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.
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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.
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.
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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.
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