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Ophthalmic Equipment Market by Product Type (Vision Care, Surgical Devices {Refractive, Cataract, Vitreoretinal, Glaucoma, Accessories}, Diagnostic {Retinoscope, Tonometer, Ultrasound}), End User (Consumer, Clinic, Hospital) - Global Forecast to 2030
Report ID: MRHC - 104777 Pages: 250 Jun-2024 Formats*: PDF Category: Healthcare Delivery: 24 to 72 Hours Download Free Sample ReportThe Ophthalmic Equipment Market is projected to reach $ 61.58 billion by 2030, at a CAGR of 4.4% from 2024 to 2030. Ophthalmic equipment facilitate the ophthalmologist in determining refractive errors of the eye, visualization & magnification of interior structures of the eye, and detecting muscular imbalances in the eyes. These also help the ophthalmologist recommend lenses that provide patients with the best visual acuity. Ophthalmic equipment play a crucial part in addressing solutions for treating eye diseases and disorders like presbyopia, dry eye, cataracts, retinal diseases, and glaucoma, among others.
According to Alcon Inc. (U.S.) 2022 report, there are 153 million people globally with uncorrected refractive errors and nearly 65 million people with moderate to severe vision impairments due to cataracts. Thus, the rising prevalence of ocular diseases is expected to fuel the demand for ophthalmic equipment in the future.
Some of the major factors driving the growth of the market are the growing prevalence of eye diseases and disorders like cataracts, glaucoma, obesity and diabetes, age-related macular degeneration (AMD), visual impairment due to excessive use of digital devices, rising geriatric population, and rising government initiatives and funding to improve accessibility to eye care services. Furthermore, the high costs of ophthalmic devices and the increasing use of refurbished ophthalmic equipment are restricting the growth of this market.
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Cataracts, glaucoma, and refractive errors are among the major causes of visual impairment and preventable blindness. According to the data published by WHO in 2022, nearly 2.2 billion people have vision impairment or blindness, of which over 1 billion cases could have been prevented or has yet to be addressed. These cases include people with severe or moderate distance vision blindness or impairment due to unaddressed refractive error witnessing 88.4 million people, age-related macular degeneration among 8 million people, cataract among 94 million people, glaucoma among 7.7 million people, and near vision impairment due to unaddressed presbyopia among 826 million people.
Additionally, according to the data published by Cleveland Clinic in 2022, nearly 3.4 million individuals in the U.S., ranging from the age of 40 and older, meet the ‘legal blindness’ criteria. Furthermore, 7% of children have been previously diagnosed with an eye condition or disease, and about 3% of children under 18 are blind or vision impaired. The publication further stated that among the most common eye diseases or conditions are diabetes-related retinopathy, age-related macular degeneration, glaucoma, and cataracts. A majority of people with blindness and vision impairment conditions are over the age of 50. However, all categories of ages can be affected by vision loss. Thus, the demand for ophthalmic equipment is driven by the increasing cases of eye-related diseases and disorders.
Visual Impairment Due to Excessive Use of Digital Devices Are Supporting the Market Growth
The use of mobile phones & laptops has resulted in an increased number of individuals with eye problems, in addition to depression, obesity, and anxiety in all age groups. In 2022, TechJury (U.S.), a business software solution provider, reported that people in the U.S. spent more than five and half hours every day on their mobile phones, an increase of 25% in the last five years, and more than half of all videos were viewed from mobile devices. The internet population worldwide reached 4.2 billion in 2021 and is expected to reach 5.0 billion in 2025. (Source: The Mobile Economy 2022 Report). Thus, excessive use of digital devices is expected to drive the incidences of eye diseases globally.
Also, according to a newsletter published by the Children’s Hospital of Philadelphia, increased screen time among children has led to a rise in asthenopia, which causes dimness of vision, eye discomfort, and headache. Thus, the increased screen time on digital devices like laptops & mobile phones is expected to drive the incidence of eye diseases and disorders, fueling the global demand for ophthalmic equipment.
