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Ophthalmic Equipment Market Global Trends, Market Share, Industry Size, Growth, Opportunities and Market Forecast 2020 to 2027

The Global Ophthalmic Equipment is estimated to value over USD 64 billion by 2027 end with a CAGR of over 3.2% during the forecast period 2020 to 2027.

Increasing prevalence of eye related disorders, rising geriatric population and technological advancements are some of the major driving factors accountable for the ophthalmic equipment market growth. Furthermore, there ash been a rise in the number of initiatives being taken by the government organizations in controlling visual impairment, growth in the adoption of spectacles and contact lenses is projected to propel the proliferation of the market.

As per the report published by the Royal National Institute of Blind People, over 2 million people in the United Kingdom has vision impairment and it is expected that this number shall rise to over 4 million by 2050. With such a high prevalence rate of eye related disorders, the insistence for an effective treatment of this disease is expected to rise in the coming years, thus boosting the growth of the market.

However, the instruments that are used in these operations are expensive. As per the report published by the Singapore Eye Research Institute, the femtosecond laser costs over USD 400,000, which is quite expensive and will be unaffordable for healthcare institutions situated in the developing and underdeveloped nations as very few patients will choose femtosecond laser treatment in these regions. Moreover, there is a high possibility that it won’t even cover the installation cost of the laser machine. Similarly, an OCT treatment costs over USD 80,000 which makes it difficult for small-sized diagnostic centres and clinics to buy these devices thus making it a restraining factor for the market growth.

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Ophthalmic Equipment Market Segmentation:

By Product

  • Vision Care Products
    • Spectacles
    • Contact Lenses
      • Soft Contact Lenses
      • Rigid Gas Permeable Lenses (RGP)
      • Hybrid Contact Lenses
  • Ophthalmology Surgical Devices
    • Cataract Surgical Devices
      • Intraocular Lenses
      • Ophthalmic Viscoelastic Devices
      • Phacoemulsification Devices
      • Cataract Surgical Lasers
      • IoI Injectors
    • Vitreoretinal Surgical Devices
      • Vitreoretinal Packs
      • Vitrectomy Machines
      • Photocoagulation Lasers
      • Illumination Devices
      • Vitrectomy Probes
    • Refractive Surgical Devices
      • Femtosecond Lasers
      • Excimer Lasers
      • Other Refractive Surgical Lasers
    • Glaucoma Surgical Devices
      • Glaucoma Drainage Devices (GDDs)
      • Micro invasive Glaucoma Surgical Devices
    • Ophthalmic Microscopes
    • Ophthalmic Accessories
      • Surgical Instruments and Kits
      • Ophthalmic Forceps
      • Ophthalmic Spatulas
      • Ophthalmic Tips and Handles
      • Ophthalmic Scissors
      • Ophthalmic Knives
      • Macular Lenses
      • Ophthalmic Cannulas
      • Other Ophthalmic Accessories
  • Diagnostics and Monitoring Devices
    • Optical Coherence Tomography Scanners
    • Fundus Cameras
    • Perimeter/Visual Field Analyzers
    • Autorefractors and Keratometers
    • Ophthalmic Ultrasound Imaging Systems
      • Ophthalmic A-Scan Ultrasound
      • Ophthalmic B-Scan Ultrasound
      • Ophthalmic Ultrasound Biomicroscopes
      • Ophthalmic Pachymeters
    • Tonometers
    • Slit Lamps
    • Phoropters
    • Wavefront Abberometers
    • Optical Biometry Systems
    • Ophthalmicscopes
    • Lensmeters
    • Corneal Topography Systems
    • Chart Projectors
    • Specular Microscopes
    • Retinoscopes

By End User

  • Consumers
  • Hospitals
  • Speciality Clinics and Ambulatory Surgery Centres
  • Other End Users

By Region

  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • Middle East & Africa

The global market is segmented into product, end user and region. The product segment is further bifurcated as diagnostic and monitoring devices, ophthalmology surgical devices, vision care products. The surgical devices segment is predicted to hold the largest ophthalmic equipment market share owing to the increased prevalence of diabetes and eye disorders in general population.

The market is segmented based on end user as consumers, specialty clinics and ambulatory surgery centres, hospitals and other end users. The consumer segment is predicted to account the largest share of the market owing to their adoption of contact lenses and spectacles globally.

Competitive Analysis:

Some of the key players of the ophthalmic equipment market are Essilor International, Alcon Inc., Carl Zeiss Meditec AG, Bausch & Lomb Inc., Hoya Corp, Johnson & Johnson Vision Care Inc., Haag-Streit, TOPCON Corp., NIDEK Co. Ltd., STAAR Surgical, Ziemer Ophthalmic Systems AG.

Essilor International is one of the dominant market players when it comes to the production of the ophthalmic lenses and equipment. They offer tonometers, slit lamps, wave analysers, lensmeters, auto-kerato refractometers, chart projectors and phoropters. They also provide a variety of eye lenses through their brands like Crizal, Eyezen, Varilux, Xperio, Crizal Prevencia, Optifog, Osse, Costa, Bolon, Foster Grant, Kodak Lens and Transitions. Essilor has a strong presence in North America, Asia Pacific and Europe.

Essilor partnered with the Australian Government in January 2018 to develop affordable vision care for over 100,000 consumers who have low incomes in rural areas of Bangladesh and they also train young people in making them ‘Eye Mitras’ i.e. becoming major vision care providers.

FutureWise Key Takeaways:

  • Growth prospects
  • SWOT analysis
  • Key market trends
  • Key data-points affecting market growth

Objectives of the Study:

  • To provide with an exhaustive analysis on the global ophthalmic equipment market by product, by end user and by region
  • To cater comprehensive information on factors impacting market growth (drivers, restraints, opportunities, and industry-specific restraints)
  • To evaluate and forecast micro-markets and the overall market
  • To predict the market size, in key regions (along with countries)— North America, Europe, Asia Pacific, Latin America and Middle East and Africa
  • To record evaluate and competitive landscape mapping- product launches, technological advancements, mergers and expansions

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Flexible Delivery Model:

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