Optometrists in Canada - Market Research Report (2013-2028)
New York, United States
Last Updated: November 2023
NAICS 62132CARevenue
$1.9bn
Past 5-Year Growth
Profit
$XXX.Xm
Employees
14,688
Businesses
6,278
Wages
$XXX.Xm
Optometrists in Canada industry analysis
Optometrists have experienced uncharacteristic volatility in recent years. Optometry services' non-discretionary and specialized nature typically shields practitioners from substantial annual revenue fluctuations; however, optometrists have become increasingly reliant on unspecialized, discretionary product sales, like glasses frames and contact lenses. Consumer spending on such products is highly contingent on perceptions of the economy, which ebbed and flowed, causing sales to similarly swing. External retailers offer these discretionary products at lower prices and with the convenience of online ordering, resulting in swelling price-based competition, something many optometrists are unfamiliar with. As a result, revenue has been growing at a CAGR of 0.5% and is expected to reach $1.9 billion in 2023, when it will slump 1.7%.
Trends and Insights
- Revenue growth will accelerate in the coming years for optometrists. Improving economic conditions will boost consumers' confidence in spending on discretionary goods, like designer frames and contact lenses.
- Exams and treatments are becoming increasingly crucial for optometrists. Products like frames and contact lenses are sold through external retailers, often at lower prices and with greater convenience, while optometry services face little-to-no external competition.
- Optometrists follow population patterns. Ontario and Quebec are the most popular provinces for optometrists to set up operations.
- Barriers to entry are high for optometrists, including highly specialized training and large capital outlays. This can keep potential entrants from joining the industry.
Industry Overview
Market size and recent performance (2013-2028)
Industry revenue has grown at a CAGR of 0.5 % over the past five years, to reach an estimated $1.9bn in 2023.
Trends and Insights
Optometrists quickly adapted to pandemic-era disruptions
- Amid the social distancing and nonessential business closures enacted during the pandemic's peak, optometrists were forced to cease nonessential treatments and maintain health and safety policies during permitted appointments.
- Additional trends and insights available with purchase
Source: IBISWorld
Industry outlook (2024-2029)
Market size is projected to grow over the next five years.
Trends and Insights
Steadier conditions will bring a return to normalcy
- Over the next five years, optometrists are likely to experience much more stable conditions as the economy steadies and consumer confidence rebounds to find its normal pace.
Biggest companies in the Optometrists in Canada
| Company | Market Share (%)
2023 | Revenue ($short_0)
2023 | Profit ($short_0)
2023 | Profit Margin (%)
2023 |
|---|
There are no companies that hold a large enough market share in the Optometrists in Canada industry for IBISWorld to include in this product.
Products & Services Segmentation
Source: IBISWorld
Industry revenue is measured across several distinct product and services lines, including Eye exams, Medical eye care procedures and Contact lenses. Eye exams is the largest segment of the Optometrists in Canada.
Trends and Insights
Prescription eyewear is optometrists' greatest source of revenue and competition
- The prescription eyewear segment is primarily composed of frame and prescription lens sales, which can range drastically in price, depending on a customer's specifications and brand choice.
- More insights available in the full report
Widen you competitive advantage with related industries
Competitors
- Eyeglasses & Contact Lens Stores in Canada
Complementors
- Glasses & Contact Lens Manufacturing in Canada
- Primary Care Doctors in Canada
International industries
- Optometrists in the US
- Eye Surgery Clinics in the US
- Optometry and Optical Dispensing in Australia
- Optometry and Optical Dispensing in New Zealand
- Allied Health-Care Services in the UK
Table of Contents
About this industry
Industry definition
The Optometrists industry in Canada 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.
What's included in this industry?
Conducting eye examinationsDiagnosing and treating vision impairment and eye disordersPrescribing, fitting and selling glasses and contact lensesCompanies
Purchase this report to view all major companies in this industry.
Related Terms
OPHTHALMOLOGISTFUNDUSELECTRONIC MEDICAL RECORDS (EMR)Industry Code
NAICS 621320 - Optometrists in Canada
Performance
Get an indication of the industry's health through historical, current and forward-looking trends in the performance indicators that make or break businesses.
Analyst insights
Revenue growth will accelerate in the coming years for optometrists. Improving economic conditions will boost consumers' confidence in spending on discretionary goods, like d...
In this chapter (4)
- Current Performance
- Outlook
- Volatility
- Life Cycle
Key metrics
- Annual Revenue, Recent Growth, Forecast, Revenue Volatility
- Number of Employees, Recent Growth, Forecast, Employees per Business, Revenue per Employee
- Number of Businesses, Recent Growth, Forecast, Employees per Business, Revenue per Business
- Total Profit, Profit Margin, Profit per Business
Charts
- Revenue, including historical (2013-2022) and forecast (2023-2028)
- Employees, including historical (2013-2022) and forecast (2023-2028)
- Businesses, including historical (2013-2022) and forecast (2023-2028)
- Profit, including historical (2013-2023)
- Industry Volatility vs. Revenue Growth
- Industry Life Cycle
Detailed analysis
- Trends in supply, demand and current events that are driving current industry performance
- Expected trends, economic factors and ongoing events that drive the industry's outlook
- Key success factors for businesses to overcome volatility
- How contribution to GDP, industry saturation, innovation, consolidation, and technology and systems influence the industry's life cycle phase.
