The global ophthalmic equipment market size is projected to reach USD 63.3 billion by 2025 from USD 52.8 billion in 2020, at a CAGR of 3.7% during the forecast period. The market for ophthalmic equipment is driven primarily by the factors such as the rising geriatric population and prevalence of eye diseases, technological advancements in ophthalmic devices, government initiatives to control visual impairment, and the rising adoption of contact lenses and spectacles. However, the high cost of ophthalmology devices, cuts in the reimbursement for ophthalmic surgical procedures, and the increased adoption of refurbished devices will hinder the overall adoption of ophthalmic equipment and thereby restrain market growth in the coming years.
“By product, the vision care products segment holds the largest market share during the forecast period.”
Based on product, the ophthalmic equipment market is segmented into diagnostic & Monitoring devices, surgical devices, and vision care products. The vision care products segment accounted for the largest share of the ophthalmic equipment market in 2019. The large share of this segment can be attributed to the technological advancements in lens materials, the increasing geriatric population and prevalence of eye disorders, and growing awareness about eyesight correction. Furthermore, the rising trends in eyewear, such as styled sunglasses and advanced contact lenses boasting extra comfort, have further stimulated their adoption and supports the growth of this market.
“By surgical devices type, the glaucoma surgical devices segment is expected to register the highest CAGR during the forecast period.”
Based on surgical devices type, the ophthalmic equipment market is segmented into cataract surgical devices, glaucoma surgical devices, refractive surgical devices, vitreoretinal surgical devices, ophthalmic microscopes, and accessor. The glaucoma surgical devices segment is projected to register the highest CAGR during the forecast period. Factors such as the increasing prevalence of glaucoma across the globe, technological advancements in glaucoma surgical devices, and the increasing use of microinvasive glaucoma surgery (MIGS) devices are driving the demand for glaucoma srgical devices.
“Asia Pacific (APAC) is projected to witness the highest growth during the forecast period.”
The APAC market is estimated to register the highest CAGR during the forecast period. The growth in this market can be attributed to the large population and rising healthcare need for eye care, rapid growth in the geriatric population, and improving healthcare infrastructure in several APAC countries. In addition, the rising prevalence of eye diseases and diabetes and growing focus of key market players on this region, will fuel the growth of the ophthalmic equipment market in the APAC.
The breakdown of primary participants was as mentioned below:
- By Company Type: Tier 1–35%, Tier 2–45%, and Tier 3–20%
- By Designation: C-level Executives–40%, Directors–35%, and Others–25%
- By Region: North America–40%, Europe–30%, Asia Pacific–15%, Latin America–10%, Middle East & Africa–5%
The leading players in this market include EssilorLuxottica (France), Alcon (US), Johnson & Johnson Vision Care (US), HOYA Corporation (Japan), Bausch + Lomb (US), Carl Zeiss Meditec (Germany), Topcon (Japan), Glaukos Corporation (US), Haag-Streit (Switzerland), NIDEK (Japan), STAAR Surgical (US), Ziemer Ophthalmic Systems (Switzerland), CooperVision, Inc. (US), Oculentis (Germany), Heidelberg Engineering (Germany), Canon (Japan), Optovue (US), Neo Vision (Korea), Lumenis (Israel), Reichert Technologies (US), OPHTEC BV (Netherlands), Heine Optotechnik (Germany), and Luneau Technology (France).
The report analyzes the various ophthalmic equipment and their adoption pattern. It aims at estimating the market size and future growth potential of the ophthalmic equipment market for different segments such as product, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market, along with their company profiles, product offerings, and recent developments.
Reasons To Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which, in turn, would help them garner a greater share. Firms purchasing the report could use one or any combination of the below-mentioned five strategies for strengthening their position in the market.
This report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by the top players in the ophthalmic equipment market.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the ophthalmic equipment market.
- Market Development: Comprehensive information on the lucrative emerging regions by product, end user, and region
- Market Diversification: Exhaustive information about new products, growing geographies, and recent developments in the ophthalmic equipment market
- Competitive Assessment: In-depth assessment of market shares, growth strategies, and products of leading players in the ophthalmic equipment market.