Chicago, July 01, 2024 (GLOBE NEWSWIRE) -- The veterinary ophthalmology equipment market is projected to grow significantly from $485 million in 2024 to approximately $697 million by 2029, with a compound annual growth rate (CAGR) of 7.5%. This growth is driven by rising pet ownership and increased spending on pet healthcare, particularly following demographic changes and the COVID-19 pandemic. However, challenges such as high costs and limited awareness among pet owners hinder market expansion. The market is segmented by animal type, application, product, end user, and region, with opportunities emerging from strategic developments among market players and partnerships aimed at innovation and market expansion. Key stakeholders include manufacturers, distributors, veterinary clinics, and regulatory bodies, collectively fostering collaboration and technological advancements in veterinary ophthalmology equipment. North America leads the market due to its advanced veterinary infrastructure and high pet ownership rates, with key players including Bausch + Lomb Corporation, Revenio Group Oyj, and Halma Plc driving industry innovation and growth through recent strategic initiatives and partnerships.
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Market Growth Drivers and Challenges
Several factors contribute to the growth of the veterinary ophthalmology equipment market, including increasing pet ownership, heightened awareness of pet diseases, rising expenditures on pet healthcare, growing numbers of veterinary ophthalmologists, higher incidence of veterinary ocular diseases, and technological advancements in the field. However, challenges such as potential high costs of veterinary care and insufficient awareness among pet owners about treatment options may impede market growth.
Key Players in the Market
The global veterinary ophthalmology equipment market features prominent companies such as Bausch + Lomb Corporation, Revenio Group Oyj, Halma Plc (Keeler), Baxter International, AMETEK, HEINE Optotechnik GmbH & Co. KG, LKC Technologies, IRIDEX Corporation, Optomed Plc, Ocularvision, AN-VISION, Eidolon Optical LLC, Yuesen Med, Ocuscience, GerVetUSA, Kowa American Corporation, AJL Ophthalmology S.A., Optibrand Ltd., Alcon Inc., USIOL, I-MED Animal Health, Freedom Ophthalmic Pvt. Ltd., New World Medical, Nova Eye Medical, and CorNeat Vision.
Bausch + Lomb Corporation
Bausch + Lomb Corporation specializes in developing and distributing eye health solutions globally. Its offerings include supplements, pharmaceuticals, contact lenses, lens care products, and surgical devices across Vision Care, Pharmaceuticals, and Surgical segments. In the veterinary ophthalmology sector, Bausch + Lomb provides a comprehensive range of medical devices and tools for treating various eye conditions in animals, supported by a strong market presence spanning North America, Europe, and the Asia Pacific regions.
AN-VISION
AN-VISION, headquartered in Germany, manufactures intraocular lenses (IOLs) and surgical products tailored for both human and veterinary ophthalmology markets. The company's product lineup includes advanced surgical systems like the Oertli Alexos phaco system and Roland Consult ERG system, catering to global markets including the USA, Canada, Mexico, Europe, Asia, Australia, and South America.
Revenio Group Oyj
Revenio Group Oyj specializes in manufacturing and selling ophthalmic diagnostic devices, prominently featuring its iCare brand of intraocular pressure measurement devices, retinal imaging tools, and perimeters. The company operates across Finland, other European countries, North America, and other global regions, focusing on enhancing diagnostic capabilities in ophthalmology.
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Segmentation by Product and Market Drivers
The veterinary ophthalmology equipment market is segmented into diagnostic devices and Surgical Equipment, Disposables, and Implants, with the latter segment holding the largest market share. This growth is fueled by advancements in surgical techniques, increased demand for veterinary ophthalmic surgeries, and the adoption of single-use disposables for enhanced sterility and efficiency.
Segmentation by Application and Market Share
Segmented into treatment and diagnosis and monitoring, the treatment segment commands the largest market share in the veterinary ophthalmology equipment market. This dominance is attributed to rising pet ownership, prevalence of ocular conditions, and the availability of specialized veterinary ophthalmologists.
Segmentation by Animal Type and Market Expansion
The veterinary ophthalmology equipment market is categorized into Canine, Feline, Equine, and Other Animals, with the canine segment occupying the largest market share. Factors driving this growth include the increasing population of canine companions, breed-specific ocular conditions, and heightened awareness and willingness among pet owners to invest in pet healthcare.
Segmentation by End User and Market Leadership
In terms of end users, the veterinary ophthalmology equipment market comprises Veterinary Hospitals, Specialty Clinics, and Other End Users, with specialty clinics holding the largest market share. These clinics are favored for their specialized focus, expertise in complex procedures, financial resources, and role as referral centers, contributing significantly to the market's growth.
Regional Insights and Market Dominance
North America led the veterinary ophthalmology equipment market in 2023, followed by Europe and Asia Pacific. Factors such as high pet ownership rates, substantial investments in pet healthcare, advanced veterinary infrastructure, and the presence of key market players position North America as the leading region in the market.
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