Ophthalmic Equipment Market by Product (Optical Coherence Tomography (OCT), Fundus Camera, Ultrasound, Ophthalmoscope, Phoropter, Slit Lamp, Perimeter, Keratometer, Tonometer, IOL, Femtosecond Laser, Surgical Microscope, Contact Lenses) - Global Forecasts to 2023
“The ophthalmic equipment market is projected to grow at a CAGR of 3.5%.”
The ophthalmic equipment market is expected to reach USD 58.44 billion by 2023 from USD 49.30 billion in 2018, at a CAGR of 3.5%. The growth of this market is primarily due to the rapid growth in the geriatric population, rising prevalence of eye diseases, technological advancements in ophthalmic devices, increasing government initiatives to control visual impairment, and increasing adoption of contact lenses and spectacles. However, the high cost of ophthalmology devices and increasing adoption of refurbished ophthalmic devices is expected to hinder the growth of this market up to a certain extent.
“The microinvasive glaucoma surgical devices segment is expected to grow at the fastest rate during the forecast period.”
Based on type, the glaucoma surgical devices market is segmented into glaucoma drainage devices (GDDs), glaucoma laser systems, and microinvasive glaucoma surgical devices. The microinvasive glaucoma surgical devices segment is expected to register the highest CAGR during the forecast period owing to the increasing number of microinvasive glaucoma surgeries performed across the globe and the development of microincision glaucoma surgical devices.
“The femtosecond lasers segment to dominate the market during the forecast period.”
On the basis of type, the refractive surgical devices market is segmented into femtosecond lasers, excimer lasers, and other refractive surgical lasers. The femtosecond lasers segment accounted for the major share of the refractive surgical devices market in 2017. The large share of this segment can be attributed to the widespread adoption of femtosecond lasers in the growing number of LASIK procedures performed across the globe and technological advancements in femtosecond lasers.
“APAC to witness the highest growth during the forecast period.”
Geographically, the ophthalmic equipment market is broadly segmented into five major geographies, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2017, North America commanded a major share of the ophthalmic equipment market. However, APAC is expected to witness the highest growth during the forecast period. Growth in this market is driven by a large population and rising healthcare needs for eye care, increasing focus of prominent players on emerging Asian countries, increasing healthcare expenditure, and rising awareness on advanced ophthalmic equipment.
Break of primary participants was as mentioned below:
By Company Size - Tier 1-40%, Tier 2-35% and Tier 3-25%
By Designation Level - C-level-35%, Director Level-20%, Others-45%
By Region - North America-35%, Europe-25%, Asia Pacific-20%, Latin America-12%, Middle East and Africa-8%
The prominent players in the ophthalmic equipment market are Essilor (France), Alcon (Switzerland), Johnson & Johnson Vision Care (US), Bausch + Lomb (US), Haag-Streit (Switzerland), TOPCON (Japan), Carl Zeiss Meditec (Germany), NIDEK (Japan), STAAR Surgical (US), HOYA (Japan), and Ziemer Ophthalmic Systems (Switzerland).
The report analyzes the various types of ophthalmic equipment in the market and their adoption patterns. It aims at estimating the market size and future growth potential of the ophthalmic equipment market for different segments such as product, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, recent developments, SWOT analysis, and market strategies.
Reasons to Buy the Report
The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) to enhance their market presence.
This report provides insights on the following pointers:
Market Penetration: Comprehensive information on the product portfolios offered by the top players in the ophthalmic equipment market. The report analyzes the market by product and end user across all regions
Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and product launches in the ophthalmic equipment market
Market Development: Comprehensive information about the lucrative emerging markets by product, end user, and region
Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the ophthalmic equipment market
Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, and manufacturing capabilities of the leading players in the ophthalmic equipment market
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