Products and Markets
Learn about an industry's products and services, markets and trends in international trade.
Analyst insight
Exams and treatments are becoming increasingly crucial for optometrists. Products like frames and contact lenses are sold through external retailers, often at lower prices an...
In this chapter
- Products & Services
- Major Markets
Key metrics
- Largest market segment and value in 2023
- Product innovation level
Charts
- Products & services segmentation in 2023
- Major market segmentation in 2023
Detailed analysis
- Trends impacting the recent performance of the industry's various segments
- Innovations in the industry's product or service offering, specialization or delivery method
- Key factors that successful businesses consider in their offerings
- Buying segments and key trends influencing demand for industry products and services
Geographic Breakdown
Discover where business activity is most concentrated in an industry and the factors driving these trends to find opportunities and conduct regional benchmarking.
Analyst insights
Optometrists follow population patterns. Ontario and Quebec are the most popular provinces for optometrists to set up operations.
In this chapter (1)
- Business Locations
Charts
- Share of revenue, establishment, wages and employment in each province
- Share of population compared to establishments in each region in 2023
Tables
- Number and share of establishments in each province in 2023
- Number and share of revenue each province accounts for in 2023
- Number and share of wages each province accounts for in 2023
- Number and share of employees in each province in 2023
Detailed analysis
- Geographic spread of the industry across North America, and trends associated with changes in the business landscape
- Key success factors for businesses to use location to their advantage
Competitive Forces
Get data and insights on what's driving competition in an industry and the challenges industry operators and new entrants may face, with analysis built around Porter's Five Forces framework.
Analyst insights
Barriers to entry are high for optometrists, including highly specialized training and large capital outlays. This can keep potential entrants from joining the industry.
In this chapter (4)
- Concentration
- Barriers to Entry
- Substitutes
- Buyer & Supplier Analysis
Key metrics
- Industry concentration level
- Industry competition level and trend
- Barriers to entry level and trend
- Substitutes level and trend
- Buyer power level and trend
- Supplier power level and trend
Charts
- Market share concentration among the top 4 suppliers from 2018-2023
- Supply chain including upstream supplying industries and downstream buying industries, flow chart
Detailed analysis
- Factors impacting the industry’s level of concentration, such as business distribution, new entrants, or merger and acquisition activity.
- Key success factors for businesses to manage the competitive environment of the industry.
- Challenges that potential industry entrants face such as legal, start-up costs, differentiation, labor/capital intensity and capital expenses.
- Key success factors for potential entrants to overcome barriers to entry.
- Competitive threats from potential substitutes for the industry’s own products and services.
- Key success factors for how successful businesses can compete with substitutes.
- Advantages that buyers have to keep favorable purchasing conditions.
- Advantages that suppliers have to maintain favorable selling conditions.
- Key success factors for how businesses can navigate buyer and supplier power.
Companies
Learn about the performance of the top companies in the industry.
Analyst insights
Many rules govern how Canadian optometry practices can be formed and operated. This severely limits market share and no optometry practice has a notable market share.
In this chapter
- Market Share Concentration
- Companies
- Company Spotlights
Charts
- Industry market share by company in 2019 through 2023
- Major companies in the industry, including market share, revenue, profit and profit margin in 2023
Detailed analysis
External Environment
Understand the demographic, economic and regulatory factors that shape how businesses in an industry perform.
Analyst insights
Optometrists are highly regulated. Similar to other medical fields, optometrists require much schooling and must pass standardized exams upon completion, along with continuin...
In this chapter
- External Drivers
- Regulation & Policy
- Assistance
Key metrics
- Regulation & policy level and trend
- Assistance level and trend
Charts
- Regulation & Policy historical data and forecast (2013-2028)
- Assistance historical data and forecast (2013-2028)
Detailed analysis
- Demographic and macroeconomic factors influencing the industry, including Regulation & Policy and Assistance
- Major types of regulations, regulatory bodies, industry standards or specific regulations impacting requirements for industry operators
- Key governmental and non-governmental groups or policies that may provide some relief for industry operators.
Financial Benchmarks
View average costs for industry operators and compare financial data against an industry's financial benchmarks over time.
Analyst insights
Wages are the most considerable cost for optometrists. Due to the high specialization required for becoming an optometrist, such doctors command high salaries. Moreover, fron...
