Optometry Equipment Market
Number of pages: 100 | Report Format: PDF | Published date: April 10, 2023
Historical Years – 2021 | Base Year – 2022 | Forecasted Years – 2023-2031
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Report Attribute |
Details |
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Market Size Value in 2022 |
US$ 2.6 billion |
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Revenue Forecast in 2031 |
US$ 4.2 billion |
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CAGR |
5.3% |
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Base Year For Estimation |
2022 |
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Forecast Period |
2023 to 2031 |
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Historical Year |
2021 |
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Segments Covered |
Type of Examination, End User, and Region |
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Regional Scope |
North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa |
According to the deep-dive market assessment study by Growth Plus Reports, the global optometry equipment market was valued at US$ 2.6 billion in 2022 and is expected to register a revenue CAGR of 5.3% to reach US$ 4.2 billion by 2031.
Optometry Equipment Market Fundamentals
Optometrists or ophthalmologists typically use optometry equipment to inspect, identify, treat, and control illnesses and disorders of the visual system, the eye, and abnormalities linked with eye structures, as well as to detect eye-related systemic disorders. Optometry Equipment is a collection of tools used for eye and cataract examinations, retina and glaucoma examinations, and general examinations. Retinoscopes, visual field analyzers, fundus cameras, specular microscopy, wavefront aberrometer, OCT scanners, autorefractors, and tonometers are the most common optometry devices.
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Optometry Equipment Market Dynamics
The rising incidence of eye diseases propels the optometry tools market revenue growth during the forecast period. Any illness or condition affecting the human eye is called an eye disease. Because eye illnesses are so common, optometry technology is used to objectively assess refractive error and examine inside the eye. Optometry apparatus is used to look for enlarged inspection of the anterior segment of the eye, check the power and axis of a cylindrical lens, and check the power and axis of a contact lens. According to the World Health Organization, a United Nations specialized agency, at least 2.2 billion people worldwide will have near or distant vision impairment in 2022, with at least 1 billion - or nearly half - of these cases having preventable or unaddressed vision impairment. As a result, the rising incidence of eye illnesses is expected to push the optometry equipment market revenue forward during the forecast period.
Technological progress is a major trend that is getting traction in the optometry tools industry. To maintain their marketplace, major market participants in the optometry equipment market are creating new technologies. NIDEK CO. Ltd., a Japanese inventor, maker, and seller of ophthalmic, optometric, and lens edging equipment, introduced the ME-1500 Multifunction Edger and ICE-1500 Intelligent Blocker in 2020, a technology that provides expert lens edging. NIDEK's proprietary processing technique yields edging that is similar to the work of a master artisan and has a high proportion of one-cut fit precision. Because of its ergonomic and compact design, as well as its brilliant LCD touchscreen, the user has full control over all duties.
Furthermore, the company introduced the ICE-1500, a sophisticated intelligent blocker. The foundation of all lens processing is an exact blockage. Eyewear that is flawlessly built increases customer happiness. When the ICE-1500 and ME-1500 are used in tandem, making standard tasks and one-of-a-kind eyeglasses with design features while keeping consistent data management and processing is simple. The ICE-1500 is critical when it comes to lens shaping. It works in the background and ultimately contributes to an excellent lens finish.
Optometry Equipment Market Ecosystem
The global optometry equipment market has been analyzed from three perspectives by type of examination, end user, and region.
Optometry Equipment Market by Type of Examination
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Based on the type of examination, the global optometry equipment market is segmented into retina examination, cornea examination, and general examination.
The retina examination market is further segmented into retinoscope, oct scanner, fundus camera, visual field analyzer, and others.
The cornea examination segment is sub-segmented into a wavefront aberrometer, specular microscope, and other cornea examinations.
The general examination segment is further sub-segmented into autorefractor, ophthalmic ultrasound system, tonometer, phoropter, and others.
The retinal examination segment will likely dominate the market during the forecast period. The incidence of retinal illnesses supports the retinal examination devices market revenue growth. Product releases, mergers, acquisitions, and optical coherence tomography studies drive market development. Canon, for example, introduced the Xephilio OCT-S1 in July 2021, a wide-field swept-source Optical Coherence Tomography (OCT) capable of capturing high-resolution images of up to 23 x 20 millimeters in a single scan. The product was introduced to eyecare professionals at a combined gathering hosted by the Asia Pacific Association of Cataract and Refractive Surgeons and the Singapore National Eye Centre (APACRS-SNEC). Canon's swept-source deep scanning technology allows it to work at an incredibly broad angle of around 80 degrees.
