The Global Optometry Market is fragmented. Most players are striving to develop superior treatment and therapies which involve advanced technology. Players are showing keen interest in the attractive regional markets of Asia Pacific, states Transparency Market Research (TMR) in its latest research report on the global optometry market. The increasing spending capability as well as burgeoning population growth make Asia Pacific an attractive market and will see an increasing number of players expanding their bases or reach to this region. Some of the leading players would in this market are: CooperVision, Novartis AG, Pfizer, Inc., Johnson & Johnson Vision Care, Inc., Valeant Pharmaceuticals International, Inc., Essilor, and Allergan.
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According to TMR, the global optometry market will expand at a 4.1% CAGR from 2017 to 2025, rising from US$55.974 bn in 2016 to be worth US$79.871 bn by 2025. On the basis of product, it is expected that the anti-inflammatory drugs will emerge as a key contributor to the market. In 2016, the anti-inflammatory drug segment accounted for 32.5% of the market. The eyeglasses segment will rank higher, but the segment of contact lenses will also witness remarkable growth.
Asia Pacific to Witness Fastest Growth in Next Few Years
On the basis of geography, the U.S. is driving the North America market for optometry to its leading position. Europe is also witnessing a growth in the optometry market thanks to the contribution made by Germany. However, it is Asia Pacific is anticipated to expand the fastest pace of 5.1% CAGR from 2015 to 2025 on account of the mushrooming healthcare facilities, increasing knowledge about eye disorders as well as growing population, including the elderly age group. It is also expected that the Middle East in Africa and Latin America will emerge as attractive markets for optometry on account of the growing initiatives taken by the government in these regions for promoting good health and providing better Healthcare infrastructure.
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Geriatric Population to be Leading Consumer Base, Driving Optometry Market
According to the lead author of this report the global optometry market is driven majorly by the rising population of elderly people as this age group is highly vulnerable to having visual problems on account of various chronic health conditions such as diabetes. Increasing incidences among the elderly population relating to eye diseases such as age-related macular degeneration, diabetic retinopathy, glaucoma, and cataracts is driving the growth of the global optometry market. In the US alone, around 20.5 million patients are suffering from cataract and 7.6 million are suffering from diabetic retinopathy as per the American Association of Ophthalmology. Thus, the increasing prevalence of eye diseases and refractive errors has fueled the need for examination of the eye as well as eye care.
Growing Popularity of Trendy Eyewear Will Drive Optometry Market
With increasing advancements in technology, almost 80% of all cases of visual impairment can be cured and prevented to a certain extent. This in turn is fueling the growth of the optometry market. In addition to this, the surge in the popularity of eyewear such as contact lenses or specs has led to the growth of the optometry market. The increasing disposable incomes of the people are enabling the frequent change of spectacles as per the changing fashion trends, which in turn is driving the market.
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