Redding, California, Dec. 14, 2022 (GLOBE NEWSWIRE) -- According to a new market research report titled, ‘Optometry Equipment Market by Product (OCT Scan, Perimeter, Fundus Camera, Retinoscope, Keratometer, Ophthalmic Ultrasound, Tonometer, Slit Lamp, Chart Projector), Application (Cataract, Glaucoma, AMD), End User (Clinic, Hospital) - Global Forecast to 2029,’ published by Meticulous Research®, the optometry equipment market is projected to reach $5.4 billion by 2029, at a CAGR of 4% from 2022 to 2029.
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Optometry equipment are used in various eye diseases, including age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma, and amblyopia & strabismus. The aging population and rising prevalence of eye diseases drive the demand for optometry equipment to treat, diagnose, and monitor patients at risk of vision-threatening chronic conditions like diabetic retinopathy. As per the data published by Rendia, Inc. (U.S.) in 2022, optometrists diagnose around 400,000 patients yearly in the U.S. who suffer from diabetic neuropathy and are unaware of their diabetic conditions.
Impact of COVID-19 on the Optometry Equipment Market
The COVID-19 pandemic negatively impacted many healthcare sectors, and optometry equipment is no exception. The global shutdown of economic activities and supply chain disruptions affected the supply of optometry equipment. Various medical device companies operating in optometry products reported that company representatives could not provide services to physicians in some geographies. The rapid spread of the virus, nationwide lockdowns, and measures to mitigate the spread, such as social distancing, led to a reduction in the number of eye examinations performed during the pandemic. Additionally, non-urgent eye surgeries were postponed or delayed to minimize the risk of infection during the first phase of the pandemic.
Disrupted supply chains are expected to recover as the spread of infection comes under control. The pandemic also accelerated the use of telehealth & telemedicine by eye doctors and patients and the rise in specialty optometric practices. Additionally, incidences of diseases like Myopia increased during the pandemic due to increased indoor times and online educational programs.
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The market is gradually recovering from the negative impact of the pandemic and is expected to open new opportunities. As of September 2022, the Bureau of Labor Statistics, U.S. Department of Labor, reported that the employment rate of optometrists is expected to increase by 9%, at an estimated number of 45,400 by 2031, an increase of nearly 4,000 from 41,400 in 2021.
The global optometry equipment market is segmented by Product Type (Retina & Glaucoma Examination Products [OCT Scanners, Perimeters, Fundus Cameras, Retinoscopes, Ophthalmoscopes, Ophthalmic Lasers & Ophthalmic Microscopes], Keratometers, Autorefractors, and Lensometers, Ophthalmic Ultrasound Systems & Digital Phoropters, Slit Lamps, Tonometers, Retinal Imaging Systems, General Examination Products, Chart Projectors, [Cataract & Cornea Examination Products, Specular Microscopes, Corneal Topography Systems, Wavefront Analyzers & Aberrometers, Optical Biometry Systems], Application (Cataract, Age-related Macular Degeneration, Glaucoma, Retinopathy, General Examination, Other Applications), End User (Hospitals, Clinics, Other End Users), and Geography. The study also evaluates industry competitors and analyzes their market shares at the country and regional levels.
Based on product type, in 2022, the retina & glaucoma examination products segment is expected to account for the largest share of the market. The rise in the cases of retina-related disorders, such as retinal tears, diabetic retinopathy, macular degeneration, and retinitis pigmentosa, and increasing cases of glaucoma worldwide are supporting the large market share of this segment. For instance, as per the data released by National Glaucoma Research (BrightFocus Foundation, U.S.), as of 2022, 80 million people worldwide are affected by glaucoma, and this number is expected to increase to over 111 million by 2040.
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Based on application, the general examination segment is projected to register the highest CAGR during the forecast period. The key factors contributing to this segment's growth are the growing awareness and importance of general eye examinations due to the excessive use of mobile phones and laptops, leading to increased screen time.
Based on end user, in 2022, the clinics segment is expected to account for the largest share of the market. Availability of advanced technological equipment, a higher preference for clinics as a primary center of care in case of eye disorders, and a high preference for visiting clinics over other healthcare institutions are the factors supporting the large market share of this segment.
Based on geography, in 2022, North America is expected to account for the largest share of the optometry equipment market. In 2022, the U.S. is expected to account for the largest share of the optometry equipment market in North America. The U.S. has one of the most advanced healthcare systems globally. Availability of reimbursement policies, supportive initiatives for improving access to eye care services, and high awareness of eye care among the U.S. population are the key factors supporting the large share of the market.
In the last couple of years, the global optometry equipment market has witnessed several strategic developments. The report includes an extensive assessment of the key growth strategies adopted by leading market participants between 2020 and 2022. Some of the key players operating in the global optometry equipment market are NIDEK CO. LTD. (Japan), Carl Zeiss Meditec AG (Germany), Alcon (U.S.), Heidelberg Engineering GmbH (Germany), Johnson & Johnson (U.S.), Canon, Inc. (Japan), Bausch Health Companies Inc. (Canada), Escalon Medical Corp (U.S.), Topcon Healthcare Solutions, Inc. (U.S.), and HEINE Optotechnik GmbH & Co. KG (Germany).
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Scope of the Report:
Optometry Equipment Market, by Product Type
- Retina & Glaucoma Examination Products
- OCT Scanners
- Perimeters
- Fundus Cameras
- Retinoscopes
- Ophthalmoscopes, Ophthalmic Lasers, and Ophthalmic Microscopes
- Keratometers, Autorefractors, and Lensometers
- Ophthalmic Ultrasound Systems and Digital Phoropters
- Slit Lamps
- Tonometers
- Retinal Imaging Systems
- General Examination Products
- Chart Projectors
- Cataract & Cornea Examination Products
- Specular Microscopes
- Corneal Topography System
- Wavefront Analyzers & Aberrometers
- Optical Biometry Systems
Optometry Equipment Market, by Application
- Cataract
- Age-related Macular Degeneration
- Glaucoma
- Retinopathy
- General Examination
- Other Applications
Note: Other applications include refractive errors, amblyopia, strabismus, and floaters.
Optometry Equipment Market, by End User
- Hospitals
- Clinics
- Other End Users
Note: Other end users include academic and research institutes and retail optician shops.
Optometry Equipment Market, by Geography
- North America
- U.S.
- Canada
- Europe
- Germany
- U.K.
- France
- Italy
- Spain
- Rest of Europe (RoE)
- Asia-Pacific (APAC)
- China
- Japan
- India
- Rest of APAC (RoAPAC)
- Latin America (LATAM)
- Brazil
- Mexico
- Rest of Latin America (RoLATAM)
- Middle East & Africa
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