Ophthalmic Equipment Market Worth $88.5 Billion | MarketsandMarkets(TM)
CHICAGO, Jan. 15, 2024 /PRNewswire/ -- Ophthalmic Equipment Market in terms of revenue was estimated to be worth $66.2 billion in 2023 and is poised to reach $88.5 billion by 2029, growing at a CAGR of 4.9% from 2023 to 2029 according to a new report by MarketsandMarkets(TM). Rise in cataract diseases, glaucoma cases on the rise, refractive vision diseases increasing, retinopathy caused by diabetes, presbyopia leading to vision degeneration, age-related macular degeneration, rise in minimally invasive procedures, increase in healthcare expenditures, GDP expenditures on the rise, growing awareness of eye health, rising adoption for advanced tools and increase in treatment for eye diseases at an early stage.
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Ophthalmic Equipment Market Scope:
Report Coverage
Details
Market Revenue in 2023
$66.2 billion
Estimated Value by
2029
$88.5 billion
Growth Rate Poised to grow at a CAGR of 4.9%
Market Size Available
for
2021-2029
Forecast Period
2023-2029
Forecast Units
Value (USD Billion)
Report Coverage Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered
By product, end user, and region
Geographies Covered
North America
US
Canada
Europe
Germany
France
UK
Italy
Spain
Rest of Europe
Asia Pacific
Japan
China
India
Australia
South Korea
Rest of
APAC
Latin America
Brazil
Mexico
Rest of LATAM
Middle East and
Africa
Report Highlights Updated financial information /product portfolio of players
Key Market Low adoption of phacoemulsification devices and premium IOLs in
Opportunities emerging regions
Key Market Drivers
Increase in eye disorders
The Ophthalmic Equipment Market is further segmented based on the product, end-user, and region.
The vision care segment holds the largest market share during the forecast period.
The world of vision correction stands tall as the leading force in the ophthalmic equipment market, thanks to a powerful combination of factors. At its core lies the widespread need for glasses, contact lenses, and other solutions to address refractive errors like myopia, hyperopia, and astigmatism. This demand fuels a diverse market brimming with options, from traditional favorites to advanced innovations like multifocal and orthokeratology. Catering to individual preferences and lifestyles is key, ensuring everyone finds the perfect fit. But affordability reigns supreme. Compared to other segments, vision care products are generally accessible and budget-friendly, opening doors for people of all income levels to achieve clear vision. This preventive approach is crucial, as early detection and correction can prevent future complications. And the future is bright, with constant technological advancements like blue-light filtering glasses and telehealth consultations promising even better solutions. Beyond function, vision care has become a fashion statement. Designer frames and personalized options cater to those who seek style alongside clarity. While other segments, like surgical devices and diagnostics, play vital roles in eye health, the sheer need, diverse solutions, affordability, and focus on prevention solidify the vision care segment's position at the top of the ophthalmic equipment market. As the population grows and awareness increases, this segment is poised to continue shaping the future of seeing clearly.
The customer segment accounted for the largest share during the forecast period.
An aging population and heightened awareness of eye health are fueling a surge in vision needs. Refractive errors like nearsightedness and farsightedness, along with conditions like cataracts and glaucoma, are increasingly diagnosed. This translates to a growing demand for vision correction solutions. Glasses and contact lenses, once primarily handled by healthcare institutions, are now increasingly sought after by individual consumers seeking to take charge of their own vision. But the need goes beyond correction. A proactive approach to eye health is gaining momentum, driven by the understanding that early intervention can prevent irreversible damage. Consumers are actively seeking tools like autorefractors and tonometers for home use, empowering them to monitor their eye health and participate in preventive care. Technological advancements are key to this shift. User-friendly and affordable ophthalmic equipment like portable fundus cameras and home eye tests are democratizing access to eye health information. No longer solely reliant on healthcare institutions, individuals can now play a more active role in safeguarding their vision. E-commerce platforms and direct-to-consumer brands are further fueling this trend. Vision correction products and basic diagnostic tools are now readily available and affordable online, removing geographical and financial barriers. This convenient and cost-effective access further solidifies the customer segment's dominance in the eye care market.
In the surgical segment, the cataract surgery devices segment accounted for the largest share in the Ophthalmic Equipment Market.
