Why Is the Ophthalmic Equipment Market Expected to Be Worth $61.58 Billion by 2030?


Posted August 22, 2024 by Pratiksha

The ophthalmic equipment market is projected to expand to $61.58 billion by 2030, according to the latest report by Meticulous Research®, with a steady CAGR of 4.4% from 2024 to 2030.
 
The "ophthalmic equipment market by Product (OCT Scan, Perimeter, Fundus Camera, Retinoscope, Keratometer, Ophthalmic Ultrasound, Tonometer, Slit Lamp, Chart Projector), Application (Cataract, Glaucoma, AMD), End User (Clinic, Hospital)—Global Forecast to 2029" report by Meticulous Research® forecasts that the optometry equipment market will reach $5.40 billion by 2029, growing at a CAGR of 4.0% from 2022 to 2029.

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Optometry equipment is crucial for diagnosing and managing various eye conditions such as AMD, cataracts, diabetic retinopathy, glaucoma, and amblyopia & strabismus. The market is growing due to an aging population and rising chronic disease rates, such as diabetic retinopathy. Rendia, Inc. (U.S.) reports that optometrists in the U.S. diagnose about 400,000 cases of diabetic retinopathy annually.

Impact of COVID-19
The COVID-19 pandemic adversely impacted the optometry equipment market, with global lockdowns and supply chain disruptions affecting equipment availability. The pandemic also led to a reduction in eye examinations and postponed surgeries. Despite these challenges, there was a rise in telehealth adoption and increased screen time, contributing to a rise in myopia cases.

As recovery progresses, new opportunities are expected to arise. The Bureau of Labor Statistics projects a 9% increase in optometrist employment by 2031, reflecting a positive market outlook.

Market Segmentation
The market is segmented by product type, application, and end-user. Key product types include retina and glaucoma examination products, keratometers, autorefractors, lensometers, ophthalmic ultrasound systems, digital phoropters, slit lamps, tonometers, retinal imaging systems, general examination products, and chart projectors. The retina and glaucoma examination products segment is expected to lead due to the increasing incidence of retinal and glaucoma disorders. National Glaucoma Research estimates that 80 million people are affected by glaucoma, with projections surpassing 111 million by 2040.

The general examination segment is projected to grow rapidly due to heightened awareness and increased screen time. Clinics are expected to dominate the end-user segment due to their advanced technological capabilities and role as primary care centers.

Leading Market Players
Major players in the optometry equipment market include NIDEK CO. LTD. (Japan), Carl Zeiss Meditec AG (Germany), Alcon (U.S.), 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). These companies are focusing on strategic developments to enhance their market presence.

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About Meticulous Research®
Meticulous Research® was founded in 2010 and incorporated as Meticulous Market Research Pvt. Ltd. in 2013 as a private limited company under the Companies Act, 1956. Since its incorporation, the company has become the leading provider of premium market intelligence in North America, Europe, Asia-Pacific, Latin America, and the Middle East & Africa.

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Last Updated August 22, 2024