Melbourne, Australia (PRWEB) December 13, 2012
The ageing population will be a key factor promoting growth in the Optometry and Optical Dispensing industry. As adults age, they are more likely to develop conditions that are diagnosed or treated by optometrists and result in the use of visual aids. While the nature of the industry’s services means that there will always be steady demand, competitive pressures are expected to soften revenue growth. Where cheap imports would translate into higher profit margins, the industry’s participants are forced to pass on cost savings to customers. For this reason, industry revenue is expected to only grow 0.4% in 2012-13 to reach $ 2.9 billion. However, revenue volatility is relatively low when compared with other retail industries. According to IBISWorld industry analyst Ee Jen Lee, the necessity of eyewear and optometry services retail means industry performance is stronger than the general retail trade sector.
Despite the necessity of prescriptive eyewear, the global financial crisis did hurt the Optometry and Optical Dispensing industry ever so slightly. Despite this, the strong growth that followed afterwards means that over the five years through 2012-13, industry revenue is projected to grow at a compound annual rate of 1.4%. Like the retail sector, however, the industry has had to adapt to increasing competition from online eyewear retailers. Foreign overseas retailers with sophisticated supply chains and global networks have been making their presence felt, forcing Australian retailers to build their online presence quickly, says Lee. The major players in the industry in 2012-13 are expected to be Luxottica South Pacific Holdings Pty Ltd and Specsavers Pty Ltd. The industry displays medium concentration overall, with the optical dispensing segment displaying higher concentration than the optometry segment.
Over the next five years, growth in the volume of services and products is expected to be driven by an ageing of Australia’s population, growing household incomes and improved accessibility to eyewear. Competition will, however, stiffen as non-traditional eyewear retailers expand their presence to capitalise on their existing locations and brand awareness in other markets.
For more information, visit IBISWorlds Optometry and Optical Dispensing report in Australia industry page.
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IBISWorld industry Report Key Topics
The industry consists of establishments with registered optometrists mainly engaged in testing eyesight, diagnosing sight defects and prescribing or dispensing spectacles or contact lenses. It also includes establishments with optical dispensers, mainly engaged in dispensing spectacles or contact lenses, and registered orthoptists mainly engaged in diagnosing and treating ocular muscle disorders.
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About IBISWorld Inc.
Recognised as the nations most trusted independent source of industry and market research, IBISWorld offers a comprehensive database of unique information and analysis on every Australian industry. With an extensive online portfolio, valued for its depth and scope, the company equips clients with the insight necessary to make better business decisions. Headquartered in Melbourne, IBISWorld serves a range of business, professional service and government organisations through more than 10 locations worldwide. For more information, visit http://www.ibisworld.com.au or call (03) 9655 3886.
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