Based on Product Type, in 2024, the Vision Care Segment is Expected to Account for the Largest Share
The large market share of this segment is attributed to excessive use of digital devices, increased fast-food consumption resulting in low nutrients to eyes, rising eye diseases and disorders, and the growing geriatric population with visual impairment. For instance, as per a report of National Glaucoma Research , in October 2022, more than 3 million Americans were suffering from glaucoma, of which 2.7 million were aged 40 and above and were suffering from open-angle glaucoma, the most common form of glaucoma. Additionally, the report states that there are 80 million cases of glaucoma worldwide, and the number is expected to rise to nearly 111 million by 2040.
Based on End User, in 2024, the Consumer Segment is Expected to Account for the Largest Share
The consumer segment is expected to account for the largest market share due to factors such as the increasing prevalence of eye diseases and disorders, increasing awareness of ocular diseases in emerging countries leading to rising adoption of vision care products by consumers, and increasing affordability and availability of spectacles, sunglasses and lenses. For instance, as per the Vision Council 2021 report, there are nearly 197.6 million adult vision correction users in the U.S., and 166.5 million adults in the U.S. wear Rx eyeglasses. Also, as per the Vision Council report, it is expected that 93% of individuals aged 65 and older wear corrective lenses. The number of adults aged 65 and above in the U.S. is expected to reach 80 million in 2040.
Asia-Pacific: Fastest growing regional market
The growth in this market is attributed to the increasing geriatric population in countries such as China and India, the adoption of advanced healthcare options, and rising awareness regarding the benefits of vision care products. Further, the increasing affordability, the growing fashion industry, and the availability of vision treatment providers also contribute to the growth of this market.
Key Players
The report includes a competitive landscape based on an extensive assessment of the key strategic developments that led market participants to adopt over the past three years. The key players profiled in the global ophthalmic equipment market report are Bausch Health Companies Inc. (Canada), Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon Inc. (U.S.), The Cooper Companies, Inc. (U.S.), Johnson & Johnson Vision Care, Inc. (U.S.), HEINE Optotechnik GmbH & Co. KG (Germany), Glaukos Corporation (U.S.), Ziemer Ophthalmic Systems AG (Switzerland), and Nidek Co., Ltd. (Japan).
Scope of the Report:
Ophthalmic Equipment Market, by Product Type
Ophthalmic Equipment Market, by End User
Ophthalmic Equipment Market, by Geography
Key questions answered in the report:
This study offers a detailed assessment of the ophthalmic equipment market, including the market sizes & forecasts for various segmentation like product type and end user. The ophthalmic equipment market studied in this report also involves the value analysis of various segments and sub-segments of ophthalmic equipment at regional and country levels.
The global ophthalmic equipment market is projected to reach $61.58 billion by 2030, at a CAGR of 4.4% during the forecast period.
Based on product type, in 2024, the vision care segment is expected to account for the largest share of the market.
Based on end user, the consumer segment is projected to record the fastest growth rate during the forecast period. The aging population’s increasing demand for vision correction, growing awareness about eye care, and increasing prevalence of eye diseases and disorders are the factors contributing to the growth of this segment.
Growing prevalence of eye diseases and disorders like cataracts, glaucoma, obesity and diabetes, age-related macular degeneration (AMD), visual impairment due to excessive use of digital devices, rising geriatric population, and rising government initiatives and funding to improve accessibility to eye care services are the factors driving the growth of this market.
The key players profiled in the global ophthalmic equipment market are Bausch Health Companies Inc. (Canada), Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon Inc. (U.S.), The Cooper Companies, Inc. (U.S.), Johnson & Johnson Vision Care, Inc. (U.S.), HEINE Optotechnik GmbH & Co. KG (Germany), Glaukos Corporation (U.S.), Ziemer Ophthalmic Systems AG (Switzerland), and Nidek Co., Ltd. (Japan) among other companies.
Emerging economies like China and India are projected to offer significant growth opportunities to the market players due to improving eye treatment rates, rising healthcare spending, and developing healthcare infrastructure.
Published Date: Oct-2024
Published Date: Jun-2024
Published Date: Jun-2024
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Published Date: Nov-2022
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