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Optometry Equipment Market Size, Share, Forecast, & Trends Analysis by Product (OCT Scan, Perimeter, Fundus Camera, Retinoscope, Keratometer, Ultrasound, Tonometer, Slit Lamp) Application (Cataract, Glaucoma, AMD) End User - Global Forecast to 2031
Report ID: MRHC - 104722 Pages: 270 May-2024 Formats*: PDF Category: Healthcare Delivery: 24 to 72 Hours Download Free Sample ReportThe Optometry Equipment Market is expected to reach $5.40 billion by 2031, at a CAGR of 4% from 2024 to 2031. The growth of the optometry equipment market is driven by factors such as the rising prevalence of eye diseases and disorders, the growing geriatric population, the increasing number of individuals with visual impairments due to the excessive use of laptops and mobile phones, and rising government initiatives and funding to improve access to eye care services. However, the shortage of eye care professionals may restrain market growth.
Moreover, emerging economies, the rise in specialty optometric practices, and the increasing use of telehealth and telemedicine by eye doctors and patients are expected to create market growth opportunities. However, a lack of knowledge about the use of advanced optometry instruments among healthcare professionals poses a major challenge to market growth.
Additionally, the use of artificial intelligence (AI) for the diagnosis and treatment of various eye conditions is a prominent trend in the optometry equipment market.
Glaucoma, cataracts, and refractive errors are among the major causes of preventable blindness and visual impairment. According to the data published by the WHO in 2022, nearly 2.2 billion people worldwide had vision impairment or blindness, with over 1 billion of these cases being preventable or yet to be addressed. Moreover, as per the Cleveland Clinic's 2022 statistics, approximately 3.4 million individuals in the U.S. aged 40 and above meet the criteria for 'legal blindness.' Additionally, around 7% of children have previously received diagnoses for eye conditions or diseases, with about 3% of children under 18 being blind or experiencing vision impairment. The most common eye diseases or conditions include age-related macular degeneration, diabetes-related retinopathy, cataracts, and glaucoma. Thus, the rising prevalence of eye-related diseases and disorders is driving the demand for optometry equipment.
The aging population and the subsequent rise in the prevalence of eye diseases are driving the demand for optometry equipment. This equipment is crucial for diagnosing, treating, and monitoring patients at risk of vision-threatening chronic conditions like diabetic retinopathy. According to data published by Rendia, Inc. (U.S.) in 2022, optometrists diagnose approximately 400,000 patients annually in the U.S. who have diabetic neuropathy but are unaware of their diabetic condition. Moreover, vision impairment affects more than 2.9 million people in the U.S. (Source: National Center for Chronic Disease Prevention and Health Promotion). Globally, 65% of individuals above the age of 60 are visually impaired, with nearly 4% experiencing blindness. Therefore, the increasing demand for optometry equipment tailored to the needs of the geriatric population is driving the market's growth.
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Artificial intelligence (AI) has become increasingly prevalent across various industries, and eye care is no exception. The integration of AI tools offers eye care professionals access to new insights and resources that have the potential to enhance healthcare workflows significantly. The adoption of AI in eye care is revolutionizing how professionals diagnose and treat patients with eye diseases and disorders. For instance, according to Intelligent Retinal Imaging Systems (IRIS) (U.S.), AI technologies are being leveraged by medical professionals to detect early signs and symptoms associated with diabetic retinopathy among individuals. Similarly, AI tools are being used to diagnose conditions like glaucoma, which can lead to blindness if not identified and treated promptly. By analyzing optic nerve images and fundus photography, AI algorithms can identify subtle signs of glaucoma, facilitating early diagnosis and intervention. As these technologies continue to evolve and become more widespread, they are expected to play a pivotal role in improving patient outcomes and advancing the field of eye care.
The COVID-19 pandemic, technological advancements, and various other factors have brought disruptions to numerous industries globally, and the field of optometry is no exception. While disruptions can often be associated with negative impacts, they also present opportunities for eye care professionals who strategically position their practices to adapt to changing landscapes.
