DUBLIN--(BUSINESS WIRE)--The "Global 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) - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global ophthalmic equipment market is projected to reach USD 80.9 Billion by 2027 from USD 63.4 Billion in 2022, at a CAGR of 5.0%.
The growth of this market can largely be attributed to the increase in elderly population, rise in adoption of digital devices, and increasing prevalence of vision disorders.
The vision care products segment accounted for the largest share of the ophthalmic equipment market, 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 vision care products segment is attributed to rising demand for different type of eyeglass lenses, the growing prevalence of myopia, and growing geriatric population.
The consumer segment hold the largest share in the ophthalmic equipment market, by end user
Based on end users, the ophthalmic equipment 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 factors such as the increasing prevalence of eye disorders among the geriatric population, increasing usage of digital gadgets, and growing adoption of spectacles and contact lenses among consumers.
The APAC to witness the highest growth during the forecast period
Asia Pacific is expected to grow at the highest CAGR during the forecast period of 2022-2027. Some of the major factors that are expected to drive the growth of the ophthalmic equipment market in the Asia Pacific region are the significant growth opportunities for ophthalmology device manufacturers in China and India, and significant demand for spectacles & contact lenses.
Moreover, with developed economies reaching saturation, manufacturers and suppliers are expected to focus on Asian markets.
Market Dynamics
Drivers
- Increasing Geriatric Population
- Rising Prevalence of Eye Disorders
- Technological Advancements in Ophthalmic Devices
- Increased Government Initiatives to Control Visual Impairment
- Rising Adoption of Contact Lenses and Spectacles
Restraints
- High Cost and Risk Associated with Eye Surgeries
- Increased Cost of Ophthalmology Devices
- Rising Adoption of Refurbished Ophthalmic Devices
Opportunities
- Potential Growth Opportunities in Emerging Markets
- Low Adoption of Phacoemulsification Devices and Premium Iols in Emerging Regions
Challenges
- Low Accessibility to Eye Care in Low-Income Countries
- Lack of Skilled Professionals
Companies Mentioned
- Alcon
- Appasamy Associates
- Bausch Health Companies Inc.
- Canon
- Carl Zeiss Meditec AG
- Clear Labs
- Coburn Technologies, Inc.
- Essilorluxottica
- Fci Ophthalmics
- Glaukos Corporation
- Haag-Streit
- Heine Optotechnik
- Hoya Corporation
- Intuvision Labs
- Johnson & Johnson
- Lumenis
- Matronix India Corporation
- Neo Vision
- Nidek Co. Ltd.
- Ophtec Bv
- Quantel Medical
- Staar Surgical
- The Cooper Companies, Inc.
- Topcon Corporation
- Visionix
- Ziemer Ophthalmic Systems
For more information about this report visit https://www.researchandmarkets.com/r/r33qy0
