New York, United States, Nov. 21, 2023 (GLOBE NEWSWIRE) -- The Global Ophthalmic Equipment Market Size is To Grow from USD 40.50 Billion in 2022 to USD 64.72 Billion by 2032, at a Compound Annual Growth Rate (CAGR) of 4.8% during the forecast period.
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Ophthalmic equipment encompasses specialized medical devices used in eye care for diagnosis, treatment, and monitoring of vision disorders. These instruments include slit lamps, ophthalmoscopes, retinoscopes, autorefractors, visual field analyzers, and optical coherence tomography (OCT) machines. They aid ophthalmologists in assessing visual acuity, examining the eye's internal structures, and diagnosing conditions like glaucoma and cataracts. Technological advancements have led to more precise and efficient devices, improving patient outcomes and eye health management. Ophthalmic equipment plays a vital role in the field of ophthalmology, ensuring accurate evaluations and facilitating effective treatments for various eye-related issues.
Browse key industry insights spread across 200 pages with 130 market data tables and figures & charts from the report on "Global Ophthalmic Equipment Market Size, Share, and COVID-19 Impact Analysis, By Product (Optical Coherence Tomography Scanners, Fundus Cameras, Perimeters/Visual Field Analysers, Autorefractors & Keratometers, Ophthalmic Ultrasound Imaging Systems, Tonometers, Slit Lamps, Phoropters, Wavefront Aberrometers, Optical Biometry Systems, Ophthalmoscopes, Lensmeters, Corneal Topography Systems, Specular Microscopes, and Retinoscopes), By Application (Cataract, Vitreo Retinal Disorders, Glaucoma, and Refractor Disorders), By End-Use (Hospitals & Eye Clinics, Academic & Research Laboratory, and Others), By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022 – 2032."
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The optical coherence tomography segment accounted for around 24.3% market share
On the basis of the product, the optical coherence tomography (OCT) segment's dominance in the ophthalmic equipment market can be attributed to its exceptional diagnostic capabilities and widespread applications. OCT technology provides non-invasive, high-resolution imaging of the eye's internal structures, enabling precise diagnosis of various ocular conditions such as glaucoma, macular degeneration, and diabetic retinopathy. Its real-time imaging and ability to capture cross-sectional images make it an indispensable tool for ophthalmologists. Additionally, continuous advancements, such as spectral-domain OCT and swept-source OCT, have further enhanced its diagnostic accuracy.
The cataract segment held the largest market in 2022, revenue share of around 37.4%
Based on the application, the global ophthalmic equipment market is segmented into cataract, vitreo retinal disorders, glaucoma, and refractor disorders. The cataract segment's dominance in the ophthalmic devices market can be attributed to the high prevalence of cataract-related issues globally. Cataracts are one of the leading causes of visual impairment and blindness, particularly in the aging population. As the elderly population continues to grow, the demand for cataract surgery and related ophthalmic devices, such as phacoemulsification systems and intraocular lenses, has significantly increased.
The academic & research laboratory segment is expected to grow at a higher CAGR of around 5.4% during the forecast period
Based on the end-use, the global ophthalmic equipment market is segmented into hospitals & eye clinics, academic & research laboratory, and others. The market for academic and research laboratories in the ophthalmic equipment industry is anticipated to experience substantial growth during the forecast period due to several factors. As eye-related disorders and visual health gain more attention, there is a growing emphasis on research and development activities in the field of ophthalmology. Academic and research laboratories play a crucial role in advancing knowledge, developing innovative technologies, and conducting clinical trials for ophthalmic equipment.
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Asia-Pacific is predicted to grow at a fastest CAGR of around 5.4% over the projected period
Based on region, Asia-Pacific is projected to experience the fastest growth in the ophthalmic equipment market during the forecast period due to its large population base, particularly in emerging economies like China and India, which presents a significant market opportunity. As disposable incomes rise and healthcare infrastructure improves, there is a growing awareness and demand for better eye care, driving the adoption of advanced ophthalmic equipment. Additionally, the increasing prevalence of eye disorders and a higher geriatric population contribute to the market's expansion.
North America has held the largest market share in the ophthalmic equipment industry due to a well-established healthcare infrastructure and a high level of awareness regarding eye health, leading to increased demand for advanced ophthalmic equipment. Moreover, the presence of key market players, research institutions, and academic centers in North America fosters innovation and the development of cutting-edge ophthalmic technologies.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. The major players in the global ophthalmic equipment market include Johnson & Johnson Vision Care, Alcon Vision LLC, Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, Essilor International S.A., Ziemer Ophthalmic Systems Ltd., Nidek Co. Ltd., TOPCON Corporation, Haag-Streit Group, Hoya Corporation and others.
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Recent Developments
- In January 2022, Alcon purchased Ivantis, a manufacturer of Hydrus Microstent, Glaucoma Surgery (MIGS) devices used to decrease ocular pressure in open-angle glaucoma patients undergoing cataract surgery. Alcon's market presence has been strengthened as a result of this purchase.
- In March 2023, WaveFront Dynamics Inc. has announced the commercial release of the WaveDyn vision Analyzer. Such programs aid in raising awareness of eye problems and increasing the availability of diagnostic equipment.
Market Segment
This study forecasts revenue at global, regional, and country levels from 2019 to 2032. Spherical Insights has segmented the global ophthalmic equipment market based on the below-mentioned segments:
Ophthalmic Equipment Market, By Product
- Optical Coherence Tomography Scanners
- Fundus Cameras
- Perimeters/Visual Field Analysers
- Autorefractors & Keratometers
- Ophthalmic Ultrasound Imaging Systems
- Tonometers
- Slit Lamps
- Phoropters
- Wavefront Aberrometers
- Optical Biometry Systems
- Ophthalmoscopes
- Lensmeters
- Corneal Topography Systems
- Specular Microscopes
- Retinoscopes
Ophthalmic Equipment Market, By Application
- Cataract
- Vitreo Retinal Disorders
- Glaucoma
- Refractor Disorders
Ophthalmic Equipment Market, By End-Use
- Hospitals & Eye Clinics
- Academic & Research Laboratory
- Others
Ophthalmic Equipment Market, Regional Analysis
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- UK
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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