Ophthalmic Equipment Market: Technological advancements in ophthalmic devices

[Snehal Shaha]

The report "Ophthalmic Equipment Market by Product (Spectacles, Contact Lenses, OCT Scanner, Fundus Camera, Ultrasound,Perimeter,Autorefracter, Slit Lamp, Keratometer, Tonometer, Ophthalmoscope, IOL,OVDs), End User (Consumer, Hospitals) - Global Forecast to 2027", is projected to reach USD 80.9 billion by 2027 from USD 63.4 billion in 2022, at a CAGR of 5.0%. Increasing government initiatives to control visual impairment, technological advancements in ophthalmic devices, and the increasing adoption of contact lenses and spectacles are some of the key factors driving the market for ophthalmic equipment.
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The vision care products segment accounted for the largest share of the ophthalmic equipment market, by product in 2021
Based on products, the ophthalmic equipment market is segmented into vision care products, surgical devices, and diagnostic and monitoring devices. The large share of the vision care products segment is attributed to the growing number of patients with refractive errors, increasing number of wearers, increasing prevalence of myopia, growing geriatric population, and increasing preference for contact lenses over prescription eyeglasses.
“Consumer hold the largest share in the ophthalmic equipment market, by end user in 2021”
Based on end users, the market is segmented into consumers, hospitals, specialty clinics and ambulatory surgery centres, and other end users. The large share of consumers can be attributed to increasing emphasis on aesthetics, increasing usage of digital gadgets, growing adoption of spectacles and contact lenses among consumers.
North America accounted for the largest share of the ophthalmic equipment market in 2021
In 2021, North America accounted for the largest share the ophthalmic equipment market. Market growth in this region is characterized by the high healthcare expenditure, rising geriatric population (and subsequent growth in the prevalence of eye diseases), and the availability of advanced ophthalmic devices in the country.
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The prominent players in the ophthalmic equipment market are Bausch Health Companies, Inc. (Canada), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson and Johnson (US), Hoya Corporation (Japan), The Cooper Companies, Inc.(US), EssilorLuxottica (France), Canon (Japan), Glaukos Corporation (US), Nidek Co., Ltd. (Japan), Topcon Corporation (Japan), Zeimer Ophthalmic Systems (Switzerland), Staar Surgical (US), Haag-Streit (Switzerland), Quantel Medical (US), Coburn Technologies, Inc. (US), FCI Ophthalmics (US), Matronix India Corporation (India), HEINE Optotechnik (Germany), Visionix (France), Neo Vision (Korea), Clear Lab (Singapore), Appasamy Associates (India), Ophtec BV (Netherlands), Lumenis (Israel), and Intuvision Labs (India).