Press Release

Global Ophthalmic Equipment Market to Sail Above USD 62 Billion in 2023

The Global Ophthalmic Equipment Market size was valued at USD 62.8 billion in 2023 and is estimated to grow at a CAGR of around 5.9% during the forecast period, i.e., 2024-30, cites MarkNtel Advisors in the recent research report. By capturing highly-detailed images of crucial structures such as blood vessels, optic nerves, and retinas, ophthalmic equipment generates essential insights about overall ocular health, allowing doctors & ophthalmologists' warning signs associated with conditions such as glaucoma or macular degeneration identified far earlier than traditional diagnostic procedures ever could achieve.

The rise in demand for medical equipment utilized in eye treatments is interlinked with changes in population demographics, technological advancements, and amplified awareness of healthcare alternatives backed by enhanced accessibility. The prevalence of various illnesses, such as cataracts & glaucoma causing visual disabilities is alarmingly high.

Moreover, selecting the gear utilized in LASIK surgery, refractive treatments aimed at enhancing vision for cornea or retina-related ailments, along with procedures relevant to eye maladies, like glaucoma and cataracts, has become more widespread due to its impeccable precision & accuracy when handling optical treatments that offer ophthalmologists significant ROI. These factors together have been vital towards propelling the industry growth forward with great momentum, further states the research report, “Global Ophthalmic Equipment Market Analysis, 2024.”

Global Ophthalmic Equipment Market Segmentation Analysis

Fundus Camera to Hold Major Share of the Ophthalmic Equipment Market

Based on the diagnostic & monitoring devices segment, the market is further bifurcated into Optical Coherence Tomography Scanners, Fundus Cameras, Perimeters/Visual Field Analyzers, Autorefractors & Keratometers, Ophthalmic Ultrasound Imaging Systems, Tonometers, Slit Lamps, Phoropters, Wavefront Abberometers, Optical Biometry Systems, Ophthalmoscopes, Lensmeters, Corneal Topography Systems and Others. Among all, the Fundus Camera is a dominant player in the field of ophthalmic ultrasound imaging systems due to its exceptional ability to reveal eye-related mysteries & identify potential vision-threatening ailments at an early stage. This technology's superiority over other alternatives can be attributed to several factors, including painless and non-invasive access to delicate areas like the retinas for routine check-ups or chronic eye condition monitoring.

North America to Overpower Other Regional Markets

The Ophthalmic Equipment Industry is projected to be predominantly led by North America. This can be attributed to the region's high healthcare expenditure rates, resulting in substantial investments in advanced ophthalmological technology. Such advancements promote the application and acceptance of novel techniques that broaden opportunities for preventive measures as well as vision restoration processes. The area also boasts exceptional research institutions and medical centers with highly progressive ocular R&D initiatives, cultivating a dynamic environment where innovation thrives, constantly yielding new augmented equipment offerings into the market domain.

Competitive Landscape

With strategic initiatives, such as mergers, collaborations, and acquisitions, the leading market players, including Bausch Lomb, Alcon, Carl Zeiss Meditec Ag, Johnson & Johnson, Hoya Corporation, Essilorluxottica, Canon, Glaukos Corporation, Nidek Co., Ltd., Topcon Corporation, BVI, Dorc, Corza, The Cooper Companies Inc, and Others, are looking forward to strengthening their market position.

Key Questions Answered in the Research Report

1. What are the industry’s overall statistics or estimates (Overview, Size- By Value, Forecast Numbers, Segmentation, Shares)?
2. What are the trends influencing the current scenario of the market?
3. What key factors would propel and impede the industry across the region?
4. How has the industry been evolving in terms of geography & product adoption?
5. How has the competition been shaping across various regions?
6. How has the buying behavior, customer inclination, and expectations from product manufacturers been evolving during 2019-30?
7. Who are the key competitors, and what strategic partnerships or ventures are they coming up with to stay afloat during the projected time frame?