The rising geriatric population and prevalence of eye diseases primarily drives the market for ophthalmic equipment. Technological advancements in ophthalmic devices, government initiatives to control visual impairment, and the rising adoption of contact lenses and spectacles will also support the market growth in the coming years. However, the high cost of ophthalmic equipment is limiting the overall adoption of these devices.
The global Ophthalmic equipment market size is expected to reach USD 63.3 billion by 2025 from an estimated value of USD 52.8 billion in 2020, growing at a CAGR of 3.7% during the forecast period.
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Based on product, the Ophthalmic Equipment Market is categorized mainly into diagnostic & monitoring devices, surgical devices, and vision care products. In 2019, the vision care products segment was expected to account for the largest share of the Ophthalmic Equipment Market. The large share of this segment can primarily be attributed to the high prevalence of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia. In addition to this, technological advancements in lens materials, growing awareness about eyesight correction, and rising trends in eyewear, such as styled sunglasses and advanced contact lenses boasting extra comfort, have further stimulated the adoption of vision care products.
Based on end-user, the Ophthalmic Equipment Market is segmented into consumers, hospitals, specialty clinics & ambulatory surgery centers (ASCs), and other end users. specialty clinics & ambulatory surgery centers (ASCs) are expected to grow at the highest CAGR during the forecast period. This growth can be attributed to the rising number of cataract surgeries performed in these facilities due to their cost-effectiveness.
North America is expected to account for the largest share of the Ophthalmic Equipment Market in 2019, followed by Europe. The large share of North America can be attributed to the rising prevalence of ocular disorders, growth in the geriatric population, increase in healthcare expenditure, and technological advancements in ophthalmic equipment. In addition, factor such as the growing awareness and uptake of ophthalmic treatments and surgeries and the availability of advanced ophthalmic devices in this region are also driving the growth of the Ophthalmic Equipment Market in North America.
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Top key Players:-
The prominent players in Ophthalmic Equipment Market are EssilorLuxottica (France), Alcon (US), Johnson & Johnson Vision Care (US), HOYA Corporation (Japan), Bausch + Lomb (US), Carl Zeiss Meditec (Germany), Topcon (Japan), Glaukos Corporation (US), Haag-Streit (Switzerland), NIDEK (Japan), STAAR Surgical (US), Ziemer Ophthalmic Systems (Switzerland), CooperVision, Inc. (US), Oculentis (Germany), Heidelberg Engineering (Germany), Canon (Japan), Optovue (US), Neo Vision (Korea), Lumenis (Israel), Reichert Technologies (US), OPHTEC BV (Netherlands), Heine Optotechnik (Germany), and Luneau Technology (France).