The Global Optometry Equipment Market size is expected to reach $5.9 billion by 2028, rising at a market growth of 6.4% CAGR during the forecast period.
The ophthalmologist or optometrist typically operates optometry equipment to identify, treat, evaluate, & manage eye-related systemic disorders as well as diagnose disorders and diseases of the visual system, eye, and deformities associated with the eye structures. Patients receive effective and high-quality eye care duewe to this equipment.
Optometry equipment is frequently used in hospitals and clinics for cornea, cataract, glaucoma, retina, and general examination purposes. Retinoscopes, visual field analyzers, specular microscopes, ophthalmoscopes, wavefront aberrometers, fundus cameras, autorefractors, keratometers, and other tools are examples of these optometry tools.
The market for optometry equipment is primarily driven by the growing elderly population and the prevalence of eye conditions. Government programs to combat vision impairment, technological developments in ophthalmic devices, and the growing use of contact lenses and eyeglasses will all contribute to the market's expansion in the upcoming years.
High-end optometry equipment will continue to be in demand, especially for treating hospital outpatients as the demand for quicker tests and prompt result delivery gains prominence. Faster turnaround times are assisting patients in receiving timely care to stop their vision from getting worse. Regarding the sales of diagnostic ophthalmic equipment, which are characterized by the presence of numerous manufacturers, green spaces are evident.
The COVID-19 pandemic is anticipated to have a detrimental effect on the ophthalmic equipment market. Due to lockdowns and other restrictions put in place to stop the COVID-19 outbreak, there has been a significant decrease in patient visits to clinics. As a result, fewer elective eye surgeries are being performed each week in hospitals & clinics. The number of elective surgeries has decreased as a result of the pandemic.
The prevalence of serious eye conditions is rising worldwide, and vision loss is turning into a significant public health issue. The prevalence of eye diseases like diabetic retinopathy & ocular hypertension has also increased as a result of the ageing population's growth and the rising rates of chronic diseases like diabetes and hypertension (glaucoma). The number of people who are blind or have low vision is anticipated to rise sharply. A large number of people loss their eyesight. The need for precise disease treatment is anticipated to increase in the upcoming years due to the rising prevalence of eye diseases and the corresponding rise in disability-adjusted life years.
The health of people is seriously impacted as air pollution increases. In addition to the regular urban pollution & smoke from forest fires, these pollutants have an impact on particle matter, ground-level ozone, nitrogen dioxide, sulfur dioxide, lead, & carbon monoxide. The effects of common air pollution on the eyes can range from minor to severe. According to several studies, conjunctivitis cases are rising along with overall air pollution levels. Particularly nitrogen dioxide can irritate the eyes and can even lead to serious eye disorders. The market for optometry equipment would profit from the increasing level of air pollution as this would lead to an increase in cases of eye-related illnesses.
The market for optometry equipment is being held back by high prices and the use of refurbished equipment. Because of the high price of optometry equipment adoption by ophthalmologists and the resulting preference for refurbished equipment, the majority of ophthalmic device companies face a significant challenge. Additionally, expensive are the costs associated with training, staffing, and the physical space needed for the machine.
Based on type, the optometry equipment market is segmented into retina and glaucoma examination product, general examination products, and cornea & cataract examination products. In 2021, the general examination products segment acquired a significant revenue share in the optometry equipment market. Regular vision tests can help determine whether the person has any vision issues. Reduced reading skills & learning challenges brought on by nearsightedness, astigmatism, farsightedness, and other vision issues can stunt the child's development.
Under the retina & glaucoma examination segment, the optometry equipment market is further divided into OCT Scanners, opthalmoscopes, fundus cameras, perimeters/visual field analyzers, and retinoscopes. In 2021, the OCT scanners segment accounted the largest revenue share in the optometry equipment market. The three key benefits of OCT over more traditional techniques are its quick scan times, lack of invasiveness, and ability to generate three-dimensional data. These features would rise the demand for OCT scanners.