Furthermore, according to an article published in August 2022 titled "Advances in Optical Coherence Tomography Imaging Technology and Techniques for Choroidal and Retinal Disorders," OCT technology is used to overcome several shortcomings in current practices for treating choroidal and retinal illnesses. These advancements are likely to assist in advancing the basic scientific study and understanding of the pathophysiology of chorioretinal diseases. With OCT powers at the periphery, such as ultrawide-field OCT, these apps can aid in discovering and tracking retinal illnesses.
The rising awareness of eye health and safety in many industries has driven the visual safety analyzer (VSA) segment's revenue growth in recent years. Optometrists and other eye care specialists utilize the VSA as a diagnostic instrument to assess and examine different elements of visual function, including visual acuity, color vision, and contrast sensitivity. Applying cutting-edge technology, such as digital imaging and artificial intelligence (AI), to diagnostic procedures is one trend in the VSA market. This makes it possible to test and analyze visual function more accurately and efficiently, improving the accuracy of diagnosing eye diseases and making treatment recommendations. The demand for portable and mobile VSAs is also rising, enabling eye care specialists to do on-site testing and screenings in various settings, including workplaces, schools, and remote areas. In addition, there is a move towards personalizing and customizing VSAs, with eye care specialists providing specialized testing and analysis based on specific patient needs and preferences. This results in more accurate and successful diagnosis and treatment, which enhances patient satisfaction.
Optometry Equipment Market by End User
Based on the type of examination, the global optometry equipment market is segmented into eye clinics, hospitals, and other end users.
Eye clinics are expected to dominate the market during the forecast period. The provision of sophisticated facilities at ophthalmic clinics, the increase in clinics, and greater patient intake for different eye diseases add to this segment's large market revenue share. Furthermore, shorter wait times in clinics and lower prices when compared to hospitals add to the development of this segment.
Optometry Equipment Market by Region
Based on regions, the global optometry equipment market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa.
North America is likely to dominate the market in terms of revenue share during the forecast period. Increasing prevalence rates of eye illnesses and an aging population, highly developed healthcare infrastructure, and major regional market participants are some factors pushing the regional revenue growth.
During Glaucoma Awareness Month in 2021, the Canadian Ophthalmological Society claimed that glaucoma impacts more than 800,000 Canadians each year. During the awareness month, facts such as Canada's aging population contributed to an increase in disease burden, and it was stated that glaucoma has the potential to become an epidemic in Canada in the future years, which is expected to enhance the market revenue.
Furthermore, according to a report released in the Investigative Ophthalmology & Visual Science in June 2020, the number of individuals with glaucoma in Mexico by 2030 is expected to hit 1.06 million, rising to 1.27 million in 2040 and 1.43 million in 2050. Furthermore, market participants used various tactics to increase market dominance, including product debuts, developments, acquisitions, partnerships, mergers, and expansions. For example, Topcon will release the Aladdin-M program in the United States in September 2020. The program evaluates corneal curvature, pupil dynamics, and axial length measurements and includes keratoconus detection characteristics.
Asia Pacific region showed lucrative revenue growth during the forecast period due to the growing geriatric population in countries such as China and India, emerging markets embracing advanced optometry equipment, and rising knowledge about the advantages of optometry equipment are all driving development in this market. Additionally, the rising prevalence of eye illnesses such as glaucoma and blindness contributes to the expansion of regional revenue growth.
Optometry Equipment Market Competitive Landscape
The global optometry equipment market is fairly competitive, with many small and major surgical/medical device manufacturers providing goods for eye diagnoses and therapies.
Major players operating in the global optometry equipment market include:
Optometry Equipment Market Strategic Development
The expected size of the global optometry equipment market in 2031 is 4.2 billion.
The revenue CAGR of the optometry equipment market during the forecast period will be 5.3%.
Major players in the global optometry equipment market include Carl Zeiss Meditec AG, Haag-Streit Group, and Topcon Medical Systems, among others.
The retina examination segment led the global optometry equipment market.
Asia Pacific is the key growth region in the global optometry equipment market.
*Insights on financial performance are subject to the availability of information in the public domain