The anticipated increase in cases of dry eye and myopia is expected to drive the demand for specialty optometric practices catering to these specific populations. For instance, approximately 344 million people worldwide have dry eye disease, a number expected to grow, particularly among both older and younger adults (Source: American Academy of Ophthalmology). Similarly, according to data published by Investigative Ophthalmology & Visual Science in April 2021, approximately 30% of the global population in 2020 was affected by myopia. This number is projected to reach nearly 50% by 2050. These factors are expected to drive the adoption of specialized optometric practices.
Telehealth for eye care dates back to the 19th century when the first human retina image was captured. Since then, advancements in mobile phone technology have enabled the development of portable tools for capturing eye images, revolutionizing communication and coordination among medical professionals and patients. Today, telehealth has become an indispensable aspect of modern eye care, reshaping how eye care services are delivered to patients.
The major benefit of telehealth in eye care is accessibility, as it allows for remote care and crucial treatments and screening without the constraints of geographical barriers. Additionally, telehealth offers a more streamlined patient experience, reducing wait times and improving overall convenience. Furthermore, telehealth facilitates chronic condition monitoring and post-operative care, enabling eyecare professionals to remotely monitor patients' progress and provide timely interventions as needed. These benefits have led to an increased adoption of telehealth and telemedicine by both eye doctors and patients.
Based on type, the optometry equipment market is segmented into retina & glaucoma examination products, ophthalmoscopes, ophthalmic lasers, and ophthalmic microscopes, keratometers, autorefractors, and lensometers, ophthalmic ultrasound systems and digital phoropters, slit lamps, tonometers, retinal imaging systems, general examination products, and chart projectors. In 2024, the retina & glaucoma examination products segment is expected to account for the largest share of 24.0% of the optometry equipment market. This segment's large market share can be attributed to the high prevalence of glaucoma and the increasing incidence of retinal tears, diabetic retinopathy, and macular degeneration. According to data published in the scientific journal BMC Ophthalmology in 2023, diabetic retinopathy affects nearly 27% of patients with diabetes mellitus. Retina & glaucoma examination products play a crucial role in enabling early detection, ensuring safety, and providing detailed documentation and monitoring of disease progression. Additionally, these examination products contribute to maintaining clear vision and optimal eye function.
However, the general examination products segment is projected to register the highest CAGR during the forecast period.
Based on application, the optometry equipment market is segmented into cataract, age-related macular degeneration, glaucoma, retinopathy, general examination, and other applications. In 2024, the general examination segment is expected to account for the largest share of 38.0% of the market. General examinations encompass various tests to assess the health, functionality, and appearance of different parts of the eye. The large market share of this segment can be attributed to the rise in visual impairments stemming from the increasing utilization of laptops and mobile phones and the growing geriatric population, which is fueling the demand for general examinations. As a result, there is a rising demand for optometry equipment for facilitating general examinations.
Based on end user, the optometry equipment market is segmented into clinics, hospitals, and other end users. In 2024, the clinics segment to account for the largest share of the market. This segment's large market share can be attributed to the large number of private clinics in developed nations, patients' inclination towards ophthalmic clinics for the diagnosis and treatment of eye conditions, and the timely appointments and cost-effectiveness offered by these clinics.
In 2024, North America is expected to account for the largest share of 39.3% of the optometry equipment market, followed by Europe and Asia-Pacific. In 2024, the U.S. is expected to account for the larger share of the optometry equipment market in North America. The country's significant market share can be attributed to the widespread adoption of advanced optometry equipment for eye care, the presence of major market players, and the well-established healthcare system. Additionally, high spending on eye care in the U.S. contributes to the significant market share. For instance, according to data from the American Optometric Association's 2020 whitepaper, major eye conditions among adults aged over 40 in the U.S. result in an annual economic impact exceeding USD 145 billion, a figure which is expected to rise with the increasing geriatric population.
However, the market in Asia-Pacific is projected to register the highest CAGR of 5.7% during the forecast period. The growth of this regional market can be attributed to the growing geriatric population, increasing healthcare expenditures, and initiatives by major market players to establish a stronger presence in the region. Furthermore, the surge in eye infections and diseases contributes to the market's growth. For instance, a significant outbreak of viral pink eye disease, also known as conjunctivitis, affected a considerable number of individuals in countries such as India, Vietnam (63,000 individuals), and Pakistan (400,000 individuals).
