Global Optometry Equipment Market - 2023-2030

Global Optometry Equipment Market - 2023-2030

The Global Optometry Equipment Market reached US$ 3.8 billion in 2022 and is projected to witness lucrative growth by reaching up to US$ 6.1 billion by 2030. The Global Optometry Equipment Market is expected to exhibit a CAGR of 6.2% during the forecast period 2023-2030. The increasing technological advancements and investments for novel products drive demand for optometry equipment market trends.

Optometry equipment is used to diagnose ophthalmic disorders like diabetes-related retinopathy, glaucoma, age-related macular degeneration, and more. The launch of new products and the increased number of patients with glaucoma are the main factors propelling the global market for optometry equipment.

The optometry equipment market scope comprises application as cataracts, glaucoma, age-related macular degeneration, diabetic macular edema and others, which have increased the optometry equipment market share.

The global market for optometry equipment is expanding as a result of factors including increasing research and development and their upcoming novel product approvals across countries are also creating a positive outlook for the optometry equipment market growth.

Market Dynamics

Rising Technological Advancements Drive the Growth of the Optometry Equipment market.

Over the past few years, there has been a considerable increase in the number of clinical studies for optometry research. Numerous studies are being carried out globally to study the illness to improve the diagnosis and treatment of ophthalmic disorders such as cataracts and age-related macular degeneration. Various novel products are being launched with the latest advancements in technology.

For instance, on February 6, 2023, the launch of the Cube Ophthalmic Surgical System, which combines new ultrasound technology to deliver more potent and effective phacoemulsification, has been announced by NIDEK CO., LTD., an international leader in the design, production, and marketing of optometric, ophthalmic, and lens edging equipment.

The Cube's small body houses Gyro torsional technology. Torsional ultrasound oscillation makes ensuring that ultrasound energy is delivered effectively, particularly for mild cataracts. Design improvements that safeguard intraocular tissues increase surgical safety.

Rising Research and Development and Strategic Partnerships by Key Companies creates Lucrative Opportunities for Manufacturers.

Rising research and development in optometry is a crucial factor responsible for the growth of the Optometry Equipment Market. Along with this, increasing strategic actions taken by the major players in the form of acquisition or partnership is also responsible for driving the growth of the optometry equipment market size.

For instance, on February 2, 2023, a partnership was recently announced between HOYA Vision Care and NIDEK CO., LTD., a pioneer in developing, manufacturing, and marketing of optometric, ophthalmic, and lens edging equipment.

The global partnership agreement between NIDEK and HOYA Vision Care gives Eye Care Professionals (ECPs) access to an entire line of cutting-edge optical goods and instruments to offer a full-service strategy for patient care, from eye exams to consultations to the delivery of top-of-the-line spectacle lenses.

Through both local distributors, this alliance allows HOYA's ECP partners to use NIDEK's market-leading optical goods, services, and equipment. This will improve an ECP's capacity to provide patients with the most modern eye or vision examination tools, as well as improve visual performance and quality.

High Risks Involved Due to the Sensitivity of the Organ will Hamper the Growth of the Market.

The main obstacle to the expansion of the optometry equipment industry is the strict laws and regulations for the authorization of equipment used for ocular diagnostics. The total cost of this equipment will rise as more needs and clinical trials must be completed.

A significant factor restricting the market's growth is the high risk associated with the fragile nature of the organ in the good and the absence of skilled specialists for correctly handling such equipment devices.

COVID-19 Impact Analysis

The financial health of companies across all industries has been impacted by the COVID-19 pandemic and lockdown in numerous nations worldwide. Therefore, for the interval of the COVID-19 health emergency, the U.S. Food and Drug Administration (FDA) issued guidelines that include general considerations to aid sponsors and researchers, ensuring the safety of trial participants, adhering to good clinical practice (GCP), and minimizing risks to trial integrity.

Russia-Ukraine War Impact Analysis

The Russia-Ukraine conflict is estimated to have a low impact on the global optometry equipment market, owing to the low number of key market players in this region. However, the impact of the import and export of raw materials is expected to have little influence over the global optometry equipment market growth over the forecast period.

Segment Analysis

The Global Optometry Equipment Market is segmented based on product type, application, end-user and region.

Cataract from Application Segment Accounts for 32.8% of Market Share Owing to Rising Incidence

Protein buildup in the eye’s lens causes cataracts, which cloud the lens and prevent clean light from passing through. It may interfere with regular eyesight depending on where it is and how big it is. Cataracts typically form slowly and can harm either or both eyes.

According to the Centers for Disease Control and Prevention, about 20.5 million Americans aged 40 and older have cataracts, and 6.1 million have had their lens surgically removed.

By 2020, 30.1 million people worldwide are expected to have cataracts. The primary driver of market expansion is the rising prevalence of cataracts. Major Players are investigating, developing, and launching several cutting-edge innovative technologies.

Cataract surgery is the only option to eliminate cataracts and regain your clear eyesight. During cataract surgery, an ophthalmologist replaces the natural lens' clouded portion with an intraocular lens (IOL).

An IOL is a synthetic lens that is implanted permanently in the eye. Healthcare providers have access to a wide range of IOL choices. An IOL's key advantage is that it is transparent, just how the natural lens should be. Another advantage is that following surgery, one won't need to wear glasses or contact lenses as much because it may fix refractive faults.

Geographical Analysis

North America Accounted for Approximately 39.6% of the Market Share, Owing to the Strong Presence of Major Players and Rising Technological Advancements.

Manufacturers have chances to expand their operations in this region because of the rising demand for optometry equipment for advancements in North America. The area has many producers and suppliers, and its rapid economic development has raised industrial production of optometry equipment, increasing demand.

There are many manufacturers and suppliers in North America, and due to the region's rapid economic growth, industrial production has expanded, feeding the desire for cosmetic surgery.

The market will grow as new items or technology for surgeries emerge. Rising technological developments, governmental approvals, and introduction of new products all contribute to growth. People are becoming more aware of novel equipment and disorders related to eyesight, expanding the market in this region. These factors are responsible for the dominance of North America.

Competitive Landscape

The major global players in the optometry equipment market include Ziemer Ophthalmic Systems AG, Halma Plc, ZEISS Group, Lumibird Medical, Topcon Corporation, Nidek Co., Ltd., Coburn Technologies, Inc., Haag-Streit Group, Kowa American Corporation and Oculus Inc. among others.

Why Purchase the Report?
• To visualize the Global Optometry Equipment Market segmentation based on product type, application, end-user and region, and understand key commercial assets and players.
• Identify commercial opportunities by analyzing trends and co-development.
• Excel data sheet with numerous optometry equipment market-level data points with all segments.
• PDF report consists of a comprehensive analysis after exhaustive qualitative interviews and an in-depth study.
• Product mapping available as Excel consisting of key products of all the major players.

The Global Optometry Equipment Market Report Would Provide Approximately 53 Tables, 54 Figures And 195 Pages.

Target Audience 2023
• Manufacturers/ Buyers
• Industry Investors/Investment Bankers
• Research Professionals
• Emerging Companies