Global Optometry Equipment Market Size, Share & Industry Trends Analysis Report By Type, By Application (General Examination, Cataract, Glaucoma, Age-related Macular Degeneration (AMD) & Others), By End User, By Regional Outlook and Forecast, 2022 – 2028
The Global Optometry Equipment Market size is expected to reach $5.9 billion by 2028, rising at a market growth of 6.4% CAGR during the forecast period.
The ophthalmologist or optometrist typically operates optometry equipment to identify, treat, evaluate, & manage eye-related systemic disorders as well as diagnose disorders and diseases of the visual system, eye, and deformities associated with the eye structures. Patients receive effective and high-quality eye care duewe to this equipment.
Optometry equipment is frequently used in hospitals and clinics for cornea, cataract, glaucoma, retina, and general examination purposes. Retinoscopes, visual field analyzers, specular microscopes, ophthalmoscopes, wavefront aberrometers, fundus cameras, autorefractors, keratometers, and other tools are examples of these optometry tools.
The market for optometry equipment is primarily driven by the growing elderly population and the prevalence of eye conditions. Government programs to combat vision impairment, technological developments in ophthalmic devices, and the growing use of contact lenses and eyeglasses will all contribute to the market's expansion in the upcoming years.
High-end optometry equipment will continue to be in demand, especially for treating hospital outpatients as the demand for quicker tests and prompt result delivery gains prominence. Faster turnaround times are assisting patients in receiving timely care to stop their vision from getting worse. Regarding the sales of diagnostic ophthalmic equipment, which are characterized by the presence of numerous manufacturers, green spaces are evident.
COVID-19 Impact Analysis
The COVID-19 pandemic is anticipated to have a detrimental effect on the ophthalmic equipment market. Due to lockdowns and other restrictions put in place to stop the COVID-19 outbreak, there has been a significant decrease in patient visits to clinics. As a result, fewer elective eye surgeries are being performed each week in hospitals & clinics. The number of elective surgeries has decreased as a result of the pandemic.
Market Growth Factor
Increasing Incidence of Eye Conditions
The prevalence of serious eye conditions is rising worldwide, and vision loss is turning into a significant public health issue. The prevalence of eye diseases like diabetic retinopathy & ocular hypertension has also increased as a result of the ageing population's growth and the rising rates of chronic diseases like diabetes and hypertension (glaucoma). The number of people who are blind or have low vision is anticipated to rise sharply. A large number of people loss their eyesight. The need for precise disease treatment is anticipated to increase in the upcoming years due to the rising prevalence of eye diseases and the corresponding rise in disability-adjusted life years.
Increased Air Pollution Causes Problems with the Eyes
The health of people is seriously impacted as air pollution increases. In addition to the regular urban pollution & smoke from forest fires, these pollutants have an impact on particle matter, ground-level ozone, nitrogen dioxide, sulfur dioxide, lead, & carbon monoxide. The effects of common air pollution on the eyes can range from minor to severe. According to several studies, conjunctivitis cases are rising along with overall air pollution levels. Particularly nitrogen dioxide can irritate the eyes and can even lead to serious eye disorders. The market for optometry equipment would profit from the increasing level of air pollution as this would lead to an increase in cases of eye-related illnesses.
Market Restraining Factor
High Price and Use of Reconditioned Optical Equipment
The market for optometry equipment is being held back by high prices and the use of refurbished equipment. Because of the high price of optometry equipment adoption by ophthalmologists and the resulting preference for refurbished equipment, the majority of ophthalmic device companies face a significant challenge. Additionally, expensive are the costs associated with training, staffing, and the physical space needed for the machine.
Based on type, the optometry equipment market is segmented into retina and glaucoma examination product, general examination products, and cornea & cataract examination products. In 2021, the general examination products segment acquired a significant revenue share in the optometry equipment market. Regular vision tests can help determine whether the person has any vision issues. Reduced reading skills & learning challenges brought on by nearsightedness, astigmatism, farsightedness, and other vision issues can stunt the child's development.
