Increasing government initiatives to control visual impairment, technological advancements in ophthalmic devices, and the increasing adoption of contact lenses and spectacles are some of the key factors driving the market for ophthalmic equipment.
The report Ophthalmic Equipment Market is projected to reach USD 80.9 billion by 2027 from USD 63.4 billion in 2022, at a CAGR of 5.0%.
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KEY MARKET DYNAMICS
Driving Forces Several factors are steering the growth of the Ophthalmic Equipment Industry:
Aging Population: The increasing geriatric population brings with it a higher prevalence of eye disorders, driving the demand for ophthalmic equipment.
Rising Eye Conditions: The global rise in eye disorders necessitates advanced equipment for accurate diagnosis and treatment.
Technological Evolution: Ophthalmic devices continue to evolve, offering more efficient and precise solutions for eye care.
Government Initiatives: Governments worldwide are taking proactive measures to control visual impairment, contributing significantly to industry growth.
Eyewear Adoption: The growing popularity of contact lenses and spectacles enhances the need for comprehensive eye examinations and vision correction.
Challenges and Opportunities In this dynamic landscape, challenges and opportunities coexist:
Challenges:
High Costs: Eye surgeries come with significant costs and risks, limiting access for some patients.
Device Expenses: The increasing cost of ophthalmology devices poses challenges for both providers and patients.
Refurbished Devices: The growing adoption of refurbished ophthalmic equipment impacts the sales of new devices.
Opportunities:
Emerging Markets: Untapped regions offer immense growth potential as awareness and access to eye care improve.
Advanced Devices: There is a significant growth opportunity in the adoption of phacoemulsification devices and premium IOLs in emerging regions.
Market Segmentation:
· Based on products, the ophthalmic equipment market is segmented into vision care products, surgical devices, and diagnostic and monitoring devices. The large share of the vision care products segment is attributed to the growing number of patients with refractive errors, increasing number of wearers, increasing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses.
· Based on end users, the market is segmented into consumers, hospitals, specialty clinics and ambulatory surgery centres, and other end users. The large share of consumers can be attributed to increasing emphasis on aesthetics, increasing usage of digital gadgets, growing adoption of spectacles and contact lenses among consumers.
Regional Analysis: -
In 2021, North America accounted for the largest share the ophthalmic equipment market. Market growth in this region is characterized by the high healthcare expenditure, rising geriatric population (and subsequent growth in the prevalence of eye diseases), and the availability of advanced ophthalmic devices in the country.
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Recent Developments
In 2022, Alcon acquired Ivantis Inc. to help ensure continuity of the business and relationships with existing customers and allowing Alcon to begin its future growth plans to bring Hydrus Microstent to more international markets.
In 2020, Hoya Corporation formed joint venture with GeMax, a distributor partner. GeMax is a specialty promotion service provider of IOLs with a strong market position and a professional reputation in China, The joint venture is named as HOYA GeMax Medical (China).
In 2020, Bausch Health Companies Inc. announced the spin-off of its leading eye health business into an independent publicly traded entity ("Bausch + Lomb - NewCo") from the remainder of Bausch Health ("BHC"). It will consist of Bausch Health's global vision care, surgical, consumer and ophthalmic Rx businesses.
Top Key Players: -
The prominent players in the ophthalmic equipment market are Bausch Health Companies, Inc. (Canada), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson and Johnson (US), Hoya Corporation (Japan), The Cooper Companies, Inc.(US), EssilorLuxottica (France), Canon (Japan), Glaukos Corporation (US), Nidek Co., Ltd. (Japan), Topcon Corporation (Japan), Zeimer Ophthalmic Systems (Switzerland), Staar Surgical (US), Neo Vision (Korea), Clear Lab (Singapore), Appasamy Associates (India), Ophtec BV (Netherlands), Lumenis (Israel), and Intuvision Labs (India).
The Ophthalmic Equipment Industry is more than just a market; it's a beacon of hope for those seeking clarity in their vision. As someone deeply entrenched in the medical industry, I'm excited to witness this sector's growth as it advances towards a future where eye health knows no bounds. With continued advancements and global initiatives, the Ophthalmic Equipment Industry is set to make a profound impact on eye care worldwide.
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