The US economy’s slow recovery is proving to be a huge boost for the Optometrists industry, as people who delayed eye examinations begin to make appointments for eye examinations. At the same time, aging baby boomers will provide further business for industry operators. Laser surgery will slightly eat into the eye-care market because people who can correct their vision via this method usually no longer require glasses or contact lenses. The Optometrists industry’s revenue fared well during the recession, and is expected to continue growing into the near future. For these reasons, industry research firm IBISWorld has added a report on the Optometrists industry to its growing industry report collection.
Los Angeles, CA (PRWEB) February 09, 2012
Profit is forecast to remain at about the same level through 2017. Insurance coverage and disposable income will improve, but mounting competition will suppress profit expansion. The proliferation of optometrist schools will cause the number of industry operators to continue rising, increasing a forecast 1.7% to 37,488 during the five years to 2017. According to Snyder, “Optometrists will also face rising competition from large chain retailers, such as Walmart. These behemoth companies will reduce the profitability of selling eyeglasses and contact lenses at industry establishments.” Optometrists are forecast to focus more on providing the full scope of medical eye care as a result. The Optometrists industry is highly fragmented and dominated by small companies, with no players accounting for a significant share of the industry; even the four largest players generate only a small portion of total industry revenue.
Concurrently, President Obama's Patient Protection and Affordable Care Act is projected to cause the number of insured individuals to increase, particularly in 2014, when the health insurance exchange is planned to open. Vision care is expected to increase due to the Harkin Amendment, which prohibits its discrimination in health insurance plans. Rising insurance coverage and the aging population are forecast to be the main drivers behind industry performance during the five years to 2017.
For more information, visit IBISWorld’s Optometrists report in the US industry page.
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IBISWorld industry Report Key Topics
This industry includes practitioners that have a Doctor of Optometry (OD) degree. ODs examine, diagnose, treat and manage diseases, injuries and disorders of the eye and associated structures. Operators may also prescribe and sell eyeglasses and contact lenses. These practitioners operate private or group practices in their own offices or in facilities like hospitals. The industry does not include ophthalmologists (i.e. medical doctors who are also trained to perform eye surgery).
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