Ophthalmic Diagnostic Equipment to Grab Major Optometry Equipment Market Share: Fact.MR

Optometry Equipment Market to Grow at a 4% CAGR by 2031 – Fact.MR Research

In a recent market study, Fact.MR covers recent developments in the global optometry equipment market, highlighting vital aspects such as trends, drivers, opportunities, and restraints. The report studies recent developments in the segments of the market in terms of product, end user across seven regions.

Fact.MR – A Market Research and Competitive Intelligence Provider: According to Fact.MR, the optometry equipment revenue exceeded US$ 4 billion in 2019. Over the assessment period, it is predicted to increase at a CAGR of 4% by 2031. In the next years, the rising prevalence of ocular illnesses will accelerate the expansion of the optometry equipment market.

According to studies, reduced vision or blindness affects roughly 3.3 million persons in the United States aged 40 and up. By 2020, the number of people affected is expected to reach 5.5 million. The increased frequency of major eye diseases raises the older population's risk of vision loss.

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Myopia has become more common in young children as a result of excessive usage of mobile devices. In addition, nearly three out of every four persons aged 30-49 spend more than 5 hours on digital devices in the United States, highlighting the importance of checking eyes for signs of visual impairments. The demand for improved optometric equipment to identify visual defects has risen as a result.

The market is growing as a result of rising demand for better vision care treatments, particularly in developing nations. The market is also likely to benefit from rising ophthalmic care affordability. Aside from that, the increased frequency of eye-related ailments like glaucoma, cataracts, diabetic retinopathy, and others will continue to fuel market demand.

"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.

Key takeaways:

  • The need for ophthalmic diagnostic equipment is expected to expand as the demand for technologically advanced diagnostics grows.
  • On the basis of increased demand for speedier procedures, hospital outpatients account for the majority of optometry devices consumption.
  • Due to an expanding demographic shift towards a geriatric population base, the United States is expected to see significant volume sales.
  • Screening for age-related macular degeneration (AMD) is becoming more popular in the United Kingdom due to rising demand.
  • In Germany and France, favorable reimbursement and insurance coverage, as well as increasing research investment, are pivoting market growth.
  • Increasing governmental and non-governmental initiatives to combat ophthalmic illnesses in order to boost India's growth potential.

Growth Drivers:

  • Smart technologies will be incorporated into medical devices and diagnostic equipment in the next years, boosting market growth.
  • Market expansion will be fueled by increased awareness of the use and availability of optometry devices.
  • Demand for optometry equipment is likely to rise as the prevalence of diabetes rises.

Key restraints:

  • High cost of optometry tests and procedures will impede market growth.
  • Less effective optometry exam results tend to reduce the number of persons who choose optometry, limiting overall growth.

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Competitive landscape:

Due to the presence of a diverse set of companies, the market is characterized by intense rivalry. Manufacturers use a variety of differentiation tactics to gain a foothold, including strategic relationships with regional companies, new product releases, and increased manufacturing capacity, among others.

  • In February 2021, Carl Zeiss AG introduced its BlueGuard blue light blocking lenses in response to the "new normal" scenario's heavy reliance on technology and media. The technology has been integrated into the lens material itself, providing up to 40% protection from blue light with wavelengths between 400 and 455 nm, which is commonly associated with digital eye strain.
  • In January 2021, Lenstar Myopia, a solution for the growing demand for myopia management and patient education, was launched by HAAG-STREIT Diagnostics. The solution consists of the well-known Lenstar 900 optical biometer from HAAG-STREIT and the EyeSuite Myopia software that goes with it. The Lenstar 900 also uses keratometry to generate precise forecasts about myopia start and development.

Key players in the Optometry Equipment Market profiled by Fact.MR are:

  • 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.

More Valuable Insights on 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
    • 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

Explore Fact.MR’s Coverage on the Healthcare Domain –

Disposable Ophthalmic Surgical Products Market Forecast - The rise in the number of screenings and ophthalmic operations is likely to propel the disposable ophthalmic surgical products market forward. The market for disposable ophthalmic surgical products is predicted to rise due to the increasing success rate of eye procedures.

Glaucoma Therapeutics Market Insights - A number of technical breakthroughs in drug delivery are expected to expand the spectrum of glaucoma therapeutics. Implantable extended-release devices, polymer-based contact lenses, and intraocular delivery technologies are among the innovations. These approaches are expected to improve glaucoma patients' quality of life and provide more effective medications for preserving eyesight in glaucoma patients.

Artificial Retina Market Analysis - The growing elderly population, as well as enormous innovation and substantial investment in the field of retina, are driving the market. The expansion of this market is fuelled by government initiatives in the healthcare sector, such as providing more funding to the healthcare department.

Mobile Retina Services Market Scope - The market for mobile retina services is being driven by a rising number of diabetic patients with retinopathy, patients having laser treatments, and routine diagnostics due to increased awareness. The availability of emergency assistance at the site of the incident will enhance demand for mobile retina services.

About Fact.MR

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Source: Fact.MR

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