Optometry Market - Emerging Markets to Offer High-Growth Opportunities 2023

Optometry Market: Overview

Optometry is concerned with ocular health and correction of eye problems such as vision and visual systems that can hinder the vision capacity in humans. Optometrists carry out general eye exams and prescribe lenses or glasses to improve vision or any other visual complications. Optometrists treat individuals who have acquired eye diseases due to various medical conditions such as oral medications (antibiotics, steroids etc.), injectable medications and topical medications (eye drops to treat red eye or glaucoma). They are licensed to diagnose and treat various eye diseases through topical diagnostics and therapeutic drugs. Optometrists are also trained in surgical procedures such as removal of foreign particle from the eye, corneal injury, and eyelid and lacrimal disease.

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In a few countries, patients requiring eye surgery are sometimes referred to other medical practitioners such as ophthalmologists and neurologists for further treatment. The scope of practice in optometry is regulated differently in each country and state. For instance, in Oklahoma, the optometrists are allowed to perform surgery limited only to the anterior segment of the eyes. On the other hand, in Kentucky, optometrists are allowed to perform a large number of laser procedures.

Optometry Market: Drivers and Trends

In the optometry industry, the demand is totally governed by changing healthcare practices, eye wear fashion trends and demographics. The wide usage of contact lenses and glasses due to various eye disorders is on the rise which is driving the growth of the optometry market. Contact lenses have few unique features such as accuracy and efficiency which is attracting the end users, thereby fueling the growth of the market. Furthermore, the increasing risk of developing various eye disorders such as cataract, glaucoma and refractive errors is also affecting the growth of the global optometry market. On the other hand, low patient compliance would most likely hinder the growth of the optometry market.

Optometry Market: Region-wise Outlook

Geographically, the optometry market can be segmented into four major segments: North America, Europe, Asia Pacific and Rest of the World (Row). Of all of these segments, North America currently boasts the largest share in the optometry market trailed by Europe. The prime factors which are driving the growth of the market in these regions are increase in the prevalence of eye disorders, rapidly increasing awareness programs by the government on technologically advanced therapies available for the treatment of eye problems, and increase in the adoption of ophthalmic drugs and devices.

According to Prevent Blindness America, vision problems due to diabetic retinopathy are on the rise presently. Asia Pacific is the most promising market for the growth of optometry market due to various developing and emerging economies. The factors that will help bring about the growth of the market in Asia Pacific are an increase in the geriatric population with a number of eye disorders, various recent developments and advancements in the field of optometry and constantly changing lifestyle of the population in developing regions. Furthermore, easy market penetration in countries such as China, Malaysia, Brazil and India; and increasing disposable incomes of the people would boost the growth of optometry market in the near future.

Optometry Market: Key Players

Currently, the market for optometry is fragmented with many players developing technologically advanced treatment and therapies. Some of the top companies operating in optometry market are Johnson and Johnson Vision Care, Inc., Allergan, Inc., Bausch and Lomb, Inc., F. Hoffmann-La Roche Ltd., Carl Zeiss, Inc., Hoya Corp and others.

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