Ophthalmic equipment market Players and analysis by product, application and end-user - global forecast till 2030
Ophthalmic equipment is designed to discern the presence of diseases which can impair the vision of the user. The number of vision-related diseases such as glaucoma, macular degeneration, cataract, and amblyopia can spur the procurement rate of ophthalmic equipment. The global ophthalmic equipment market report by Market Research Future (MRFR) contains drivers and drawbacks which can prove instrumental to investors willing to enter the market anew.
Market Overview
The global ophthalmic equipment market is anticipated to exhibit a CAGR of 5.10% during the forecast period (2022-2030). The growing numbers of the aging populace and the large healthcare expenditure are major factors which can influence the market growth. Safety standards rolled out by federal agencies for the accuracy and correct functioning of the equipment is likely to lead to working condition devices.
The large number of retinal diseases has induced the need for therapeutic modes for the equipment. According to the CDC report of, glaucoma is one of the leading causes of blindness in the U.S., with the number of citizens with the eye condition affecting 2.7 million Americans. High prevalence of cancer is also a likely factor which can induce the need for ophthalmic equipment. As per the estimates of the American Cancer Society, nearly 4% of global cancer reported worldwide has lymphoma as the leading cause.
But low availability of optometrists and eye specialists can deter the market growth from progressing at a successive rate.
Competition Outlook
Coloplast Ltd, B. Braun Melsungen AG, Medtronic, Teleflex, Cook, and Medline Industries, Inc. are prominent names in the global ophthalmic equipment market.
Segmentation
The global ophthalmic equipment market is segmented by product, application, and end-user.
By product, it is segmented ophthalmology surgical devices, vision care devices, diagnostic and monitoring devices, and others.
By application, it is segmented into retinal detachment, glaucoma, amblyopia, cataract, and others.
By end-user, it is segmented into research centers, diagnostic centers, ophthalmology clinics, hospitals, and others.
Regional Analysis
The Middle East Africa (MEA), Europe, Asia Pacific (APAC), and the Americas are the main regions considered during the compilation of the market report.
The Americas is expected to dominate the global market due to the presence of various ophthalmic diseases and disorders. North America and South America are two major regions which hold the potential for accumulating significant revenue for the ophthalmic equipment market. Presence of major players, presence of eye diseases, and allocation of health expenditure are factors driving the market growth. Investment in research and development can boost the global market of ophthalmic equipment. For instance, universities and research institutes have invested close to USD 12.5 billion.
Europe held a 25% market share as of 2016 and may continue to do so through 2030. The diagnostic and treatment options for eye problems are among the factors boosting market growth. The market may benefit from the additional healthcare spending that the governments of the region's nations have set aside. Germany and the United Kingdom are two nations that are assisting the market's expansion.
The APAC region is estimated to exhibit an agile growth rate due to the demand for diagnostic tests and immense demand for advanced diagnostic equipment for treatment of gastrointestinal (GI) diseases. Other factors driving the regional growth are sedentary lifestyle habits, addiction to smoking, and other disorders caused by hectic lifestyles. The large geriatric populace in economies of China and India can signal the need for devices able to discern eye diseases at a preventive stage. According to the UN Economic and Social Affairs report , people aging over 60 can increase at a rate of 131.8% till 2050.
Last but not least, the MEA region has the smallest market share because there aren't many resources allocated to improving the medical infrastructure there, there aren't many facilities available, and Africa's economy is struggling.
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