Industry Analysis on Optometry: Business Strategies, and Growth Rate

Transparency Market Research (TMR) has published a new report titled, ‘Optometry Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2027’. According to the report, the global optometry market was valued at US$ 60.7 Bn in 2018 and is projected to expand at a CAGR of 4.3% from 2019 to 2027.

Overview

  • As optometry has evolved into the realm of therapeutics, the use of new technologies has become integral to optometric care. Thus, Optometrist equipped with cutting-edge technology that promise to recover visual performance. Academic and commercial pressures frequently force to develop new ideas, methods and therapeutic interventions.
  • Eyewear is one of the most accessible and visible accessories with an affordable price. Thus, increasing importance for fashion accessories is significantly supporting growth of the global optometry market. Moreover, rising awareness about good vision and solutions available for the same and changing buying patterns of vision care equipment are the factors augmenting the growth of market
  • North America dominate the global optometry market in 2018 and the trend is anticipated to continue during the forecast period. Hub for key industry players and early adoption of technologically advanced products are likely boost the growth of market in region
  • Asia Pacific is likely to be a highly lucrative market for the optometry market and it is expected to expand at a high CAGR during the forecast period. Surge in geriatric population coupled with various eye diseases is likely propel the growth of market.

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Increase in awareness about Eye Care to Drive Global Optometry Market

  • Optometry helps to diagnose the eye diseases including refractive errors, age-related macular degeneration, cataract, diabetic retinopathy Improving awareness and knowledge for the prevention, early treatment, and access to eye care is likely boost the growth of market
  • Moreover, major funding to boost optometry market as it increases consumer awareness For instance, in May 2022 Optometry Australia received government grant worth more than $400,000 to promote optometry and community eye health

Vision Care Equipment Segment to Dominate Optometry Market

  • In terms of product type, the global optometry market has been segmented into therapeutics and vision care equipment. The vision care equipment segment dominated the global optometry market in 2018 and the trend is projected to continue during the forecast period. The vision care equipment segment divided into eye glasses and contact lenses. Increasing demand for luxury goods driven by social trends and changes in lifestyles likely drive the growth of segment

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Optometry Clinics Segment Hold a Major Share of Global Optometry Market

  • In terms of distribution channel, the global optometry market has been classified into hospital pharmacies, online & retail stores, optometry clinics, optical centers and others.
  • Optometry clinics segment accounted for major share of market. Increase in the number of patients requiring comprehensive eye examinations and medical care and rise in the incidence of eye diseases worldwide fuel the optometry clinics segment

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North America to Dominate Global Optometry Market

  • In terms of region, the global optometry market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global optometry market in 2018, followed by Europe.
  • North America accounted for major share of the global optometry market in 2018. Rising awareness about eye health is expected to increase the demand for optometrists and primary eye care is likely to drive the growth of market
  • The optometry market in Asia Pacific is anticipated to expand at a high CAGR from 2019 to 2027. Unmet medical needs, untapped nature of the market, huge investment by players, and rise in health care infrastructure are the key factors for market growth in the region

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Competitive Landscape

  • The global optometry market is fragmented in terms of number of players. Key players in the global optometry market include CooperVision, Johnson & Johnson Vision Care, Inc., Carl Zeiss, Novartis AG, Essilor, 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 and GrandVision.

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