Optometry Market to Become Worth US$ 79.871 Billion by 2025
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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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