Increasing government initiatives to control visual impairment, technological advancements in ophthalmic devices, and the increasing adoption of contact lenses and spectacles are some of the key factors driving the market for ophthalmic equipment.
The report Ophthalmic Equipment Market
is projected to reach USD 80.9 billion by 2027 from USD 63.4 billion in 2022,
at a CAGR of 5.0%.
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KEY MARKET DYNAMICS
1
DRIVERS
1 Increasing geriatric population
2 Rising prevalence of eye disorders
3 Technological advancements in ophthalmic devices
4 Increased government initiatives to control visual impairment.
5 Rising adoption of contact lenses and spectacles
2
RESTRAINTS
1 High cost and risk associated with eye surgeries.
2 Increased cost of ophthalmology devices
3 Rising adoption of refurbished ophthalmic devices
3
OPPORTUNITIES
1 Potential growth opportunities in emerging markets
2 Low adoption of phacoemulsification devices and premium IOLs in
emerging regions
4
CHALLENGES
1 Low accessibility to eye care in low-income countries
2 Lack of skilled professionals
Market Segmentation:
·
Based on products, the ophthalmic equipment market
is segmented into vision care products, surgical devices, and diagnostic and
monitoring devices. The large share of the vision care products segment is
attributed to the growing number of patients with refractive errors, increasing
number of wearers, increasing prevalence of myopia, growing geriatric
population, and increasing preference for contact lenses over prescription
eyeglasses.
·
Based on end users, the market is segmented into
consumers, hospitals, specialty clinics and ambulatory surgery centres, and other
end users. The large share of consumers can be attributed to increasing
emphasis on aesthetics, increasing usage of digital gadgets, growing adoption
of spectacles and contact lenses among consumers.
Regional Analysis: -
In 2021, North America accounted for the largest
share the ophthalmic equipment market. Market growth in this region is
characterized by the high healthcare expenditure, rising geriatric population
(and subsequent growth in the prevalence of eye diseases), and the availability
of advanced ophthalmic devices in the country.
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Recent Developments
- In 2022, Alcon
acquired Ivantis Inc. to help ensure continuity of the business and
relationships with existing customers and allowing Alcon to begin its
future growth plans to bring Hydrus Microstent to more international
markets.
- In 2020, Hoya
Corporation formed joint venture with GeMax, a distributor partner. GeMax
is a specialty promotion service provider of IOLs with a strong market
position and a professional reputation in China, The joint venture is
named as HOYA GeMax Medical (China).
- In 2020, Bausch Health
Companies Inc. announced the spin-off of its leading eye health business
into an independent publicly traded entity ("Bausch + Lomb -
NewCo") from the remainder of Bausch Health ("BHC"). It
will consist of Bausch Health's global vision care, surgical, consumer and
ophthalmic Rx businesses.
Top Key Players: -
The prominent players in the ophthalmic equipment
market are Bausch Health Companies, Inc. (Canada), Alcon (Switzerland), Carl
Zeiss Meditec AG (Germany), Johnson and Johnson (US), Hoya Corporation (Japan),
The Cooper Companies, Inc.(US), EssilorLuxottica (France), Canon (Japan),
Glaukos Corporation (US), Nidek Co., Ltd. (Japan), Topcon Corporation (Japan),
Zeimer 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), Appasamy Associates
(India), Ophtec BV (Netherlands), Lumenis (Israel), and Intuvision Labs
(India).
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