Retina & Glaucoma Examination Outlook
Under the retina & glaucoma examination segment, the optometry equipment market is further divided into OCT Scanners, opthalmoscopes, fundus cameras, perimeters/visual field analyzers, and retinoscopes. In 2021, the OCT scanners segment accounted the largest revenue share in the optometry equipment market. The three key benefits of OCT over more traditional techniques are its quick scan times, lack of invasiveness, and ability to generate three-dimensional data. These features would rise the demand for OCT scanners.
General Examination Products Outlook
Under general examination products, the optometry equipment market is classified into autorefractors & keratometerics, opthalmic ultrasound systems, tonometers & slit lamps, lensmeters, and chart projectors. The autorefractors & keratometers segment registered the highest revenue share in the optometry equipment market in 2021. The amount of refractive error in the eye is measured using autorefractors, which are particularly suited for applications including distinguishing between lenticular and corneal aberrations and evaluating patients before and after refractive surgery. As the cases of myopia are rising the market would grow in this segment.
Cornea & Cataract Examination Products Type Outlook
Under cornea & cataract examination products type, the optometry equipment market is fragmented into wavefront aberrometers/analyzer, optical biometry system, and corneal topographical system & specular microscopes. In 2021, the wavefront aberrometers/analyzer segment generated the highest revenue share in the optometry equipment market. Refractive power can be measured objectively with wavefront aberrometry, which uses a device to monitor how a light beam passes through the examined eye. The benefits of wavefront aberrometers/ analyzer would contribute to the market growth in this segment.
The cataract segment covered a substantial revenue share in the optometry equipment market in 2021. The majority of cataracts occur when the tissue that makes up the eye's lens changes due to aging or trauma. The lens's proteins and fibers start to degrade, clouding or obscuring vision. As the cases of diabetes are increasing across the globe, cataract cases are also rising. Thus, the need for optometry equipment in this segment increases.
End User Outlook
In 2021, the clinics segment witnessed the largest revenue share in the optometry equipment market. The market share of this segment is growing largely due to the rising prevalence of eye disorders among the elderly population, the enormous group of people treated in clinics, and the rising number of smaller clinics in developing nations.
In 2021, the North America region led the optometry equipment market with the largest revenue share. A variety of factors, such as the increasing incidence of rising healthcare costs, chronic eye diseases, and the presence of several top manufacturers, account for the sizeable share of this regional market. The prevalence of myopia is rising as a result the optometry equipment market would grow in this segment.
The major strategies followed by the market participants are Acquisitions. Based on the Analysis presented in the Cardinal matrix; Johnson & Johnson is the forerunner in the Optometry Equipment Market. Companies such as Topcon Corporation, Carl Zeiss Meditec AG, Alcon, Inc. are some of the key innovators in Optometry Equipment Market.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bausch Health Companies, Inc., Alcon, Inc., Carl Zeiss Meditec AG (Carl Zeiss AG), Johnson & Johnson. Canon, Inc., Topcon Corporation, Metall Zug AG (Haag-Streit AG), Nidek Co., Ltd., Heidelburg Engineering GmbH and Neitz Instruments Co., Ltd.
Recent Strategies Deployed in Optometry Equipment Market
Partnership, Collaboration and Agreement:
Sep-2021: Johnson & Johnson partnered with Black EyeCare Perspective, a not-for-profit organization dedicated to redefining the color of the eyecare industry 1% at a time. This partnership would support the future of optometry and work together to create quality, equitable experiences along with healthier outcomes across communities.
Aug-2021: Topcon teamed up with RetInSight GmbH, a developer of retina AI solutions based in Vienna, Austria. This acquisition would lead to enhanced clinical decision-making and efficient disease management. This acquisition aimed at extending retinal fluid detection and monitoring to primary eye care providers, facilitating co-management of patients.
Apr-2021: Johnson & Johnson teamed up with Menicon, a contact lens manufacturer. Under this acquisition, Menicon would develop & manufacture contact lenses to help manage the progression of myopia in children. This collaboration would bring a portfolio of differentiated products to help manage the progression of myopia in children, as Johnson & Johnson works toward the vision of helping the world see better, connect better, and live better.
Oct-2020: Bausch Health entered into an agreement with BHVI, an Australian not-for-profit organization with an international focus on vision research. Under this agreement, Bausch + Lomb would pair BHVI's novel contact lens design with its leading contact lens technologies to develop potential contact lens treatments designed to slow the progression of myopia in children.
