Ophthalmic Diseases are generally characterized by the impairment of vision and include symptoms like red eyes, eyestrain, and others. Ophthalmic devices are medical equipment which is designed for surgical, diagnosis, and vision correction purposes and help to prevent disorders such as glaucoma and cataract. The increasing prevalence of eye disorders is expected to propel the market growth worldwide.
In addition to the increasing prevalence of ophthalmic diseases and eye-related disorders, other factors impacting the market growth include chronic diseases affecting the eyesight such as cancer and diabetes. Factors such as favorable reimbursement policies, coupled with the ongoing product development & commercialization help boosting the market growth. Besides, rising approvals from regulatory bodies account for some of the predominant factors, fueling the market growth.
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On the other hand, factors such as the high cost of these devices along with the skepticism of physicians towards the advancement & efficacies of these devices are likely to impede the growth. Also, the lack of awareness towards the eye care and the availability of these equipment’s are likely to affect the market growth during the assessment period.
Ophthalmic Equipment Market – Key Players
Some of the key players in this market are
- Alcon (U.S.)
- Bausch & Lomb (U.S.)
- Carl Zeiss Meditec (Germany)
- Johnson & Johnson (U.S.)
- Essilor International S.A. (France)
- Haag-Streit (Switzerland)
- Nidek (Korea)
- Staar Surgical (U.S.)
- Topcon Corporation (Japan)
- Ziemer Ophthalmic Systems (Switzerland)
- Hoya Corporation (Japan)
- Ridex Corporation (U.S.)
Industry/ Innovation /Related News:
January 11, 2019
A private equity firm, Atlantic Street Capital has recently announced that they will form Advancing Eyecare Holdings with the partnership of its portfolio company Lombart Instrument which is the leading U.S. distributor of ophthalmic instruments to optometrists and ophthalmologists, and Marco Ophthalmic Inc (Marco).
September 10, 2018
Ophthalmic Instruments Inc. (US), a leading global player sells and services the costly equipment used for to pre-test diagnose and examine patients’ eyes announced the expansion in the Colorado state. The new showroom, a service center and warehouse will support the company’s growth strategy.
October 23, 2018
MacuLogix, Inc. (US), a leading global company involved in the development of tools for early diagnose, monitor, and treatment of age-related macular degeneration (AMD) patients announced signing an international distribution agreement with Clarion Medical Technologies (Canada), a leading provider of medical and aesthetic equipment and consumables.
Alongside the distribution support, the acquisition will add Clarion’s AdaptDx, automated dark adaptometer to MacuLogix Vision division’s portfolio of products.
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Ophthalmic Equipment Market – Segmentation
The market can be segmented into four key dynamics for enhanced understanding;
By Products: Vision Care Devices (spectacles and contact lenses), Ophthalmology Surgical Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, and Diagnostic & Monitoring Devices among others.
By Applications: Glaucoma, Amblyopia, Cataract, and Retinal Detachment among others.
By End-Users: Hospitals, Ophthalmology Clinics, Diagnostic Centers, and Research Centers among others.
By Regions: Europe, North America, APAC and Rest-of-the-World.
Ophthalmic Equipment Market – Regional Analysis
The Americas dominates the global ophthalmic equipment market owing to the increasing prevalence of ophthalmic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global ophthalmic equipment market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for ophthalmic equipment. This can be attributed to the presence of developing economies such as India and China and a huge patient population suffering from ophthalmic diseases. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
On the other hand, the Middle East and Africa has the least share in the Global Ophthalmic Equipment Market due to the low per capita healthcare expenditure and stringent government policies, especially within the African region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
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