EssilorLuxottica and Alcon are Leading Players in the Ophthalmic Equipment Market

The rapid growth in the geriatric population and rising prevalence of eye diseases, primarily drives the market for ophthalmic equipment. The technological advancements in ophthalmic devices, increasing government initiatives to control visual impairment will also contribute to market growth in the coming years. However, the high cost of ophthalmology devices and the increasing adoption of refurbished ophthalmic devices is restraining the growth of ophthalmic equipment market.

The global Ophthalmic equipment market size is projected to reach USD 63.3 billion by 2025 from USD 52.8 billion in 2020, at a CAGR of 3.7% during the forecast period.

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Some of the key players competing in the 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). These players have adopted various growth strategies such as partnerships, agreements, collaborations, acquisitions; and new product launches to increase their presence in the global ophthalmic equipment market.

EssilorLuxottica (France) was the leading player in the ophthalmic equipment market and accounted for the largest share in 2019. The company is a global leader in the production of ophthalmic lenses and optical equipment. EssilorLuxottica offers slit lamps, tonometers, wave analyzers, auto kerato-refractometers, lensmeters, phoropters, and chart projectors for the diagnosis of eye diseases. It also offers a range of eyeglass lenses for presbyopia, astigmatism, and various other vision problems under reputed brands such as Varilux, Crizal, Crizal Prevencia, Eyezen, Xperio, Optifog, Bolon, Costa, Osse, Transitions, Foster Grant, and Kodak Lens. EssilorLuxottica focuses on organic and inorganic growth strategies to sustain its market position and enter high-growth markets.

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Alcon (US) held the second-largest share of the global ophthalmic equipment market. Its position in the market can be attributed to its robust product portfolio and reliable distribution channel across the world. It provides a wide range of ophthalmology devices and instruments in the diagnostic, surgical, and vision care segments.To maintain its position in the market, the company focuses on expanding its product portfolio through strategies such as product launches and acquisitions. For instance, in March 2020, Alcon launched advanced IOL i.e. AcrySof IQ Vivity IOL with X-WAVE Technology in Europe. With this new launched product Alcon strengthened its product offering in Europe.

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