"The Ophthalmic Revolution - Market Developments and Innovations"
Added: (Wed Oct 11 2023)
Pressbox (Press Release) -
According to a new market research report titled, “Ophthalmic Equipment Market by Product Type (Vision Care, Surgical Devices {Refractive, Cataract, Vitreoretinal, Glaucoma, Accessories}, Diagnostic {Retinoscope, Tonometer, Ultrasound}), End User (Consumer, Clinic, Hospital) - Global Forecast to 2030”, published by Meticulous Research®, the ophthalmic equipment market is projected to reach $ 61.58 billion by 2030, at a CAGR of 4.4% from 2023 to 2030.
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Ophthalmic equipment are instruments and devices used by ophthalmologists for the examination of eyes and to perform ophthalmic surgeries. These are used mainly in hospitals or ambulatory surgery centers where treatment of certain eye diseases and disorders like refractive errors such as myopia, hyperopia, astigmatism and presbyopia are addressed, and conditions like dry eye disease, contamination and infections due to inadequate contact lens care and contamination from cosmetics, bacteria, grease, hand lotions, soaps, and atmospheric pollutants take place.
Ophthalmic equipment ensure convenience and ultimate comfort for patients. Their proper utilization makes the entire eye examination expeditious and effective and helps the eye specialist to determine the most accurate condition of the patient and prescribe relevant treatment.
The key players in the market are opting for various developments for enhancing their product portfolio and position in the ophthalmic equipment market. For instance, in October 2022, Alcon Inc. (U.S.) acquired Ivantis, Inc (U.S.), which added Hydrus micro stent to its global surgical portfolio, to strengthen its surgical portfolio in international markets and leverage the company’s growth in glaucoma treatment.
Furthermore, in January 2020, Hoya Corporation (Japan) launched a joint venture with GeMax, a specialty service provider of IOLs covering 630 major hospitals and 32 provinces in China, making the entire Hoya portfolio of intraocular optics available for patients and surgeons across China.
Impact of COVID-19 on the Ophthalmic Equipment Market
The COVID-19 pandemic negatively impacted the ophthalmic equipment market from 2019 to 2020. The fast spread of the virus led to nationwide lockdowns. This resulted in a decline in the number of eye surgical procedures performed during the pandemic. Additionally, during the first phase of the pandemic, non-urgent eye surgeries were postponed or delayed to minimize the risk of infection. Furthermore, the global shutdown of economic activities and supply chain disruptions affected the supply of surgical equipment. Various medical equipment companies operating in the ophthalmic equipment market reported that in some geographies, field sales representatives were unable to reach or were able to provide limited services to the physicians, further affecting the supply.
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However, the market is gradually recovering from the negative impact of the pandemic due to the control of the spread of COVID-19 infection. Reopening the market resumed ophthalmic practices and recovered the supply chains with the continuity of transportation services.
The global ophthalmic equipment market is segmented by product type, end user, and geography.
Based on product type, in 2023, the vision care segment is expected to account for the largest share of the ophthalmic equipment market. The large share of this segment is attributed to the aging population; increasing use of contact lenses and ocular health products on the recommendation of optometrists and other eye care professionals; rising consumer awareness about vision health; and the availability of reimbursement in some developed and developing economies for visits to eye care professionals.
Based on end user, in 2023, the consumers segment is expected to account for the largest share of the ophthalmic equipment market. Increasing prevalence of ocular disorders, rising geriatric population with altered eye sights, increasing adoption of contact lenses for aesthetic look, growing adoption of colored contact lenses in the fashion industry, and growing awareness about the effects of environmental hazards such as air pollution and harmful UV rays on the eyes are some of the factors supporting the large market share of this segment.
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Based on geograhy, in 2023, North America is expected to account for the largest share of the global ophthalmic equipment market, followed by Europe and Asia-Pacific. The U.S. is expected to be the largest shareholding market in North America in 2023. The large share of this market is primarily driven by the high prevalence of eye diseases and disorders, the presence of key players, and the high awareness regarding vision care in the region. However, Asia- Pacific region is expected to witness a rapid growth during the forecast period. The growth in this market is attributed to the increasing geriatric population in countries such as China and India, the adoption of advanced healthcare options, and rising awareness regarding the benefits of vision care products. Further, the increasing affordability, the growing fashion industry, and the availability of vision treatment providers also contribute to the growth of this market.
The report also includes an extensive assessment of the key strategic developments of leading market players over the past few years (2021–2023). In the last couple of years, the global ophthalmic equipment market has witnessed strategic developments such as product launches and acquisitions.
Some of the key players operating in the global ophthalmic equipment market are Bausch Health Companies Inc. (Canada), Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon Inc. (U.S.), The Cooper Companies, Inc. (U.S.), Johnson & Johnson Vision Care, Inc. (U.S.), HEINE Optotechnik GmbH & Co. KG (Germany), Glaukos Corporation (U.S.), Ziemer Ophthalmic Systems AG (Switzerland), and Nidek Co., Ltd. (Japan) among other companies.
To gain more insights into the market with a detailed table of content and figures, click here: https://www.meticulousresearch.com/product/ophthalmic-equipment-market-5461
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