Ophthalmic Equipment Market is Expected to Reach $88.5 Billion | MarketsandMarkets™

Chicago, Feb. 05, 2024 (GLOBE NEWSWIRE) -- Ophthalmic Equipment market in terms of revenue was estimated to be worth $66.2 billion in 2023 and is poised to reach $88.5 billion by 2029, growing at a CAGR of 4.9% from 2023 to 2029 according to a latest report published by MarketsandMarkets™. The booming demand for cataract, glaucoma, and AMD solutions ignites a market fire, propelling fundus cameras, OCTs, and phaco emulsifiers into the spotlight. But the orchestra plays on. AI whispers hope with early diagnoses, while minimally invasive tools dance in the operating room, healing faster with less fanfare. Gene therapy, a future aria, beckons from the wings. Prevention joins the chorus, empowered by user-friendly autorefractors and tonometers. Cost-effective cameras and portable tests democratize vision care, ensuring everyone can hear the music. Even fashion joins the harmony, with designer glasses blurring the lines between necessity and statement. Telemedicine's bridge spans distance, bringing specialized care closer. Portable equipment, a new instrument, ensures everyone can join the symphony. As healthcare investment climbs, the music swells, promising a future where innovation and inclusion weave a brighter vision for all.

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Ophthalmic Equipment Market Scope:

Report Coverage	Details
Market Revenue in 2023	$66.2 billion
Estimated Value by 2029	$88.5 billion
Growth Rate	Poised to grow at a CAGR of 4.9%
Market Size Available for	2021–2029
Forecast Period	2023–2029
Forecast Units	Value (USD Billion)
Report Coverage	Revenue Forecast, Competitive Landscape, Growth Factors, and Trends
Segments Covered	By product, end user, and region
Geographies Covered	North America US Canada Europe Germany France UK Italy Spain Rest of Europe Asia Pacific Japan China India Australia South Korea Rest of APAC Latin America Brazil Mexico Rest of LATAM Middle East and Africa
Report Highlights	Updated financial information / product portfolio of players
Key Market Opportunity	Low adoption of phacoemulsification devices and premium IOLs in emerging regions
Key Market Driver	Increase in eye disorders

Based on product, the Ophthalmic Equipment Market is broadly classified into diagnostic and monitoring, surgical devices and vision care. The surgical devices accounted for the highest growing market owing to factors precision and innovation promised a symphony of clearer vision, within reach for more than ever. Diagnostics and correction held their notes, but surgical devices took center stage, their brilliance illuminating a future where clearer vision becomes a chorus sung by millions. Femtosecond lasers and robotic assistants choreographed the rise of surgical equipment, their precision a crescendo in the symphony of vision. Minimally invasive tools, like delicate vitreoretinal instruments and sophisticated phaco emulsifiers, led the charge, promising faster recoveries and brighter tomorrows. As medicine embraced personal scores, surgical devices followed suit. Customized implants and tailored approaches became the new melody, demanding even more advanced tools to orchestrate unique vision symphonies for everyone.

Based on the end user, the market is segmented into consumers, hospitals, specialty clinics and ambulatory surgery centers. Consumer accounted for the second largest share in the market after infectious disease. Several factors orchestrate this consumer-driven growth. Firstly, the aging population prioritizes eye health.  Secondly, the rise of accessibility and affordability empowers consumers to take charge of their vision. User-friendly autorefractors and portable eye tests, once solely within the realm of professional clinics, have become accessible household tools, allowing individuals to monitor their vision independently and proactively. This shift towards self-management democratizes eye care, making it a personal journey rather than a passive experience.

Based on surgical devices, the market is segmented into Cataract Surgery Devices, Vitreoretinal Surgery Devices, Refractive Surgery Devices, Glaucoma Surgery Devices, and Ophthalmic Microscopes, and Accessories. Cataract surgery devices accounted for the largest share in the surgical devices market. Age-related macular degeneration (AMD) and cataracts continue to rise with an aging population, fueling demand for effective and efficient surgical solutions, Phacoemulsifiers have undergone significant advancements, enabling minimally invasive, sutureless procedures with faster recovery times and improved patient outcomes, the introduction of premium intraocular lenses (IOLs) offering functionalities like astigmatism correction and multifocality has expanded the market and cater to diverse patient needs, manufacturers are increasingly developing cost-effective cataract solutions to address healthcare access disparities and reach a wider patient base.

Based on region, the Ophthalmic Equipment Market is further divided into North America, Europe, Asia Pacific, Latin America, and Middle East & and Africa. In 2022, North America accounted for the largest share. North America leads the charge with its robust healthcare system, fueling investments in cutting-edge ophthalmic tech from AI diagnostics to advanced surgical tools. This ensures patients get the latest advancements. North America's medical institutions and research centers birth innovations like femtosecond laser surgery and gene therapy. These advancements not only benefit patients but solidify the region's global reputation as an ophthalmic powerhouse. With a diverse and aging population facing rising eye diseases, North America's market thrives. This fuels demand for innovative and affordable solutions, incentivizing manufacturers to tailor equipment to the region's specific needs. North America's healthcare system, a wellspring of resources, irrigates the ophthalmic market with advanced tools and cutting-edge solutions. This fertile ground fosters innovation, attracting global attention and solidifying the region's position as a leader in eye care.

