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Across the globe, as per estimates, nearly 65 million people are affected by cataracts, the most common cause of blindness while glaucoma, is the third leading cause of blindness. On the other hand, around 124 million people have uncorrected refractive errors, which causes blurred vision.
Ophthalmology is defined as a branch of medical sciences which deals with the function, structure, and diseases of the eye. Ophthalmic equipment is a medical device designed for diagnosis, monitoring, and prevention of ophthalmic disorders, ocular defects, deficiencies and eye disorders including cataract and glaucoma. These equipments are made available in a wide range of designs and types like contact lenses, spectacles, intraocular lenses, implants, solutions, surgical instruments, and glasses.
Ophthalmic devices are beneficial in preventing eye diseases or injuries and also for the diagnosis of eye conditions like stain, red eyes, night blindness, and color blindness and are also simple to use for healthcare professionals.
The global ophthalmic equipment market is expected to grow at a more than healthy CAGR in the years to follow.
The growth of this market is attributed towards major pertaining factors including; the increasing prevalence of eye disorders and vision losses among the global population, the globally rising geriatric population, the increase in demand for ophthalmic equipment in R&D sectors, growing government initiatives to control visual impairment, the rising adoption of contact lenses and spectacles, increasing funding from various private individuals and government agencies on the global scale, the increasing prevalence of chronic disorders like diabetes and hypertension leading to vision impairment etc.
Additionally, the introduction of technologically advanced minimally invasive surgeries, such as LASIK surgery, is presumed to drive the demand for ophthalmic devices. Advanced surgical procedures such as multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery and the ability of hospitals to buy advanced and costly equipment are expected to channelize the growth of this equipment.
Moreover, ophthalmic surgeries are accompanied by better patient outcomes which include faster recovery rates, increased acceptance towards refractive surgeries, improved safety profile, and several other benefits. These are expected to bolster the demand for ophthalmic devices in the coming future.
Furthermore, the growing occurrence of eye disorders in children, higher adoption of retinal implants, increasing government initiatives and support, speedy market approvals of these devices, increasing awareness among people pertaining to early disease diagnosis and growing adoption of ophthalmic procedures such as cataract surgeries especially among the elderly and increasing research and development activities will further augment the growth of this market.
However, the high cost of ophthalmic equipment, low priority to ophthalmic care, stringent government regulations, increase in adoption of refurbished ophthalmic devices, lack of sufficient healthcare insurance, less access to eye care products for low-income group, lack of skilled ophthalmologists, poor primary healthcare infrastructure in developing and under-developed countries and variable reimbursement policies for ophthalmic devices are factors that hamper the growth of this market.
More importantly, the recent outbreak of the deadly COVID-19 disease has impacted the market for ophthalmic equipment severely. Factors such as a significant drop in patient visits to clinics due to lockdowns and constraints implemented to prevent the spread of the disease, decline in the number of elective eye surgeries conducted in hospitals and clinics, etc have brought down a tremendous decline in this market which are estimated to continue at least till the first half of 2021.
OPHTHALMIC EQUIPMENT MARKET SEGMENTATION:
By Disease Area:
The North American region is the largest regional market for ophthalmic equipment's and is expected to keep dominating in the market in the upcoming years as well owing to the rise in prevalence of ophthalmic diseases, the existence of well-developed healthcare sector and established key players, , the incorporation of new reimbursement models for ophthalmologic treatments coupled with the stringent regulatory framework, surge in medical expenditure and investments in research and development by governments and also the high disposable income, high awareness, and rising geriatric population in the region. The major contributors in the region include the U.S. and Canada.
The Asia Pacific region is the fastest growing regional market for ophthalmic equipment's and is projected to register the highest growth in the next few years. This can be well attributed to the growing population in countries such as China and India, rapid growth in the geriatric population, the rising prevalence of eye disorders such as glaucoma, increasing awareness of patients rising healthcare need for eye care and for advanced corrective vision treatments, improving healthcare infrastructure, huge demand for diagnostic tests and increasing focus on early diagnosis and treatment of GI diseases in the region etc.
The European region holds a substantial share in the ophthalmic equipment's market and is also expected to grow at a flourishing rate in the years to come owing to the rise in the availability of funds for R&D, the well-equipped healthcare sector, the presence of huge patient base, the increasing expenditure in healthcare by major countries of the region and the increasing emphasis on the diagnosis and treatment of eye diseases and eye disorders in the region etc. The major contributors in the region include countries like Germany and the U.K.
FEW KEY PLAYERS IN OPHTHALMIC EQUIPMENT MARKET:
Timeline Considered for Analysis:
- 2019: Base Year
- 2020 to 2025: Forecast Period
Research Scope and Deliverables
Overview & Executive Summary
Market Drivers, Trends, Challenges and Opportunities
Market Size and Forecast Projections
Macroeconomic Indicators of Various Countries Impacting the Growth of the Market
Extensive Coverage of Industry Players including Recent Product Launches and Market Activities
Porter’s Five Force Analysis
Market Segmentation Analysis:
Industry report analyzes the global ophthalmic equipment market by the following segments:
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Key Questions Answered in the Global Ophthalmic Equipment Industry Report
The report offers a comprehensive insight on the Ophthalmic Equipment Market share, competitor landscape, market trends, growth, revenue, and key driver’s analysis with coverage of key players, top geographies, product types and end user.
Exhaustive secondary research and in-depth primary interviews with industry experts has been conducted to present qualitative and quantitative insights in the report.
We offer customizations as per client’s specific needs.