Under general examination products, the optometry equipment market is classified into autorefractors & keratometerics, opthalmic ultrasound systems, tonometers & slit lamps, lensmeters, and chart projectors. The autorefractors & keratometers segment registered the highest revenue share in the optometry equipment market in 2021. The amount of refractive error in the eye is measured using autorefractors, which are particularly suited for applications including distinguishing between lenticular and corneal aberrations and evaluating patients before and after refractive surgery. As the cases of myopia are rising the market would grow in this segment.
Under cornea & cataract examination products type, the optometry equipment market is fragmented into wavefront aberrometers/analyzer, optical biometry system, and corneal topographical system & specular microscopes. In 2021, the wavefront aberrometers/analyzer segment generated the highest revenue share in the optometry equipment market. Refractive power can be measured objectively with wavefront aberrometry, which uses a device to monitor how a light beam passes through the examined eye. The benefits of wavefront aberrometers/ analyzer would contribute to the market growth in this segment.
The cataract segment covered a substantial revenue share in the optometry equipment market in 2021. The majority of cataracts occur when the tissue that makes up the eye's lens changes due to aging or trauma. The lens's proteins and fibers start to degrade, clouding or obscuring vision. As the cases of diabetes are increasing across the globe, cataract cases are also rising. Thus, the need for optometry equipment in this segment increases.
In 2021, the clinics segment witnessed the largest revenue share in the optometry equipment market. The market share of this segment is growing largely due to the rising prevalence of eye disorders among the elderly population, the enormous group of people treated in clinics, and the rising number of smaller clinics in developing nations.
| Report Attribute | Details |
|---|---|
| Market size value in 2021 | USD 3.9 Billion |
| Market size forecast in 2028 | USD 5.9 Billion |
| Base Year | 2021 |
| Historical Period | 2018 to 2020 |
| Forecast Period | 2022 to 2028 |
| Revenue Growth Rate | CAGR of 6.4% from 2022 to 2028 |
| Number of Pages | 395 |
| Number of Tables | 674 |
| Report coverage | Market Trends, Revenue Estimation and Forecast, Segmentation Analysis, Regional and Country Breakdown, Competitive Landscape, Companies Strategic Developments, Company Profiling |
| Segments covered | Type, Application, End User, Region |
| Country scope | US, Canada, Mexico, Germany, UK, France, Russia, Spain, Italy, China, Japan, India, South Korea, Singapore, Malaysia, Brazil, Argentina, UAE, Saudi Arabia, South Africa, Nigeria |
| Growth Drivers |
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| Restraints |
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In 2021, the North America region led the optometry equipment market with the largest revenue share. A variety of factors, such as the increasing incidence of rising healthcare costs, chronic eye diseases, and the presence of several top manufacturers, account for the sizeable share of this regional market. The prevalence of myopia is rising as a result the optometry equipment market would grow in this segment.
Free Valuable Insights: Global Optometry Equipment Market size to reach USD 5.9 Billion by 2028
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson is the forerunner in the Optometry Equipment Market. Companies such as Topcon Corporation, Carl Zeiss Meditec AG, Alcon, Inc. are some of the key innovators in Optometry Equipment Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bausch Health Companies, Inc., Alcon, Inc., Carl Zeiss Meditec AG (Carl Zeiss AG), Johnson & Johnson. Canon, Inc., Topcon Corporation, Metall Zug AG (Haag-Streit AG), Nidek Co., Ltd., Heidelburg Engineering GmbH and Neitz Instruments Co., Ltd.
By Type
By Application
By End User
By Geography
The global Optometry Equipment Market size is expected to reach $5.9 billion by 2028.
Increasing Incidence of Eye Conditions are driving the market in coming years, however, High Price and Use of Reconditioned Optical Equipment restraints the growth of the market.
Bausch Health Companies, Inc., Alcon, Inc., Carl Zeiss Meditec AG (Carl Zeiss AG), Johnson & Johnson. Canon, Inc., Topcon Corporation, Metall Zug AG (Haag-Streit AG), Nidek Co., Ltd., Heidelburg Engineering GmbH and Neitz Instruments Co., Ltd.
The General Examination market is generating high revenue in the Global Optometry Equipment Market by Application in 2021; thereby, achieving a market value of $1.9 Billion by 2028.
The North America market dominated the Global Optometry Equipment Market by Region in 2021; thereby, achieving a market value of $2.1 billion by 2028.
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