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Ophthalmic Equipment market major players covered in the report, such as:

• Bausch Health Companies, Inc. (Canada)
• Alcon (Switzerland)
• Carl Zeiss Meditec AG (Germany)
• Johnson & Johnson (US)
• Hoya Corporation (Japan)
• The Cooper Companies, Inc. (US)
• EssilorLuxottica (France)
• Canon Inc. (Japan)
• Glaukos Corporation (US)
• Nidek Co., Ltd. (Japan)
• Topcon Corporation (Japan)
• Ziemer Ophthalmic Systems (Switzerland)
• Staar Surgical (US)
• Haag-Streit (Switzerland)
• Quantel Medical (US)
• Coburn Technologies, Inc. (US)
• FCI Ophthalmics (US)
• Matronix India Corporation (India)
• HEINE Optotechnik (Germany)
• Visionix (France)
• Neo Vision (Korea)
• Clear Lab (Singapore)
• BVI (US)
• DORC (Netherlands)
• CORZA Medical (US)
• Appasamy Associates (India)
• Ophtec BV (Netherlands)
• Lumenis (Israel)
• Intuvision Labs (India)
• and Among Others

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The research report categorizes the ophthalmic equipment market into the following segments and sub-segments:

BY PRODUCT

• DIAGNOSTIC AND MONITORING DEVICES
  • OPTICAL COHERENCE TOMOGRAPHY SCANNERS
  • OPHTHALMIC ULTRASOUND IMAGING SYSTEMS
    • Ophthalmic A Scan Biometers
    • Ophthalmic B Scan Ultrasound
    • Ophthalmic UBM Ultrasound
    • Ophthalmic Pachymeter
  • FUNDUS CAMERA
  • OPHTHALMOSCOPES
  • RETINOSCOPE
  • WAVEFRONT ABERROMETER
  • CORNEAL TOPOGRAPHY SYSTEMS
  • AUTOREFRACTORS AND KERATOMETERS
  • PHOROPTERS
  • SPECULAR MICROSCOPE
  • PERIMETERS/VISUAL FIELD ANALYSERS
  • TONOMETERS
  • SLIT LAMPS
  • LENSMETER
  • OPTICAL BIOMETRY SYSTEMS
  • CHART PROJECTORS
• SURGICAL DEVICES
  • CATARACT SURGERY DEVICES
    • Intraocular Lens (IOLs)
    • Ophthalmic Viscoelastic Devices (OVDs)
    • Phacoemulsification Devices
    • Cataract Surgery Lasers
    • IOL Injectors
  • VITREORETINAL SURGERY DEVICES
    • Vitrectomy Machines
    • Vitreoretinal Packs
    • Photocoagulation Lasers
    • Illumination Devices
    • Vitrectomy Probes
    • Backflush
    • Chandelier
  • REFRACTIVE SURGERY DEVICES
    • Excimer Lasers
    • Femtosecond Lasers
    • Other Lasers
  • GLAUCOMA SURGERY DEVICES
    • Glaucoma Drainage Devices (GDDs)
    • Microinvasive Glaucoma Surgery Devices
    • Glaucoma Laser Systems
  • OPHTHALMIC MICROSCOPES
  • ACCESSORIES
    • Surgical Sets & Instruments
    • Tips & Handles
    • Scissors
    • Forceps
    • Spatulas
    • Macular Lenses
    • Cannulas
    • Other Ophthalmic Surgical Accessories
• VISION CARE
  • SPECTACLES
  • CONTACT LENSES
    • Soft
    • RGP
    • Hybrid

BY END USER

• CONSUMERS
• HOSPITALS
• SPECIALITY CLINICS AND AMBULATORY SURGERY CENTERS
• OTHER END USERS

By Country

• North America
  • US
  • Canada
• Europe
  • Germany
  • France
  • UK
  • Italy
  • Spain
  • Rest of Europe
• Asia Pacific
  • Japan
  • China
  • India
  • Australia
  • South Korea
  • Rest of APAC
• Latin America
  • Brazil
  • Mexico
  • Rest of LATAM
• Middle East and Africa

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Key Market Stakeholders:

• Ophthalmology Device Manufacturers
• Ophthalmology Surgical Devices Manufacturers
• Ophthalmology Diagnostic & Monitoring Devices Manufacturers
• Vision Care Products Manufacturers
• Suppliers and Distributors of Ophthalmology Devices

Report Objectives:

• To define, describe, and forecast the global ophthalmic equipment market based on the product, end user, and region
• To provide detailed information regarding the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
• To strategically analyze micromarkets1 with respect to individual growth trends, prospects, and contributions to the overall ophthalmic equipment market
• To analyze opportunities in the global ophthalmic equipment market for stakeholders and provide details of the competitive landscape for market leaders
• To forecast the size of the global ophthalmic equipment market with respect to five regions—North America, Europe, the Asia Pacific (APAC), Latin America, and the Middle East & Africa
• To profile key players in the ophthalmic equipment market and comprehensively analyze their core competencies and market shares
• To track and analyze competitive developments, such as product launches and approvals, agreements, partnerships, collaborations, acquisitions, joint ventures, spin-offs, expansions, and R&D activities of leading players in the global ophthalmic equipment market
• To benchmark players in the market using the “Competitive Leadership Mapping” framework, which analyzes market players on various parameters within the broad categories of business and product strategy within the ophthalmic equipment market

Related Reports:

Intraocular Lens Market

Contact Lenses Market

Ambulatory Surgical Centers Market

Optometry Equipment Market

Top 10 Medical Device Technologies Market

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