21 Aug What no-one tells you about your market share
The current optometry/optical dispensing market in Australia is worth $3.5 billion, how much of that is your market share? I remember not so long ago, there was a lot of negative talk in the industry about how tough things were. No more though I suspect, currently there is much optimism in the Australian ophthalmic market, because of the growing market share being enjoyed by most practices across the industry.
The IBISWorld report on Optometry and optical dispensing in Australia, tells us that, frames, lenses and accessories represent just short of seventy-five (75) percent of the total revenue for optical practices, so it stands to reason that the whining has dissipated. According to IBISWorld prescription lenses represent an estimated 45.5% of revenue, while optometry/orthoptic services represent twenty-five (25) percent and contact lenses a relatively modest 5-7% of the Australian market, well behind other countries.
The IBISWorld figures show the market demographic segmentation in Australia to be; 15.5% twenty-four and under, 22.5% aged 24 to 44 years old and a significant 37.5% aged 45 to 64%, while 24.5% of people are aged over 65 and as we know this segment is growing.
The demand for optometric/dispensing services is driven by the aging population and an often overlooked fact, that changing work patterns effect demand too, as work-life and lifestyle habits change with the growing use of electronic devices. As more of us work in service and office environments, the need for occupational lenses or enhanced readers and other second pairs is paramount to driving sales, profits and increasing your market share.
But to dispense these more technologically advanced and challenging products, you need to know what you are doing. You need to know the difference between optimised, personalised, compensated prescriptions and all other things optically related. This is a big ask for an optometrist or optical dispenser but more so for an untrained optical assistant. Optical assistant courses available now at Spectrum Optical.