Players in the fragmented global optometry market, many in all, are
pulling out every stop to retain their market shares and make
headway. They are mostly seen banking upon improved therapies and
treatments to outsmart their rivals and progress. The bigger
companies operating in the market have attained an influential
position by dint of their wide-ranging product portfolio and
extensive geographical outreach.
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Transparency Market Research classifies Novartis AG, CooperVision,
Pfizer, Inc., Essilor, Valeant Pharmaceuticals International, Inc.,
Johnson & Johnson Vision Care, Inc., and Allergan as some of the
prominent players in the global market for optometry.
Our recent report on the global market for optometry shows that it
will rise at a tepid 4.1% CAGR between 2017 and 2025. At this pace,
the market which was valued at US$55.974 bn in 2016, will likely pull
in a value of US$79.871 bn by end of 2025.
The two main types of products in the optometry market are
therapeutics and vision care equipment. The therapeutics segment can
be divided again into anti-inflammatory drugs, anti-infective drugs,
anti-fungal drugs, and anti-allergy drugs. And savvy players are
mostly seen betting on the anti-inflammatory drugs segment since they
are pulling in maximum sales and revenue at present. In 2016, the
segment contributed about 32.5% in the overall revenue in the
market.
Geographically, North America is the region which could well spell
opportunity for keen manufacturers for the region accounted for a
leading share of 36.5% in the global market for optometry in 2016.
The market has been buoyed so far by the developed economies and
their solid healthcare infrastructure. In addition, strong awareness
among people about the different treatments for eye diseases is also
bolstering the market in the region.
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Large Pool of Elderly Susceptible to Visual Problems Mainly
Fuelling Demand
Primarily serving to catalyze growth in the global market for
optometry is the rising elderly population who are highly susceptible
to different visual problems resulting from different chronic health
conditions, namely diabetes. Apart from that, rising instances of
age-related macular degeneration, glaucoma, diabetic retinopathy, and
cataract is also pushing up demand in the optometry market. Adds the
lead analyst of the TMR report, “In the U.S. alone, according to
the American Association of Ophthalmology, around 20.5 million
patients suffer from cataract and 7.6 million suffer from diabetic
retinopathy. Hence, the growing instance of eye diseases and
refractive errors has upped the need for examination of the eye as
well as eye care.”
Technological Progress Fillips Market
Thanks to constant progress on the technological front, we can expect
to be cured of many visual problems. In fact, about 80% of all cases
of visual impairment can be thwarted or cured. This, no doubt, is
positive news for the optometry market. Besides, soaring popularity
of contact lenses or specs has also led had a positive bearing on the
sales in the optometry market. With increasing disposable incomes,
people are more eager to change the models of their spectacles in
keeping with the latest fashion, which will definitely help players
boost sales.
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