New York, NY (PRWEB) October 23, 2014
The Optometrists industry has exhibited slight growth due to robust demand from elderly individuals with age-related eye ailments, including macular degeneration, glaucoma and cataracts. While public health insurance, often referred to as Medicare, covers some industry services, namely medical costs related to eye injuries and diseases, the industry largely derives revenue from private health insurers’ reimbursements under supplemental vision insurance plans. According to IBISWorld Industry Analyst Sarah Turk, “overall, the industry has benefited from strong demand for preventive services, such as providing early detection of diabetes to reduce long-term diabetes-related healthcare costs.” However, the industry has also contended with a less protected medical role due to deregulation. For example, in British Columbia, deregulation of prescription eyewear allowed individuals to purchase prescription glasses and contact lenses without first receiving a comprehensive eye exam from optometrists.
Further exacerbating this trend, optometrists in British Columbia are required to disclose patients’ pupillary distance, a measurement used in fitting prescription glasses, which has enabled online retailers to sell prescription eyewear and intensified industry competition. During the five years to 2014, industry revenue is expected to grow. The industry has also benefited from regulations that have established optometrists’ role in eye care, such as the Quebec Superior Court’s 2009 mandate that only optometrists and ophthalmologists assess the eye health of patients who wear contact lenses, thus insulating the industry from competition from opticians. “Profit is expected to rise, due to the industry providing more high-value services, such as care related to conjunctivitis, eyelid inflammation, corneal damage and other eye ailments” says Turk.
In the five years to 2019, industry revenue is forecast to grow. Over the next five years, the industry will likely play a growing role in the early detection of diabetes, which will be particularly integral to addressing diabetes-related eye ailments that are highly prevalent among elderly individuals.
For more information, visit IBISWorld’s Optometrists in Canada industry report page.
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IBISWorld industry Report Key Topics
The Optometrists 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.
Key External Drivers
Industry Life Cycle
Products & Markets
Products & Services
Globalization & Trade
Market Share Concentration
Key Success Factors
Cost Structure Benchmarks
Barriers to Entry
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