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.
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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.
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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.
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