Optometrists in the US - Market Research Report (2014-2029)

Double vision: Consolidation activity will ramp up, shifting the industry's makeup of optometrists

This report covers the scope, size, disposition and growth of the industry including the key sensitivities and success factors. Also included are five year industry forecasts, growth rates and an analysis of the industry key players and their market shares.

An aging population, rising awareness of eye health and growing incomes have driven growth for optometrists. Optometrists are essential in addressing the medical needs of the rising number of adults 65 and older with a higher prevalence of age-related eye disease. Aside from this, optometrists benefit from a stable patient base, as nearly three-quarters of the US population use a form of corrective eyewear. Rising incomes have facilitated access to optometrists as larger incomes allow patients to cover out-of-pocket costs since public and private insurance payers often limit vision benefits. Intensifying competition from online eyewear retailers and warehouse clubs has recently constrained profit. These retailers provide convenience and cost savings that an optometry practice can lack. Still, since no substitutes exist for an in-person eye exam, revenue has increased at a CAGR of 1.8% to $22.4 billion through the end of 2023, including a decline of 0.7% in 2023.

The Optometrists industry includes practitioners with 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, contact lenses and vision therapy. These practitioners operate private or group practices in their own offices or in medical facilities like hospitals. The industry doesn't include ophthalmologists.