The optometry equipment market revenue surpassed US$3.8 Bn for 2018, according to Fact.MR. The optometry equipment overall market is expected to gain US$ 2 Billion worth incremental opportunity by 2029. It is expected to grow at a CAGR of 4% over the assessment period. The increasing prevalence of ophthalmic disorders will accelerate optometry equipment market growth in the coming years.
As per studies, low vision or blindness has impacted nearly 3.3 million adults aged 40 years and above in the U.S. The incidence is anticipated to reach 5.5 million by 2020. The rising prevalence major eyes-related diseases increases the risk of vision loss among the geriatric population.
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“Growing geriatric population is boosting the patient pool in the optometry market, owing to the rising rate of severe eye diseases and vision loss, which are often identified as major health problems among aged people. This coupled with rising prevalence of chronic ailments that can cause visual impairment is the optometry devices market,” says a Fact MR analyst.
The rising demand for improved treatments for vision care, particularly in developing economies, is contributing to the growth of the market. The market also is expected to gain from increasing affordability of ophthalmic care. Besides this, the rising prevalence of eye-related disorders such as glaucoma, cataract, diabetic retinopathy, and others will continue fuelling demand in the market.
Key takeaways:
- North America will emerge as a leading market backed by increasing incidence of eye related disorders in the U.S.
- In U.K number of patients visiting hospitals has crossed over 100 million. Of these 10% were treated for eye care, boosting usage and demand of optometry equipment.
- Hospital OPDs are expected to remain top end users of optometry equipment through 2029.
- Increasing prevalence of diabetes is observed in the Eastern Mediterranean, this could affect overall market growth.
- China, India, Indonesia, and Bangladesh will emerge as lucrative markets for optometry equipment.
Growth Drivers:
- Incorporation of smart technologies in medical devices and diagnostic equipment will fuel market in coming years.
- Awareness about the usage and availability of optometry equipment will propel market growth.
- Increasing prevalence of diabetes is expected to drive the demand for optometry equipment.
Market Titans
- Carl Zeiss Meditec AG
- HAAG-STREIT GROUP
- Topcon Medical Systems
- NIDEK CO., LTD
- Heidelberg Engineering Inc.
- Novartis AG
- Canon Singapore Pte. Ltd
- ESSILOR INTERNATIONAL S.A.
- HEINE Optotechnik GmbH & Co.
- KG
- Ziemer Ophthalmic Systems AG
- Others
Competitive Dashboard
The market is characterized by high competition, attributed to the presence of a wide range of players. To carve a firm footing, manufacturers leverage multiple differentiation strategies, including strategic partnerships with regional players, new product launches, and expansion of manufacturing capacities, among others.
- In February 2021, Carl Zeiss AG introduced its BlueGuard blue light blocking lenses, in response to extensive reliance on technology and media in the “new normal” scenario. The technology has been incorporated into the lens material itself, offering protection up to 40% from the blue light of wavelength range of 400 and 455 nm, typically linked to digital eye strain.
- In January 2021, HAAG-STREIT Diagnostics launched its Lenstar Myopia, a solution for the increasing demand for myopia management and patient education. The solution consists of HAAG-STREIT’s well-established Lenstar 900 optical biometer and the corresponding EyeSuite software called EyeSuite Myopia. The Lenstar 900 also performs keratometry to make accurate predictions about the onset and progression of myopia.
- In July 2020, Topcon Medical Systems acquired Henson Perimeter Business, including the Henson 9000 and 7000 from Elektron Eye Technology (EET) of Cambridge, U.K. With Topcon’s growing emphasis on screening and early disease detection, the Henson product range will help the company enlarge its optometry equipment solutions business.
In-Depth Assessment on Key Segments
- Product
- Cataract Surgery Devices
- Glaucoma Surgery Devices
- Ophthalmic Diagnostic Equipment
- Vitreo Retinal Surgery Devices
- Ophthalmic Lasers
- End User
- Hospital Outpatients
- Physician Practice
- Specialty Clinics
- Ambulatory Care Centers
- Research Institutes
- Region
- North America
- Latin America
- Europe
- South Asia
- East Asia
- Oceania
- Middle East & Africa
More Insights on the Optometry Equipment Market:
Fact.MR offers unbiased analysis of the optometry equipment market. In order to understand the global market potential, its growth, and scope, the market is segmented on the basis of product (cataract surgery devices, glaucoma surgery devices, ophthalmic diagnostic equipment, Vitro retinal surgery devices and ophthalmic lasers) on the basis of end users (hospital outpatient, physician practice (primary care physicians), specialty clinics, ambulatory care centers, and research institutes), and on the basis of region (North America, Latin America, Europe, East Asia, South Asia, Oceania, Middle East and Africa).
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