Optometry Market Size, Share, Growth, Trends, Consumption, Revenue, Company Analysis, Regional Insights and Forecast 2021-2030

Published Date : Nov 2020 | No. of Pages : 200 Pages | Category : Healthcare

The optometry market size was valued at US$ 62 Bn in 2020 and is expected to expand at a CAGR of 4.8% from 2021 to 2030.

The global optometry market size is projected to reach around US$ 90 billion by 2030, growing prevalence of eye diseases and refractive errors to escalate the growth of global optometry market.

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 2020 and the trend is anticipated to continue during the forecast period. Hub for key industry players and early adoption of technologically advaced 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. 

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 etc. 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 2020 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

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

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

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

Market Segmentation:

By Product type

  • Therapeutics
    • Anti- inflammatory  drugs
    • Anti-fungal drugs
    • Anti- infective drugs
    • Anti-allergy drugs
  • Vision care equipment
    • Eye glasses
    • Contact lenses

By Distribution channel

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

By Region

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • U.K.
    • France
    • Italy
    • Spain
    • Rest of Europe
  • Asia Pacific          
    • China
    • India
    • Japan
    • Australia & New Zealand
    • Rest of Asia Pacific
  • Latin America
    • Brazil
    • Mexico
    • Rest of Latin America
  • Middle East & Africa
    • GCC Countries
    • South Africa
    • Rest of Middle East & Africa

Scope of Report

VRR’s report on the global optometry market studies past as well as current growth trends and opportunities to gain valuable insights of these indicators of the market during the forecast period from 2021 to 2030. The report provides revenue of the global optometry market for the period 2017–2030, considering 2020 as the base year and 2030 as the forecast year. The report also provides the compound annual growth rate (CAGR) for the global optometry market during the forecast period.

The report has been prepared after an extensive primary and secondary research. Primary research involved bulk of research efforts, wherein analysts carried out interviews with industry leaders and opinion makers. Extensive secondary research involved referring to key players’ product literature, annual reports, press releases, and relevant documents to understand the global optometry market.

Secondary research also included Internet sources, statistical data from government agencies, websites, company presentations, sales data, and trade associations. Analysts have employed a combination of top-down and bottom-up approaches to study various phenomenon in the global optometry market.

The report includes an elaborate executive summary, along with a snapshot of the growth behavior of various segments included in the scope of the study. Furthermore, the report sheds light on the changing competitive dynamics in the global optometry market. These indices serve as valuable tools for existing market players as well as for entities interested in entering the global optometry market.

The report delves into the competitive landscape of the global optometry market. Key players operating in the global optometry market have been identified, and each one of these has been profiled for distinguishing business attributes. Company overview, financial standings, recent developments, and SWOT are some of the attributes of players in the global optometry market that have been profiled in this report.

Key Questions Answered in Global Optometry Market Report

  • What is the scope of growth for product companies in the global optometry market?
  • What will be the Y-o-Y growth of the global optometry market between 2019 and 2027?
  • What is the influence of changing trends in technologies on the global optometry market?
  • Will North America continue to be the most profitable market for optometry providers?
  • Which factors are anticipated to hamper the growth of the global optometry market during the forecast period?
  • Which are the leading companies in the global optometry market?

Research Methodology

A unique research methodology has been utilized by VRR to conduct comprehensive research on the growth of the global optometry market and arrive at conclusions on its growth prospects. This research methodology is a combination of primary and secondary research, which helps analysts warrant the accuracy and reliability of the drawn conclusions.

Secondary research sources referred to by analysts during the production of the global optometry  market report include statistics from company annual reports, SEC filings, company websites, investor presentations, regulatory databases, government publications, and industry white papers. Analysts have also interviewed senior managers, product portfolio managers, CEOs, VPs, and market intelligence managers, who contributed to the production of VRR’s study on the optometry market as primary methods.

These primary research respondents have provided exclusive information during interviews, which serves as a validation from the optometry market leaders. Access to an extensive internal repository and external proprietary databases enabled this report to address specific details and questions about the global optometry market with accuracy. The study also uses the top-down approach to assess the revenues for each segment and the bottom-up approach to counter-validate them. This has helped in reaching VRR’s estimates on future prospects of the global optometry more reliably and accurately.


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