Not looking good: The decline of eyewear and contact lens sales will weigh on industry revenue

Despite facing intensifying competition from online ophthalmological goods retailers, the Optometrist industry in Canada has exhibited growth over the five years to 2018. Demand for industry services was driven by a burgeoning elderly population, as well as increased awareness of the importance of eye health. In addition to a changing competitive landscape, industry operators had to adapt to new a new regulatory environment. However, decreased demand for retail products in optometry offices was balanced by increasing demand from elderly individuals with numerous age-related eye ailments. Over the five years to 2023, industry revenue is forecast to decline...read more.

Industry Statistics & Market Size
Revenue
$2bn
Annual Growth 13-18
2.6%
Forecast Growth 18-23
Profit
Employment
10,410
Businesses
4,759
Market Share of Companies
There are no companies with a dominant market share in this industry

Industry Threats & Opportunities

  • Demand for industry services was driven by a burgeoning elderly population and increased awareness of the importance of eye health
  • Growing numbers of elderly and diabetic individuals have spurred demand for industry services
  • Demand for industry services will likely increase as more people contract AMD
  • Industry Report - Industry Products Chapter

    Medical eye care procedures and eye examsIn 2018, medical eye care procedures are expected to make up 17.0% of industry revenue. Over the past five years, this product segment has exhibited robust growth and expanded to include additional services, including the treatment of glaucoma, macular degeneration, cataracts and retinal disease. This product segment includes preventive care to help patients manage their eye diseases, lens and contact lens therapy, low vision therapy and occupational vision care. In addition, eye exams account for 21.0% of total revenue. The high prevalence of diabetes has incited many optometrists to provide more eye exams to evaluate diabetes-related eye ailments (e.g. diabetic retinopathy, cataracts and glaucoma). Ove...purchase to read more.

    Additional Insights for the Optometrists Industry

    IBISWorld identifies 250 Key Success Factors for a business.The most important for the Optometrists Industry are

  • Access to highly skilled workforce
  • Use of specialist equipment or facilities
  • Proximity to key markets
  • IBISWorld analysts also discuss how external factors such as Total health expenditure and Median age of population in the Optometrists industry impact industry performance..

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    What's in this report

    What is the Optometrists Industry?

    This industry is primarily engaged in the private or group practice of optometry. Optometrists provide eye examinations to determine visual acuity or the presence of vision problems and to prescribe eyeglasses, contact lenses and eye exercises. They can also perform services provided by an optician, such as selling and fitting prescription eyeglasses and contact lenses.

    Industry Products
  • Eye exams
  • Medical eye care procedures
  • Contact lenses
  • Prescription eyewear
  • Industry Activities
  • Conducting eye examinations
  • Diagnosing and treating vision impairment and eye disorders
  • Prescribing, fitting and selling glasses and contact lenses
  • Table of Contents

    Industry Definition
    Main Activities
    Similar Industries
    Additional Resources
    Industry Statistics Snapshot
    Industry Structure
    Executive Summary
    Executive Summary
    Key External Drivers
  • Total health expenditure
  • Median age of population
  • Number of adults aged 65 and older
  • Per capita disposable income

  • Current Performance
  • Aging population drives demand
  • Private healthcare spending stabilizing
  • Chart: Revenue Growth

  • Industry Outlook
  • Vision loss epidemic
  • Shortage of optometrists
  • External competition
  • Table: Optometrists Industry Revenue Outlook

  • Industry Life Cycle
  • Life cycle reasons
  • Chart: Benchmarking - Optometrists Industry Lifecycle vs The Economy

  • Supply Chains
    Key Buying Industries
  • Health & Medical Insurance in Canada
  • Consumers in Canada

  • Key Selling Industries
  • Brand-Name Pharmaceutical Manufacturing in Canada
  • Glasses & Contact Lens Manufacturing in Canada
  • Medical Device Manufacturing in Canada
  • Medical Instrument & Supply Manufacturing in Canada

  • Products & Services
  • Prescription eyewear
  • Eye exams
  • Medical eye care procedures
  • Contact lenses
  • Other
  • Chart: Optometrists Industry Products and Services Segmentation

  • Demand Determinants
    Major Markets
  • Individuals aged 45 to 64
  • Individuals aged 20 to 34
  • Individuals aged 65 and over
  • Individuals aged 35 to 44
  • Individuals aged 19 and younger
  • Chart: Major Market Segmentation for the Optometrists Industry

  • International Trade
    Business Locations
    Chart: Business Locations by State
    Market Share Concentration
    Key Success Factors
    Cost Structure Benchmarks
  • Profit
  • Purchases
  • Wages
  • Rent and utilities
  • Other
  • Chart: Cost Structure Benchmarking – Sector vs Optometrists

  • Basis of Competition
  • Internal competition
  • External competition

  • Barriers to Entry
  • Table: Barrier to Entry Checklist for the Optometrists Industry

  • Industry Globalization
    There are no major players in this industry. This report includes analysis of other companies.
    Capital Intensity
  • Chart: Level of Capital Intensity for the Optometrists Industry
  • Chart: Tools of the Trade: Growth Strategies for Success

  • Technology & Systems
    Revenue Volatility
  • Chart: Volatility vs Industry Growth

  • Regulation & Policy
    Industry Assistance
    Table: Industry Data for the Optometrists Industry
    Includes:
  • Industry Revenue (2009-2023)
  • Industry Gross Product (2009-2023)
  • Establishments (2009-2023)
  • Businesses (2009-2023)
  • Employment (2009-2023)
  • Wages (2009-2023)
  • Total Health Expenditure (2009-2023)

  • Table: Annual Percentage Change for Key Industry Data
    Table: Key Ratios for Industry Key Data
    Electronic Medical Records (Emr)
  • Software designed for medical practitioners that allows records to be input and stored electronically
  • Fundus
  • The inside-facing side of the eye that includes the retina, optic disc, macula and fovea, and posterior pole.
  • Ophthalmologist
  • A medical doctor that specializes in eyes and eye-related disorders that also, unlike optometrists, performs surgery
  • What Our Customers Say

    Why buy this report?

    IBISWorld’s Optometrists market research report offers insightful industry analysis and research into the market at the national level. IBISWorld’s in-depth industry market research is presented in a logical and consistent format. The industry report contains key industry statistics, market size, industry trends, and growth and profit forecasts for a 5-year outlook period.

    IBISWorld industry market research reports enable you to:
    • Find out about key industry trends
    • Identify threats and opportunities
    • Inform your decisions for marketing, strategy and planning
    • Quickly build competitive intelligence
    This report on Optometrists:
    • Provides Market Size information to assist with planning and strategic decisions.
    • Includes the necessary information to perform SWOT, PEST and STEER analysis.
    • Helps you understand market dynamics to give you a deeper understanding of industry competition and the supply chain.
    • Analyses key performance and operational metrics so that you can benchmark against your own business, that of your customers’ businesses, or your competitors’ businesses.
    The Optometrists market research report includes:
    • Historical data and analysis for the key drivers of this industry
    • A five-year forecast of the market and noted trends
    • Detailed research and segmentation for the main products and markets
    • An assessment of the competitive landscape and market shares for major companies
    • And of course, much more

    IBISWorld reports on thousands of industries around the world. Our clients rely on our information and data to stay up-to-date on industry trends across all industries. With this IBISWorld Industry Research Report on Optometrists, you can expect thoroughly researched, reliable and current information that will help you to make faster, better business decisions.

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