The report offers a competitive analysis based on an extensive assessment of the leading players' product portfolios and geographic presence and the key growth strategies adopted by them over the past 3–4 years. Some of the key players operating in the optometry equipment market are NIDEK CO. LTD. (Japan), Carl Zeiss Meditec AG (Germany), Novartis AG (Switzerland), Heidelberg Engineering GmbH (Germany), Johnson & Johnson (U.S.), Canon, Inc. (Japan), Bausch Health Companies Inc. (Canada), Escalon Medical Corp (U.S.), Topcon Healthcare Solutions, Inc. (U.S.), and HEINE Optotechnik GmbH & Co. KG (Germany).
In March 2024, The Optical Company (TOC) (U.S.) completed the acquisition of Adelaide Eye Care (AEC) (U.S.), thereby expanding its operational reach to 60 new locations. This acquisition enhanced TOC's capabilities in diagnostic technology and personalized optical dispensing.
In February 2023, NIDEK CO., LTD. (Japan) launched the AL-Scan M Optical Biometer along with the MV-1 Myopia Viewer software. The AL-Scan M is designed to measure axial length, aiding in the prediction and monitoring of myopia progression for both scientific and clinical purposes.
Particulars |
Details |
Number of Pages |
270 |
Format |
|
Forecast Period |
2024–2031 |
Base Year |
2023 |
CAGR (Value) |
4% |
Market Size (Value) |
USD 5.40 Billion by 2031 |
Segments Covered |
By Type
By Application
By End User
|
Countries Covered |
North America (U.S. and Canada), Europe (Germany, France, U.K., Italy, Spain, Netherlands, Switzerland, Sweden, Belgium and Rest of Europe), Asia-Pacific (China, Japan, India, Indonesia, and Rest of Asia-Pacific), Latin America (Brazil, Mexico, and Rest of Latin America), and the Middle East & Africa |
Key Companies Profiled |
NIDEK CO. LTD. (Japan), Carl Zeiss Meditec AG (Germany), Novartis AG (Switzerland), Heidelberg Engineering GmbH (Germany), Johnson & Johnson (U.S.), Canon, Inc. (Japan), Bausch Health Companies Inc. (Canada), Escalon Medical Corp (U.S.), Topcon Healthcare Solutions, Inc. (U.S.), and HEINE Optotechnik GmbH & Co. KG (Germany) |
This study offers a detailed assessment of the optometry equipment market, including the market sizes & forecasts for market segments categorized by type, application, and end user. The study also provides an in-depth analysis of various segments & subsegments of the optometry equipment market at the regional and country levels.
The optometry equipment market is projected to reach $ 5.40 billion by 2031, at a CAGR of 4% during the forecast period.
In 2024, the retina & glaucoma examination products segment is expected to account for the largest market share. This segment's large market share can be attributed to the high adoption of retina & glaucoma examination products, driven by heightened awareness of the importance of early and precise diagnosis of prevalent eye conditions like macular degeneration, glaucoma, and diabetic retinopathy.
The general examination segment is projected to register the highest CAGR during the forecast period. The growth of this segment can be attributed to the rising geriatric population globally and the increasing incidence of eye diseases.
The growth of the optometry equipment market is driven by factors such as the rising prevalence of eye diseases and disorders, the growing geriatric population, the increasing number of individuals with visual impairments due to the excessive use of laptops and mobile phones, and rising government initiatives and funding to improve access to eye care services. Moreover, emerging economies, the rise in specialty optometric practices, and the increasing use of telehealth and telemedicine by eye doctors and patients are expected to create market growth opportunities.
The key players profiled in the optometry equipment market study are NIDEK CO. LTD. (Japan), Carl Zeiss Meditec AG (Germany), Novartis AG (Switzerland), Heidelberg Engineering GmbH (Germany), Johnson & Johnson (U.S.), Canon, Inc. (Japan), Bausch Health Companies Inc. (Canada), Escalon Medical Corp (U.S.), Topcon Healthcare Solutions, Inc. (U.S.), and HEINE Optotechnik GmbH & Co. KG (Germany).
India and China are expected to offer significant growth opportunities for vendors in this market due to the growing adoption of optometry equipment, rising healthcare expenditures, and the increasing prevalence of eye disorders and diseases in these countries.
Published Date: Oct-2024
Published Date: Jun-2024
Published Date: Jun-2024
Published Date: Jun-2024
Published Date: Jun-2024
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