The rapid growth in the geriatric population, rising prevalence of eye diseases, and technological advancements in ophthalmic devices are the major factors driving the growth of this market.
The 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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Market Segmentation:-
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.
Recent Developments
- In May 2020, Bausch + Lomb Launched its first EDOF IOL LuxSmart and a monofocal IOL LuxGood with preloaded delivery system and pure refractive optics (PRO) technology.
- In April 2020, Haag-Streit Group (Switzerland) acquired VRmagic Holding AG (Germany) to strengthen Haag-Streit’s leading position in the ophthalmology market
- In February 2020, Bausch + Lomb (Canada)collaborated with Prevent Blindness (US) o raise awareness about AMD through social media pages to share information about AMD with the public.
- In September 2019, Johnson & Johnson Vision Care (US) launched ACUVUE VITA contact lenses for astigmatism in the US
- In February 2019, Carl Zeiss Meditec (Germany)collaborated with Christoffel Mission for the Blind (CBM) (Germany)to open a training center in Pune, India in collaboration with the Poona Blind Men Association
End User:-
Based on end-user, the ophthalmic equipment market is segmented into consumers, hospitals, specialty clinics & ambulatory surgery centers (OTC:ASCS), and other end users. specialty clinics & ambulatory surgery centers (OTC:ASCS) are expected to grow at the highest CAGR during the forecast period.
Regional Analysis:-
North America is expected to account for the largest share of the ophthalmic equipment market in 2019, followed by Europe. 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 this 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).