Albany, NY — (PRESS RELEASE JET) — 09/25/2017 — As per a report by Transparency Market Research, the global market for optometry will likely register a tepid CAGR of 4.1% during the period between 2017 and 2025. Rising at this rate, the market which was worth US$55.974 bn in 2016, will become worth US$79.871 bn by 2025.
Burgeoning Elderly Population Push up Demand
At the forefront of driving growth in the global optometry market is the rising pool of elderly people who are highly susceptible to visual problems and rising occurrence of eye diseases owing to chronic health conditions such as diabetes. This has led to the eye diseases, namely diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma. As per the American Association of Ophthalmology (AAO), almost 20.5 million patients in the U.S. alone suffer from cataract, while an estimated 7.6 million suffer from diabetic retinopathy.
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Depending upon geography, the key segments of the global market for optometry are North America, Latin America, Asia Pacific, Europe, and the Middle East and Africa. North America, among them, currently dominates the optometry market vis-à-vis revenue. In the years ahead too, the region is projected to retain its dominant share on account of an increasing aging population, increasing use of eye care products, and swift uptake of contact lenses. The revenue in the North America market is slated to become worth US$28.38 bn by 2025.
The different types of products available in the global optometry market can be broadly segmented into therapeutics and vision care equipment. Of them, the segment of anti-inflammatory drugs held maximum share of 32.5% in revenue in the year 2016. Other segments under therapeutics are anti-fungal drugs, anti-infective drugs, anti-allergy drugs, etc.
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Surging Popularity of Eyewear Fashion Proves Beneficial to Market
“Such rising prevalence of eye diseases and refractive errors worldwide has resulted in increasing need for eye examinations and eye care. This has served to stoke growth in the global optometry market. Globally, about 80% of all visual impairment can be prevented or cured. This coupled with the soaring popularity eye wear fashion trend and rising disposable incomes of people has majorly boosted the global optometry market,” explains the lead analyst of the TMR report.
Presence of numerous players makes the global optometry market fragmented in nature. In order to steal a march over their competitors in the market, most players are focused to developing technologically superior treatment and therapies.
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Some of the key players in the global optometry market are CooperVision, Johnson & Johnson Vision Care, Inc., Novartis AG, Pfizer, Inc., Valeant Pharmaceuticals International, Inc., Allergan, and Essilor. They have a great deal of geographical outreach as well as a diverse product portfolio which have helped to bolster their positions further. A noticeable trend in the market is the focus of keen players on attractive markets in Asia Pacific, which still have ample room for growth on account of a burgeoning population with increasing spending capacity.
About Transparency Market Research
Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.
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