Global Ophthalmic Equipment Market is anticipated to grow at a substantial CAGR from 2019 to 2030
Market Industry Reports (MIR) has published a new report titled “Ophthalmic Equipment Market - Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2019–2030.” According to the report, the global ophthalmic equipment market is estimated to be over US$ 50 Bn in 2018. It is anticipated to grow at a substantial CAGR from 2019 to 2030.
The continuous growth of the ophthalmic equipment market can be attributed to increase in eye related diseases such as glaucoma, cataract, diabetic retinopathy and others. In addition, factors such as rapid technological advancements, technological advanced minimally invasive surgeries, such as LASIK surgery, increasing geriatric population and rising Age-related macular degenerations (AMD) are expected to boost the global ophthalmic equipment market. In 2018, according to National Eye Institute, in U.S. among older white Americans, more than 14 percent of white Americans age 80 and older affected by AMD. However, high cost of contact lenses, ophthalmic equipment and risks associated with it, coupled with lack of skilled ophthalmologists, and poor reimbursement policies for ophthalmic equipment restraint the growth of the target market.
According to World Health Organization, approximately 1.3 billion people are living with some form of distance or near vision impairment across the globe. The majority of people with vision impairment are over the age of 50 years. Increase in population growth and ageing will lead to the rise in the risk of more people being afflicted by vision impairment. Vision impairment can be caused by diseases such as glaucoma, cataract, and diabetic retinopathy. Subsequently, increasing prevalence of these diseases related to eyes is expected to propel the growth of the ophthalmic equipment market across the globe.
LASIK surgery is used to improve vision and reduces a persons need for glasses or contact lenses. In 2018, according to National Centre for Biotechnology Information, improvement shown in excimer laser technology that is used in LASIK surgery performed for corneal ablation provides superior results compared to microkeratomes and earlier lasers. The growing geriatric population leads to increasing burden on health systems and which results in ailment of the eye. According to World Health Organization, the proportion of the worlds population over 60 years will nearly double from 12% to 22% between 2015 and 2050. This is also expected to drive growth of the ophthalmic equipment market.
Browse key industry insights spread across 150 pages with market data tables & figures & charts from the report, Global Ophthalmic Equipment Market by Product (Diagnostic and Monitoring Devices, Cataract Surgical Devices, Glaucoma Surgical Devices, Refractive Surgical Devices, Vitreoretinal Surgical Devices, Ophthalmic Microscopes, Ophthalmic Accessories, Vision Care Products) By Usage (Reusable Instruments & Disposable Instruments), By End User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers (ASCs), Consumers) - Analysis & Forecast 2019-2030. in detail along with the table of contents:https://www.marketindustryreports.com/ophthalmic-equipment-market/103
High cost of ophthalmic contact lenses and equipment makes it less accessible to people of lower economic strata. In addition, wearing of contact lenses can develop several serious conditions including eye infections and corneal ulcers. Moreover in rare cases, these conditions can cause blindness. In 2018, according to Centers for Disease Control and Prevention, Serious eye infections that can lead to blindness affect up to 1 out of every 500 contact lens users per year. So, this factor is also expected to impede the growth of the market.
North America dominated the global ophthalmic equipment market owing to growing geriatric population and rise in awareness regarding diagnosis of ophthalmic diseases such as cataract and glaucoma. The Asia Pacific ophthalmic equipment market is expected to grow at the highest CAGR over the forecast period due to the rapidly improving healthcare infrastructure, increasing number of eye disorders such as glaucoma, and increasing awareness of patients towards it. In addition, the growth of this market can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc. in Asia Pacific region.
The prominent players in the global ophthalmic equipment market are, Essilor, Alcon (Novartis AG), Johnson & Johnson, Bausch Health, Haag-Streit Group, TOPCON CORPORATION, Carl Zeiss, Meditec AG, STAAR Surgical Company, Ziemer Ophthalmic Systems & HOYA Corporation among others.
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