Product Launch and Product Expansion:
Sep-2022: Johnson & Johnson Vision introduced Acuvue Oasys Max 1-day contact lenses. Acuave Oasys Max 1-day contact lenses would help reduce discomfort by providing visual clarity with new technologies to filter blue-violet light, that comes from many sources, including digital screens, and travels in short wavelengths and scatters more that may lead to eye discomfort and quality of vision.
Nov-2020: Topcon Healthcare introduced Chronos Automated Binocular Refraction System. This revolutionary all-in-one system saves time & space as well as enables eye care providers to delegate the refraction process and grow their practice. This launch addressed Topcon’s commitment to developing highly advanced, multi-modal medical devices and software platforms that enable today’s eye care providers to practice smarter, safer, and more efficiently than ever before.
Oct-2020: NIDEK CO released ME-1500 Multifunction Edger and ICE-1500 Intelligent Blocker. The ME-1500 & ICE-1500 deliver a meticulous finish that could improve the value of eyewear through reliable technology. The launch further aimed at creating lens edging products with continued innovation, while keeping in mind the demands of the consumers.
Aug-2020: Topcon Healthcare launched Aladdin-M. Aladdin-M combines corneal topography, pupillometry, and optical biometry to allow objective measurement of pupil dynamics, corneal curvature, and axial length metrics. Aladdin-M would help eye care professionals combat the increasing prevalence of myopia. Its versatility and ease of use enable eye care professionals to easily build a myopia service within their practice, aware patients of the implications of myopia, manage their patient's conditions, and grow their service offerings.
Acquisition and Merger:
Apr-2022: Carl Zeiss Meditec acquired Kogent Surgical and Katalyst Surgical, two manufacturers of surgical instruments. This acquisition would strengthen the company's positioning as a solution provider. This acquisition would further scale the businesses & contribute to the surgical solution offering and add recurring revenue.
Mar-2022: Canon announced the acquisition of Nordisk Røntgen Teknik, a Danish medical equipment manufacturing firm. The acquisition would enable Canon Medical to gain access to European-based technology, development, and manufacturing for advanced multipurpose and motorized digital radiographic imaging solutions. The acquisition further focused on offering Cannon's consumers even more attractive, flexible, and user-friendly products.
Jan-2022: Alcon completed the acquisition of Ivantis, developer of the novel Hydrus Microstent. Through this acquisition, Alcon looks forward to release Hydrus Microstent on a broader, worldwide scale in the upcoming years to help even more patients see brilliantly.
Jul-2021: Topcon Corporation took over VISIA Imaging S.r.l, an ophthalmic device manufacturer. This acquisition focused on Topcon's development & manufacturing capabilities of anterior segment devices, and software, which complements the company's portfolio of posterior segment imaging devices that include fundus cameras as well as optical coherence tomography.
Mar-2021: Zeiss Vision Care took over U.S. Vision’s optical laboratory. Under this acquisition, Zeiss added manpower & production facility of U.S. Vision's optical laboratory to its business which would complement its growth strategy.
Jul-2020: Topcon Healthcare took over Henson, UK-based Elektron Eye Technology (EET). The acquisition would provide Topcon with the opportunity to strategically expand in this area of the company’s product portfolio.
Approvals and Trials:
Apr-2022: ZEISS Medical Technology got US FDA approval for QUATERA 700, a revolution in phaco technology. Together with the ZEISS Medical Ecosystem and surgical planning software, we believe this fully connected and integrated approach will help set new standards for patient care and clinical management.
May-2021: Johnson & Johnson got FDA approval ACUVUE Abiliti, overnight therapeutic lenses for myopia Management. This approval would support the company's commitment to help change the trajectory of eye health. This approval would provide eye care professionals and patients with more options to deal with myopia.
Apr-2021: Bausch + Lomb got USFDA approval for ClearVisc dispersive ophthalmic viscosurgical device (OVD). ClearVisc offers significant advantages that could help surgeons deliver the best possible outcomes for their patients.
Scope of the Study
Market Segments covered in the Report:
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