Optometry Equipment Market 2022-2028

Optometry Equipment Market 2022-2028

The global optometry equipment market is projected to reach $XXXX million in 2028 from $XXXX million in 2021, growing at a CAGR of XX.X% during the forecast period (2021-2028). The key aspect that drives the growth of the market includes the rising incidences of eye related disorders such as infections, diabetic retinopathy, among others. The incidence and prevalence rate of eye disorders is growing at a significant rate across the globe. According to the WHO, in 2021, around 2.2 billion patients around the globe were suffering from one or the other kind of visual impairment and 80% of these are considered as avoidable. Most of these vision impairments are due to cataracts (65.2 million) and uncorrected refractive errors (123.7 million).

Further, the rising R&D investment, and growing R&D programs regarding the introduction of novel drugs coupled with the government initiatives in the healthcare sectors are also considered as major driving factors for the growth of the optometry equipment market during the forecast period. However, factors such as low awareness and scarcity of suitable facilities and drugs in rural areas may hamper the growth of the market

SEGMENTAL ANALYSIS

The global optometry equipment market is segmented on the basis of product type, and end-user. Based on the product type, the market is segmented as diagnostic equipment, surgical equipment, and laser equipment. The surgical equipment is further segmented into cataract surgery devices, glaucoma surgery devices, vitreo retinal surgery devices, and other surgical equipment. Based on the end-user, the market is segmented as hospitals & clinics, ophthalmology centers, and research institutes.

REGIONAL ANALYSIS

Geographically, the market is segmented into North America, Europe, Asia-Pacific and Rest of the World (RoW). Asia-Pacific region is anticipated to hold a considerable market share in the global optometry equipment market during the forecast period. China, India, Japan, and the Rest of the Asia-Pacific are the major economies primarily contributing to the growth of the optometry equipment market. The regional growth of the market is accredited to the improving healthcare infrastructure in the regions. The presence of the key players and the adoption of technologically advanced products in the countries is also positively influencing the growth of the market during the forecast period.

COMPETITVE ANALYSIS

The key players in the global optometry equipment market include Canon Singapore Pte. Ltd., Carl Zeiss Meditec AG, Johnson & Johnson Services Inc., Nidek Co., Ltd., and Novartis AG. Top companies are involved in making innovations in their products offering to suit the industrial application to remain competitive in the marketplace. Moreover, some players are adopting different growth strategies such as merger and acquisition, and product launch to thrive in the global market. For instance, in January 2021, HAAG-STREIT Diagnostics launched Lenstar Myopia, a solution for the increasing demand for myopia management. The solution consists of HAAG-STREIT’s well-established Lenstar 900 optical biometer and the corresponding EyeSuite software called EyeSuite Myopia. The Lenstar 900 also performs keratometry to make accurate predictions about the onset and progression of myopia.