Ophthalmic Equipment Market
By Product (Vision Care Device, Surgical Device, Vitreoretinal Surgical Device, Refractive Surgical Device, Ophthalmic Microscopes, Diagnostic, and Monitoring Devices, and Others),
By Application (Cataract, Vitro retinal disorders, Glaucoma, Refractor Disorders),
By End Use (Hospitals and Clinics, Academic and Research Institutes and Others),
By Region (North America, Europe, Asia-Pacific, Latin America, Middle East & Africa):
Global Analysis and Forecast 2023-2033
The global ophthalmic equipment market is to be worth more than USD 96 billion by 2033.
The rise in Diabetes and the increasing geriatric population are the primary factors propelling the market growth of ophthalmic equipment. Further propulsion in the market is experienced due to a rise in disposable income and urbanization in developing regions and emerging economies. Urbanization has implied hectic lifestyles for the working population, creating more strain on eyes and vision. This is also due to the increased time spent on digital displays and phone screens. Other disease states, such as obesity, are also linked to increased instances of eye disorders. Researchers from the University of Montreal found that being overweight can make the cells of people's immune systems destructive to their eyes as they age. This can accelerate macular degeneration in the aged population. The rise in the geriatric population also implies a rise in cataract surgeries. Non-invasive or minimally invasive treatment options are being explored for the future market. Technological advancements have further propelled market growth for advanced eye treatments. 3D printing or integration with AI are many sought-after options to expand market horizons for ophthalmology.
The companies operating within the ophthalmic equipment industry are undergoing mergers, collaboration, acquisition, long-term contracts, and service agreements to increase their global footprint. For instance, Alcon Introduces a Premium, Reusable Toric Lens with the Launch of TOTAL30 for Astigmatism, the first-and-only reusable contact lens with Water Gradient material for astigmatic contact lens wearers. Furthermore, notable investment towards research and development to launch new and innovative products that support operational integration at multiple levels is also practiced by industry stakeholders.
According to the CXOs and primary research conducted, COVID-19 has created a major impact on vision care. Lockdown sought increased time spent on screens due to work-from-home professions. Certain variants of COVID-19 were also associated with side effects pertaining to the eyes. COVID-19 saw a slight increase in eye care management. Research and advancements after the pandemic geared up swiftly, further propelling market scope for ophthalmic equipment.
The Ophthalmic Equipment market is analyzed across North America, Europe, Asia-Pacific, Latin America, and Middle East & Africa. In line with the analyzed region, the North American region will witness the highest market share, followed by Europe, Asia-Pacific, Latin America, and Middle East & Africa. The rise in Diabetes, the rise in the geriatric population, advancements in eye care, and the presence of major industry players within the region are primary factors supporting market potential within the North American region. The major companies operating within the market are Johnson & Johnson, Alcon, Carl Zeiss Meditec, Essilor International S.A., Bausch & Lomb Incorporated, Essilor International S.A, Ziemer Ophthalmic Systems Ltd, Nidek Co. Ltd, Haag-Streit Group, Ridex Corporation.