Press release
Optometry Market to Rise to US$79.871 bn by the end of 2025
By 2025, the global optometry market could bag revenue worth a US$79.8 bn while expanding at a 4.1% CAGR during the forecast tenure 2017-2025 as foreseen by TMR. In 2016, it was valued at a US$55.9 bn. Anti-inflammatory drugs classified under therapeutics by type of product are envisaged to secure a higher share of the market, considering their 32.5% attained in 2016. By region, North America could collect a king’s share of the market, taking into account its 36.5% achieved in the same year.
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Increasing Elderly Population with Vision Problems Propels Demand
Diabetes and other chronic health conditions in geriatrics are researched to be among primary factors triggering vision problems in them. Moreover, geriatrics are observed to be highly vulnerable to vision complications due to other reasons. Thus, expansion of the geriatric population across the world is anticipated to serve as a powerful factor augmenting demand in the global optometry market. Demand for optometry could also increase on the back of swelling prevalence of cataracts, diabetic retinopathy, glaucoma, and age-related macular degeneration (AMD).
In the U.S., diabetic retinopathy is observed to have affected nearly 7.6 mn people, as per the finding of the American Association of Ophthalmology. The organization also found another 20.5 mn people in the country affected by cataracts.
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Unaffordability in Emerging Countries Causes Demand to Grow Dull
Low affordability and purchase power of developing economies could limit adoption of optometry therein. Patients may find it unaffordable to opt for optometry tests or purchase optometry drugs. However, government initiatives to make healthcare affordable for everyone are prognosticated to create opportunities in emerging regional markets. Growing awareness about eye care and need for eye tests due to rising incidence of refractive errors and eye diseases are foretold to set the international optometry market for positive growth in the near future.
The possibility of finding cures for different visual problems on account of constant technological development could encourage players to expand their product portfolios. Furthermore, increasing preference for contact lenses and introduction of fashionable spectacles are projected to offer a wealth of opportunities in the market.
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Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information. Our business offerings represent the latest and the most reliable information indispensable for businesses to sustain a competitive edge.
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