As the global population ages, the prevalence of cataracts, a clouding of the eye's lens, naturally rises. This surge in demand for cataract surgery propels the market for devices like phaco emulsifiers, which effectively remove cataracts during surgery. Technological advancements have revolutionized cataract surgery, making it minimally invasive and highly effective. This has led to increased patient safety and faster recovery times, further boosting the demand for specialized equipment like femtosecond lasers that improve precision and efficiency. Public health initiatives and improved healthcare infrastructure have heightened awareness of cataracts and their treatment options. This has led to more individuals seeking timely interventions, increasing the market reach for cataract surgery devices. While advanced technologies exist, manufacturers are also developing more affordable phaco emulsifiers and other equipment, making cataract surgery accessible to a wider range of patients, particularly in resource-constrained settings.
North America will continue to dominate the ophthalmic equipment market in 2029.
North America's significant healthcare investments drive a thriving ophthalmic R&D ecosystem. Renowned research institutions and medical centers act as fertile ground for cutting-edge technologies, translating into a constant stream of advanced diagnostic and treatment devices. This continuous innovation solidifies the region's dominance in the ophthalmic equipment market.
Public awareness campaigns and robust healthcare systems further contribute to North America's leadership. Emphasis on preventive care and early intervention for eye diseases fuels demand for ophthalmic equipment across the healthcare spectrum, from primary care clinics to specialized centers. This proactive approach ensures patients benefit from the latest advancements, further solidifying the region's market position.
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Ophthalmic Equipment Market Dynamics:
Drivers:
1. Increase in eye disorders
Restraint:
1. rising adoption of previously owned equipments
Opportunities:
1. Low adoption of phacoemulsification devices and premium IOLs in emerging
regions
Challenge:
1. Lack of skilled professionals
Key Market Players of Ophthalmic Equipment Industry:
The Ophthalmic Equipment Market is a consolidated market with the presence of few dominant multinational market players. Some of the prominent players include Bausch Health Companies, Inc. (Canada), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), Hoya Corporation (Japan), The Cooper Companies, Inc.(US), EssilorLuxottica (France), Canon Inc. (Japan), Glaukos Corporation (US), Nidek Co., Ltd. (Japan), Topcon Corporation (Japan), Ziemer Ophthalmic Systems (Switzerland), Staar Surgical (US), Haag-Streit (Switzerland), Quantel Medical (US), Coburn Technologies, Inc. (US), FCI Ophthalmics (US), Matronix India Corporation (India), HEINE Optotechnik (Germany), Visionix (France), Neo Vision (Korea), Clear Lab (Singapore), BVI (US), DORC (Netherlands), CORZA Medical (US), Appasamy Associates (India), Ophtec BV (Netherlands), Lumenis (Israel), and Intuvision Labs (India).
A breakdown of the primary participants (supply-side) for the ophthalmic equipment market referred to for this report is
-- provided below:
-- By Company Type: Tier 1: 60%, Tier 2: 30%, and Tier 3: 10%
-- By Designation: C-level Executives: 30%, Directors: 50%, and Others: 20%
-- By Region: North America: 45%, Europe: 15%, Asia Pacific: 25%, Latin
America: 10%; Middle East and Africa: 5%;
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Ophthalmic Equipment Market - Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ophthalmic equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
This report provides insights into the following pointers:
-- Analysis of key drivers (Increase in geriatric population, rising
prevalence of eye disorder, technological advancements in ophthalmic
devices, increased government initiatives to control visual impairment,
and rising adoption of contact lenses and spectacles), restraints (high
cost and risk associated with eye surgeries, increased cost of
ophthalmic devices, rising adoption of refurbished ophthalmic devices),
opportunities (potential growth opportunities in emerging market, low
adoption of phacoemulsification devices and premium IOLs in emerging
regions) and challenges (low accessibility to eye care in low-income
countries and lack of skilled professionals) influencing the growth of
the ophthalmic equipment market.
-- Market Penetration: Comprehensive information on product portfolios
offered by the top players in the ophthalmic equipment diagnostics
market. The report analyzes this market by type of product, end-user,
and region.
-- Product Enhancement/Innovation: Detailed insights on upcoming trends and
product launches in the ophthalmic equipment diagnostics market.
-- Market Development: Comprehensive information on the lucrative emerging
markets by type of product, application, technology, animal type,
distribution channel, end-user, and region.
-- Market Diversification: Exhaustive information about new products and
services, growing geographies, recent developments, and investments in
the ophthalmic equipment diagnostics market.
-- Competitive Assessment: In-depth assessment of market shares, growth
strategies, product and service offerings, and capabilities of leading
players in the ophthalmic equipment diagnostics market.
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