Ophthalmic Equipment Market Expected Revenue, Industry Share, Development Stages, and Landscape – Forecast to 2023

Ophthalmic Equipment Market Expected Revenue, Industry Share, Development Stages, and Landscape - Forecast to 2023

“Ophthalmic Equipment Market”
Global Ophthalmic Equipment Market is expected to register a CAGR of 5.4% during the forecast period 2019-2023. Ophthalmic Equipment Market Research Report: Product (Ophthalmology Surgical Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, &Diagnostic & Monitoring Devices), Application, End-User (Ophthalmology Clinics) – Global Forecast Till 2023

With the increasing prevalence of ophthalmic diseases across the world, there has been a huge demand for therapeutic modalities of the disease. Several ophthalmic equipment is available in the market which can be used by the healthcare service providers in order to meet the increasing demand. There has been an augmenting incidence of ophthalmic diseases which is triggering the demand for ophthalmic equipment throughout the review period.

Rapid urbanization and industrialization have led to the increasing adoption of digital devices such as smartphones, computers, laptops, tablets, e-reader, and game consoles. Long and continuous hours spent in front of the screen leads to eye-related issues like itchy eyes, headaches, eye strain, neck pain, and blurred vision. Screens of such devices emit artificial blue light which can be harmful to the eyes and often result in age-related macular degeneration (AMD).

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Such factors are highly contributing to the market growth throughout the assessment period. Additionally, with aging, there is a high chance of glaucoma, cataract, and ophthalmic complications related to diabetes. This has further propelled the market growth.

In contrast, less awareness regarding eye-related diseases might impair the market growth to a great extent. Also, the high cost of ophthalmic contact lenses and devices, less access to eye care products among the low-income group, growing adoption of refurbished ophthalmic devices, poor reimbursement policies, and lack of skilled ophthalmologists are some of the major concerns likely to vitiate the market growth in the coming years.

Ophthalmic Equipment Market – Key Players

Some of the key players in this market are Alcon (U.S.), Bausch & Lomb (U.S.), Carl Zeiss Meditec (Germany), Johnson & Johnson (U.S.), Essilor International S.A. (France), Haag-Streit (Switzerland), Nidek (Korea), Staar Surgical (U.S.), Topcon Corporation (Japan), Ziemer Ophthalmic Systems (Switzerland), Hoya Corporation (Japan), Ridex Corporation (U.S.), and others.

Ophthalmic Equipment Market – Regional Analysis

The Americas dominates the global ophthalmic equipment market owing to the increasing prevalence of ophthalmic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure and presence of key players within the regional boundaries provide a favorable background for the market growth.

Europe is the second largest in the global ophthalmic equipment market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.   

Asia Pacific is estimated to be the fastest growing market for ophthalmic equipment. This can be attributed to the presence of developing economies such as India and China and a huge patient population suffering from ophthalmic diseases. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.   

On the other hand, the Middle East and Africa has the least share in the global ophthalmic equipment market due to the low per capita healthcare expenditure and stringent government policies, especially within the African region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region. 

Ophthalmic Equipment Market – Segmentation

The market can be segmented into four key dynamics for enhanced understanding;

By Products: Vision Care Devices (spectacles and contact lenses), Ophthalmology Surgical Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, and Diagnostic & Monitoring Devices among others.

By Applications: Glaucoma, Amblyopia, Cataract, and Retinal Detachment among others.

By End-Users: Hospitals, Ophthalmology Clinics, Diagnostic Centers, and Research Centers among others.

By Regions: Europe, North America, APAC and Rest-of-the-World.

Industry/ Innovation /Related News:

January 11, 2019

A private equity firm, Atlantic Street Capital has recently announced that they will form Advancing Eyecare Holdings with the partnership of its portfolio company Lombart Instrument which is the leading U.S. distributor of ophthalmic instruments to optometrists and ophthalmologists, and Marco Ophthalmic Inc (Marco).

September 10, 2018

Ophthalmic Instruments Inc. (US), a leading global player sells and services the costly equipment used for to pre-test diagnose and examine patients’ eyes announced the expansion in the Colorado state. The new showroom, a service center and warehouse will support the company’s growth strategy.

October 23, 2018

MacuLogix, Inc. (US), a leading global company involved in the development of tools for early diagnose, monitor, and treatment of age-related macular degeneration (AMD) patients announced signing an international distribution agreement with Clarion Medical Technologies (Canada), a leading provider of medical and aesthetic equipment and consumables.

Alongside the distribution support, the acquisition will add Clarion’s AdaptDx, automated dark adaptometer to MacuLogix Vision division’s portfolio of products.

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