Polaris Market Research recently published [115+ Pages] research report on “Ophthalmic Equipment Market Share, Size, Trends, Industry Analysis Report, By Product; By End-Use (Consumers, Hospitals, Specialty Clinics & Ambulatory Surgery Centers, Others); By Region; Segment Forecast, 2022 – 2030” in its research database.
According to the research report, the global ophthalmic equipment market size was valued at USD 61.1 billion in 2021 and is expected to reach USD 92.4 Billion by 2030, growing at a CAGR of 4.8% during the forecast period.
How Big is Ophthalmic Equipment Market Size & Share?
- Overview
Ophthalmology is a sector of medical or healthcare unit that deals with function, structure, and several eye disorders. Ophthalmic devices are part of medical technology; these devices are used in the detection, surgery, and therapy of eye diseases. The major ophthalmic equipment is fundus cameras, slit lamps, automated perimetry, green laser, and others.
The major aim of ophthalmic equipment is to prevent accidents or illness, and eye damage. Ophthalmologists are the only medically trained practitioners who can detect and handle all eye-related issues. Increasing frequency of eye-related issues, including cataracts, diabetic retinopathy, glaucoma, and others, are expected to propel the ophthalmic equipment market share over the assessment period.
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Key Highlights of the Report
- A detailed analysis of the market and sub-market forecast
- Extensive details and analysis of contracts, projects, and programs
- Analysis of technological trends and how these shape the industry
- The in-depth description of technical factors and political regulatory
- Outline of leading companies operating within the sector
- SWOT analysis of the major key players operating in the market, together with the opportunities available and the key threads faces
Some of the Top Market Players Are:
- Alcon Vision LLC
- Bausch & Lomb Incorporated
- Carl Zeiss Meditec AG
- Essilor International S.A
- Haag-Streit Group
- Ivantis Inc.
- Johnson & Johnson Vision Care
- Nidek Co. Ltd
- TOPCON Corporation
- Ziemer Ophthalmic Systems Ltd
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Growth Driving Factors
- Advancement in technology is uplifting the market
The ophthalmic equipment market size is rising due to increasing government initiatives towards the market and rising awareness towards controlling visual impairment. The rising frequency of diabetic patients and the occurrence of diabetes-related blindness are anticipated to boost industry growth. As the prevalence of the aged population is rising, the demand for ophthalmic devices is also rising due to their age-related ophthalmic disorders.
Further, rising screen time due to work-from-home policies of many companies after the pandemic is arising several eye-related issues, which is expected to boost the ophthalmic equipment market demand. Advancement in technology in ophthalmic equipment devices is expected to fuel the industry share. Rising acceptance of contact lenses and spectacles are predicted to uplift the ophthalmic equipment industry’s size.
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Recent Developments
- In January 2022: Alcon Acquired Ivantis Inc. to help ensure the continuity of the business and relationships with existing customers and allow Alcon to begin its future growth plants to bring Hydrus Microstent to more international markets.
- In April 2020, Haag-Streit Group acquired VRmagic Holdings AG to enhance Haag-Streit’s position as the market leader in ophthalmology.
Segmental Analysis
- Vision care products dominated the market
On the basis of product, vision care products accounted for the highest market share in 2021 and are anticipated to maintain their dominance over the assessment period. This segment dominated the market owing to the increasing demand for contact lenses and spectacles. Also, the subsegment spectacles are considered as a significant market share and are expected to dominate the market over the foreseen period due to their benefits, such as cost-effectiveness and easier reading. The rising population across the world is another factor accountable for the spectacles segment’s dominance.
- The consumers segment is considered the highest market share
On the basis of end-use, the ophthalmic equipment market segmentations are classified into consumers, hospitals, specialty clinics & ambulatory surgery centers, and others, out of all the consumer segment dominated the market owing to the rising utilization of contact lenses to manage a wide range of vision issues, such as astigmatism, myopia, hyperopia, and presbyopia. Also, the rising popularity of colored contact lenses in the fashion industry due to the rising significance of aesthetics is responsible for the segment’s dominance.
Further, the hospital’s segment is expected to dominate the market over the assessment period due to the rising utilization of ophthalmic technology in hospitals and the easy availability of inexpensive and efficient treatment in clinics. During the prediction period, the requirement for novel installations is expected to rise owing to the growing number of mergers and acquisitions between ophthalmic clinics and hospitals.
