Optometry Equipment Market Surging at 4% CAGR Driven by Increasing Prevalence of Ophthalmic Disorders: Fact.MR Study
Ophthalmic diagnostic equipment accounts for 37% of total sales, demonstrating rapid development of diagnostics technologies in the eye care industry.
Fact.MR: 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.
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.
"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.
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- 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.
- 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.
- High cost of optometry tests and procedures will impede market growth.
- Less effective results of optometry tests tend to decrease the number of people opting for optometry, thus restraining the overall growth.
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Some of the market players operating in Optometry Equipment market are Carl Zeiss MediTech AG, HAAG-STREIT GROUP., Topcon Medical Systems, NIDEK CO., LTD, Heidelberg Engineering Inc., Novartis AG, and Canon Singapore Pte. Ltd, ESSILOR INTERNATIONAL S.A., HEINE Optotechnik GmbH & Co. KG and. Ziemer Ophthalmic Systems AG, and others.
Besides focusing on strategic collaborations, these companies have been investing in product launches. There also is increasing emphasis on technological advancements to gain competitive edge. Their efforts are expected to drive growth in the market in the coming years.
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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