Growth in this market is attributed to the growing number of people with eye diseases, technological advancement in ophthalmic equipment, and the rising adoption of contact lenses and spectacles across the globe.
The Ophthalmic Equipment Market is projected to reach USD 65.8 Billion by 2027 from USD 56.4 Billion in 2022, at a CAGR of 3.1%.
Market Drivers :-
1 Rapid Growth in the Geriatric Population
2 Rising Prevalence of Eye Diseases
2.1 Cataracts
2.2 Glaucoma
2.3 Obesity and Diabetes
2.4 Age-Related Macular Degeneration (AMD)
3 Technological Advancements in Ophthalmic Devices
4 Increasing Government Initiatives to Control Visual Impairment
5 Increasing Adoption of Contact Lenses and Spectacles
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Based on diagnostic and monitoring devices type, the ophthalmic equipment market is segmented into optical coherence tomography (OCT) scanners, ophthalmic ultrasound imaging systems, fundus cameras, ophthalmoscopes, retinoscopes, wavefront aberrometers, corneal topography systems, autorefractors and keratometers, phoropters, specular microscopes, perimeter/visual field analyzers, tonometers, slit lamps, lensmeters, optical biometry systems, and chart projectors. The OCT scanners segment accounted for the major share of the ophthalmology diagnostic and monitoring devices market and this segment is expected to register the highest growth during the forecast period.
On the basis of ophthalmology surgical devices type, the ophthalmic equipment market is segmented into cataract surgical devices, glaucoma surgical devices, refractive surgical devices, vitreoretinal surgical devices, ophthalmic microscopes, and accessories. The cataract surgical devices segment accounted for the major share of the ophthalmology surgical devices market. The large share of this segment is majorly attributed to the growing number of eye disorders in the geriatric population.
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Regional Analysis:-
North America accounted for the largest share of the ophthalmic equipment market in 2017, followed by Europe. The large share of this region is attributed to the presence of developed healthcare systems in the US & Canada, increasing number of eye disorders along with rising aging population, and availability of technologically advanced ophthalmic devices.
Key Players:-
The prominent players in the ophthalmic equipment market are Essilor (France), Alcon (Switzerland), Johnson & Johnson Vision Care (US), Bausch + Lomb (US), Haag-Streit (Switzerland), TOPCON (Japan), Carl Zeiss Meditec (Germany), NIDEK (Japan), STAAR Surgical (US), HOYA (Japan), and Ziemer Ophthalmic Systems (Switzerland)