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Ophthalmic Equipment Market: Report Scope
| Report Attribute | Details |
| Market Outlook for 2030 | USD 92.4 Billion |
| Market Size 2022 Value | USD 63.4 Billion |
| Expected CAGR Growth | 4.8% from 2022 – 2030 |
| Base Year | 2021 |
| Forecast Year | 2022 – 2030 |
| Top Market Players | Alcon Vision LLC, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Essilor International S.A, Haag-Streit Group, Ivantis Inc., Johnson & Johnson Vision Care, Nidek Co. Ltd, TOPCON Corporation, and Ziemer Ophthalmic Systems Ltd. |
| Segments Covered | By Product, By End-Use, By Region |
| Customization Options | Customized purchase options are available to meet your research needs. Explore customized purchase options |
Geographic Overview
- North America is accounted for the significant market share
On a geographical basis, the North American region accounted for the highest market share in 2021 and is anticipated to maintain its dominance over the foreseen period. The factors accountable for the region’s dominance are the rapid rise in the old age population and the rising frequency of chronic eye diseases, ruinous lifestyles, and high-stress levels, including diabetic retinopathy. Also, the growing demand for ophthalmic devices in this region is expected to boost due to the acceptance of new reimbursement models for ophthalmologic therapy and a solid regulatory environment for the safety of the patients.
In addition, the Asia Pacific region is observed to expand at the fastest CAGR over the assessment period owing to the rapid rise in the improvement of the healthcare system, rising frequency of eye-related issues, and growing awareness towards eye-related issues. Also, growing awareness towards cutting-edge corrective eye procedures is a considerable economic engine driving growth for evolving countries such as China and India.
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Ophthalmic Equipment Market Report Highlights
- Vision care products accounted for the most considerable market share in 2021 due to increasing demand for spectacles and contact lenses such as soft contact lenses, RGP lenses, and hybrid contact lenses.
- The consumer segment accounted for the most significant market share in 2021 due to increasing ocular disorders with the rising adoption of contact lenses and spectacles.
- North America dominated the regional market during the forecast period due to the rising geriatric population, increasing healthcare expenditure, and awareness about eye care and ocular diseases in emerging economies such as the US and Canada.
Key Questions Answered in The Report Include:
- What are the key factors driving the ophthalmic equipment market?
- What are the business growth strategies adopted by the developed and developing regions?
- What are the key outcomes of the five forces analysis?
- Who are the leading players active in the ophthalmic equipment industry?
- What’s the competition in this industry, both company, and country-wise?
Polaris Market Research has segmented the ophthalmic equipment market report based on product, end-use, and region:
By Product Outlook
- Vision Care Products
- Spectacles
- Contact Lenses
- Soft Contact Lenses
- Rigid Gas Permeable Lenses
- Hybrid Contact Lenses
- Surgical Devices
- Cataract Surgical Devices
- Intraocular Lenses
- Ophthalmic Viscoelastic Devices
- Phacoemulsification Devices
- Cataract Surgical Lasers
- IOL Injectors
- Vitreoretinal Surgical Devices
- Vitrectomy Machines
- Vitreoretinal Packs
- Photocoagulation Lasers
- Illumination Devices
- Vitrectomy Probes
- Refractive Surgical Devices
- Femtosecond Lasers
- Excimer Lasers
- Other Refractive Surgical Lasers
- Glaucoma Surgical Devices
- Glaucoma Drainage Devices
- Micro invasive Glaucoma Surgery Devices
- Glaucoma Laser Systems
- Ophthalmic Microscopes
- Ophthalmic Surgical Accessories
- Surgical Instruments & Kits
- Ophthalmic Forceps
- Ophthalmic Spatulas
- Ophthalmic Tips & Handles
- Ophthalmic Scissors
- Macular Lenses
- Ophthalmic Cannulas
- Other Ophthalmic Surgical Accessories
- Diagnostic and Monitoring Devices
- Optical Coherence Tomography Scanners
- Fundus Cameras
- Perimeters/Visual Field Analysers
- Autorefractors & Keratometers
- Ophthalmic Ultrasound Imaging Systems
- A-Scan
- B-Scan
- Ultrasound Microscopes
- Pachymeters
- Tonometer
- Slit Lamps
- Phoropters
- Wavefront aberrometers
- Optical Biometry Systems
- Ophthalmoscopes
- Lens meters
- Corneal Topography Systems
- Chart Projectors
- Specular Microscopes
- Retinoscopes
By End-Use Outlook
- Consumers
- Hospitals
- Specialty Clinics & Ambulatory Surgery Centers
- Other
By Region Outlook
- North America (U.S., Canada)
- Europe (France, Germany, UK, Italy, Netherlands, Spain, Russia)
- Asia Pacific (Japan, China, India, Malaysia, Indonesia, South Korea)
- Latin America (Brazil, Mexico, Argentina)
- Middle East & Africa (Saudi Arabia, UAE, Israel, South Africa)
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