In this chapter
- Cost Structure
- Financial Ratios
- Key Ratios
Key metrics
- Profit margin, and how it compares to the sector-wide margin
- Average wages, and how it compares to the sector-wide average wage
- Largest cost component as a percentage of revenue
- Industry average ratios for days' receivables, industry coverage and debt-to-net-worth ratio
Charts
- Average industry operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Average sector operating costs as a share of revenue, including purchases, wages, depreciation, utilities, rent, other costs and profit in 2023
- Investment vs. share of economy
Data tables
- Liquidity Ratios (2016-2021)
- Coverage Ratios (2016-2021)
- Leverage Ratios (2016-2021)
- Operating Ratios (2016-2021)
- Assets (2016-2021)
- Liabilities (2016-2021)
- Cash Flow & Debt Service Ratios (2013-2028)
- Revenue per Employee (2013-2028)
- Revenue per Enterprise (2013-2028)
- Employees per Establishment (2013-2028)
- Employees per Enterprise (2013-2028)
- Average Wage (2013-2028)
- Wages/Revenue (2013-2028)
- Establishments per Enterprise (2013-2028)
- IVA/Revenue (2013-2028)
- Imports/Demand (2013-2028)
- Exports/Revenue (2013-2028)
Detailed analysis
- Trends in the cost component for industry operators and their impact on industry costs and profitability
Key Statistics
Industry Data
Data Tables
Including values and annual change:
- Revenue (2013-2028)
- IVA (2013-2028)
- Establishments (2013-2028)
- Enterprises (2013-2028)
- Employment (2013-2028)
- Exports (2013-2028)
- Imports (2013-2028)
- Wages (2013-2028)
Methodology
How are IBISWorld reports created?
IBISWorld has been a leading provider of trusted industry research for over 50 years to the most successful companies worldwide. With offices in Australia, the United States, the United Kingdom, Germany and China, we are proud to have local teams of analysts that conduct research, data analysis and forecasting to produce data-driven industry reports.
Our analysts start with official, verified and publicly available sources of data to build the most accurate picture of each industry. Analysts then leverage their expertise and knowledge of the local markets to synthesize trends into digestible content for IBISWorld readers. Finally, each report is reviewed by one of IBISWorld’s editors, who provide quality assurance to ensure accuracy and readability.
IBISWorld relies on human-verified data and human-written analysis to compile each standard industry report. We do not use generative AI tools to write insights, although members can choose to leverage AI-based tools within the platform to generate additional analysis formats.
What data sources do IBISWorld analysts use?
Each industry report incorporates data and research from government databases, industry-specific sources, industry contacts, and our own proprietary database of statistics and analysis to provide balanced, independent and accurate insights.
Key data sources in Canada include:
- Statistics Canada
- Industry Canada
- Canadian Business Patterns
Analysts also use industry specific sources to complement catch-all sources, although their perspective may focus on a particular organization or representative body, rather than a clear overview of all industry operations. However, when balanced against other perspectives, industry-specific sources provide insights into industry trends.
These sources include:
- Industry and trade associations
- Industry federations or regulators
- Major industry players annual or quarterly filings
Finally, IBISWorld’s global data scientists maintain a proprietary database of macroeconomic and demand drivers, which our analysts use to help inform industry data and trends. They also maintain a database of statistics and analysis on thousands of industries, which has been built over our more than 50-year history and offers comprehensive insights into long-term trends.
How does IBISWorld forecast its data?
IBISWorld’s analysts and data scientists use the sources above to create forecasts for our proprietary datasets and industry statistics. Depending on the dataset, they may use regression analysis, multivariate analysis, time-series analysis or exponential smoothing techniques to project future data for the industry or driver. Additionally, analysts will leverage their local knowledge of industry operating and regulatory conditions to impart their best judgment on the forecast model.
IBISWorld prides itself on being a trusted, independent source of data, with over 50 years of experience building and maintaining rich datasets and forecasting tools. We are proud to be the keystone source of industry information for thousands of companies across the world.
Learn more about our methodology and data sourcing on the Help Center.
Frequently Asked Questions
Unlock comprehensive answers and precise data upon purchase. View purchase options.
What is the market size of the Optometrists industry in Canada in 2024?
The market size of the Optometrists industry in Canada is $1.9bn in 2024.
How many businesses are there in the Optometrists in Canada industry in 2023?
There are 6,278 businesses in the Optometrists industry in Canada, which has grown at a CAGR of 3.8 % between 2018 and 2023.
Has the Optometrists industry in Canada grown or declined over the past 5 years?
The market size of the Optometrists industry in Canada has been growing at a CAGR of 0.5 % between 2018 and 2023.
What is the forecast growth of the Optometrists industry in Canada over the next 5 years?
Over the next five years, the Optometrists industry in Canada is expected to grow.
What does the Optometrists in Canada include?
Conducting eye examinations and Diagnosing and treating vision impairment and eye disorders are part of the Optometrists industry.
How competitive is the Optometrists industry in Canada?
The level of competition is moderate and steady in the Optometrists industry in Canada.
