The ophthalmic diagnostic equipment market is estimated to be one of the fastest growing markets across the globe. The successive implementation of IT in healthcare sectors is the dynamic factor for ophthalmic diagnostic equipment industry. These equipment are used to detect eye related diseases such as cataract, age related macular degeneration.
The global ophthalmology equipment market is segmented into devices such as contact lens, optical coherence tomography (OCT) scanner, canaloplasty device, glaucoma drainage device, phoropter, retinoscope, viscoelastics devices, opthalmoscopes, tonometers and others. Among these segments, contact lenses segment is expected to occupy top position in overall ophthalmology equipment market during the forecast period.
Factors such as increasing willingness of consumers to spend on eye care, rising disposable income, surging adoption of disposable lenses are some of the major factors fuelling the growth of contact lenses market.
Global ophthalmology equipment market is expected to flourish at a significant CAGR of 8.89% during the forecast period.
Moreover, the global ophthalmology equipment market is expected to garner USD 29.4 Billion by the end of 2021. Increasing prevalence of eye related disorders such as presbyopia, cataracts and other diseases are anticipated to spur the demand for ophthalmology equipment.
Moreover, favorable initiatives such as VISION 2020, which aims to eliminate avoidable blindness, are envisioned to bolster global ophthalmology market.
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North America captured largest market of ophthalmology equipment in 2015. Further, North America ophthalmology equipment is projected to grow at a CAGR of 6.0% during the forecast period.
Growing old age population coupled with increasing cases of eye related issues is driving the growth of the market. Apart from this, favorable government initiatives such as Vision Health Initiative (VHI) are anticipated to spur the growth of ophthalmology equipment market.
Asia Pacific is anticipated to showcase lucrative growth in ophthalmology equipment market during the forecast period. Factors such as emerging healthcare infrastructure, prevalence of eye-related disorders are some of the key growth drivers of ophthalmology equipment in Asia-Pacific region.
Rising Geriatric Population
Increasing number of old age population is significantly increasing the cases of age related eye disorders such as macular degeneration, cataract, glaucoma and other diseases across the globe. Moreover, according to American Foundation for the Blind, old age people are three times more likely to suffer from eye diseases as compared to young people.
These factors are anticipated to swell the demand for ophthalmology equipment during the forecast period.
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Innovation and Technological Advancements
Advances in technologies such as advanced diagnostic imaging algorithms are expected to strengthen the growth of ophthalmology equipment market. Further, innovations such as development of multifocal intraocular lens, femtosecond laser for cataract surgery are anticipated to fuel the growth of the market.
However, high cost of advanced ophthalmology devices, lack of awareness toward ophthalmology equipment in rural populations and low adoption rate of advanced ophthalmologic device in developing and underdeveloped nations are some of the factors which are likely to inhibit the growth of the global ophthalmology equipment market in the near future.
The report titled “Global Ophthalmology Equipment Market Analysis & Opportunity Outlook 2021” delivers detailed overview of the global ophthalmology equipment market in terms of market segmentation by devices, by drugs and by region.
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter’s five force model.
This report also provides the existing competitive scenario of some of the key players of the global ophthalmology equipment market which includes company profiling of Novartis AG, Bausch & Lomb Incorporated, Nidek Co., Ltd, Carl Zeiss Meditec AG, Hoya Corporation, Santen Pharmaceutical Co., Ltd., Pfizer Inc., Allergan, Abbott Medical Optics and Topcon Medical Systems, Inc. The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments.
On the whole, the report depicts detailed overview of the global ophthalmology equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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