Great Britain: growth predictions for optical market

According to market research company Key Note, the ophthalmic goods and services market in Great Britain is forecast to grow overall by 39.6 per cent between 2004 and 2008 to an annual total of £ 4.8 bn.

Growth should be of 8 per cent in 2004 and 2005, before rising 9 per cent in 2006 and 2007.

In 2003 the market, comprising spectacles, contact lenses, Gos and private eye examinations, was worth an estimated £ 3.18 bn, up 8 per cent on 2002.

Population growth of 1.1 per cent to 60 million in 2007, along with the ageing population, would create market potential.

Key Note estimated that UK expenditure on spectacles rose 21.5 per cent from 2001 to 2003 to £ 2.46 bn. It also suggested that demand for spectacles with plano lenses would grow as a fashion accessory.

It also forecast that long-term growth of contact lenses through the internet would be significant. In the past five years (1999 to 2003) total expenditure on contact lenses grew by 38.1 per cent to an estimated £ 201 m in 2003.