Newark, NJ, Oct. 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global ophthalmic equipment market is expected to grow from USD 50.06 billion in 2019 and to reach USD 69.03 billion by 2027, growing at a CAGR of 4.1% during the forecast period 2020-2027.
The global ophthalmic equipment market is witnessing significant growth from recent years. This growth is attributed to the improvement in the healthcare sector, the growing population suffering from eye-related problems, an increase in the elderly population, and the increasing prevalence of chronic disorders like diabetes and hypertension. The growing burden of ophthalmic diseases worldwide and the increasing prevalence of infectious diseases in developed and developing countries will propel the market. The patients suffering from chronic diseases like diabetes are at a high risk of diseases like cataracts and diabetic retinopathy.
Ophthalmology is defined as a branch of medical sciences that deals with the function, structure, and various eye diseases. These equipment are designed for diagnosis, monitoring, and prevention of ophthalmic disorders like cataract and glaucoma. Ophthalmic equipment is also used to improve vision like contact lenses and spectacles. These equipment cover a wide range of designs and types like contact lenses, intraocular lenses, implants, solutions, surgical instruments, and glasses. Ophthalmic devices are beneficial in preventing eye diseases or injuries and also for the diagnosis of eye conditions like cataract, stain, red eyes, night blindness, and colour blindness.
The global ophthalmic devices segment is expected to witness significant growth due to the increasing number of infectious eye diseases, increased acceptance towards refractive surgeries, technological advancements, and improved safety profiles. The high cost of ophthalmology devices, less access to eye care products, and lack of skilled ophthalmologists will hamper the market growth. The untapped potential of emerging markets, the rising number of people with eye diseases, and increasing awareness among people will provide market growth opportunities. However, low access to eye care in low-income economies will challenge the market growth.
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The key players operating in the global ophthalmic equipment market are Bausch & Lomb, HAAG STREIT, Abbott Laboratories, Johnson & Johnson, Alcon, NIDEK, Ziemer Ophthalmic Systems, Essilor International, STAAR Surgical, Hoya Corporation, Carl Zeiss, and Novartis. To gain a significant market share in the global ophthalmic equipment market, the key players are now focusing on adopting strategies such as product innovations, mergers & acquisitions, recent developments, joint venture, collaborations, and partnership. Bausch & Lomb and Abbott Laboratories are some of the major manufacturers of ophthalmic equipment.
- In March 2020, Vivity intraocular lens was launched by Alcon in Europe. This lens allows high-quality vision for patients by reducing the dependency on glasses. They are spherical and have a good quality of vision from far and medium ranges.
- In February 2020, Prevent Blindness and Bausch + Lomb collaborated to raise awareness about AMD through social media and share information about AMD with the public.
Ophthalmic Surgery devices segment dominated the market and held the largest market share of 39.6% in the year 2019
On the basis of product, the global ophthalmic equipment market is segmented into vision care products, diagnostic and monitoring devices, and ophthalmic surgical devices. The diagnostic and monitoring devices are further segmented into fundus cameras, slit lamps, keratometers, tonometers, ophthalmoscopes, autorefractors, and others. The ophthalmic surgery devices are further segmented into cataract surgery devices, glaucoma surgery devices, refractive surgery devices, and vitreoretinal surgery devices. Ophthalmic Surgery devices segment dominated the market and held the largest market share of 39.6% in the year 2019. This growth was attributed to the rising prevalence of chronic diseases, increasing awareness among people pertaining to early diseases, and the growing adoption of ophthalmic procedures like cataract surgeries.
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Hospitals segment dominated the market and held the largest share of 32.8% in the year 2019
On the basis of end-user, the global ophthalmic equipment market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and home settings. Hospitals segment dominated the market and held the largest share of 32.8% in the year 2019. This growth was attributed to the availability of skilled healthcare professionals, an increase in the number of surgeries worldwide, and hospitals ability to buy expensive and advanced equipment.
Regional Segment of Ophthalmic Equipment Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of APAC)
- South America (Brazil and Rest of South America)
- Middle East and Africa (UAE, South Africa, Rest of MEA)
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On the basis of geography, the ophthalmic equipment devices market is classified into North America, Europe, Asia-Pacific, Middle East & Africa, and South America. North America held the major share of 33.5% in the year 2019. This growth was attributed to the increasing prevalence of retinal defects and growing investments in research and development. The U.S. holds the largest market share in the region due to the increasing prevalence of glaucoma and other chronic disorders. Europe holds the second-largest share. This growth is ascertained to the increasing emphasis on the treatment and diagnosis of eye diseases. The Asia-Pacific is anticipated to witness significant growth, owing to the adoption of Western culture among adults and addiction to smoking, lifestyle changes, and a rise in the number of ophthalmic impairment. The Middle East and Africa regions hold the least share, due to the less availability of funds, limited medical facilities, and poor political conditions in Africa.
About the report:
The global ophthalmic equipment market is analysed on the basis of value (USD billion). All the segments have been analysed on global, regional and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insights of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitors’ position grid analysis.
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