drugs
    • Others
  • Vision Care Equipment
    • Eye Glasses
    • Contact Lenses
      • Soft Contact Lenses
      • Rigid Gas Permeable Lenses
      • Extended Wear Contact Lenses
      • Others

Global Optometry Market Revenue, by Distribution Channel

  • Hospital Pharmacies
  • Online & Retail Stores
  • Optometry Clinics
  • Optical Centres
  • Others

Global Optometry Market Revenue, by Geography

  • North America
    • US
    • Canada
  • Europe
    • Germany
    • France
    • Italy
    • Spain
    • UK
    • Rest of Europe
  • Asia Pacific
    • China
    • Japan
    • India
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East and Africa
    • GCC countries
    • South Africa
    • Rest of Middle East & Africa
.