Ophthalmic equipment market players and analysis by product, application and end-user - global forecast till 2030. Ophthalmic equipment is made to detect the presence of conditions that could harm the user’s vision. The prevalence of vision-related conditions such glaucoma, macular degeneration, cataracts, and amblyopia might increase the pace at which ophthalmic equipment is purchased. Market Research Future’s (MRFR) analysis of the worldwide ophthalmic equipment market includes drivers and restraints that could be useful to new market entrants.
Market Overview
The global ophthalmic equipment market is anticipated to exhibit a CAGR of 5.10% during the forecast period (2022-2030). Two key issues that can affect market growth are the ageing population’s expanding numbers and high healthcare costs. Federal agencies’ implementation of safety standards for the precision and proper operation of the equipment is likely to result in devices that are in operational condition.
The demand for treatment approaches for the equipment has been brought on by the prevalence of retinal illnesses. Glaucoma is one of the main causes of blindness in the United States, with 2.7 million Americans suffering from the eye condition, according to the CDC data. The demand for ophthalmic equipment may also be caused by the high prevalence of cancer. According to estimates from the American Cancer Society, lymphoma is the main cause of close to 4% of all cancer cases diagnosed globally. 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.
The MEA region, which includes Africa, has the lowest market share since there aren’t many resources devoted to enhancing the region’s medical infrastructure, there aren’t many facilities available, and Africa’s economy is in trouble.
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