The ophthalmic equipment market is estimated to reach USD 58.44 billion by 2023 from USD 49.30 billion in 2018, at a CAGR of 3.5%. Some of the factors driving the growth of the ophthalmic equipment market are the increasing number of ocular disorders, technological advancement in ophthalmic devices, and increasing government initiatives to control visual impairment across the globe.
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In this report, the market is segmented by product, end user, and region. By product, the ophthalmic equipment market is broadly segmented into diagnostic & monitoring devices, ophthalmology surgical devices, and vision care products. The vision care products segment accounted for the largest share of the ophthalmic equipment market in 2017. The large share of this segment can be attributed to the technological advancements in lens materials, increasing aging population and related eye disorders, and growing awareness about eyesight correction. Whereas, the surgical devices segment is expected to register the highest growth during the forecast period is mainly due to the rising prevalence of eye disorders and diabetes in the overall population across the globe as well as technological advancements in ophthalmic surgical instruments.
Based on end user, the ophthalmic equipment market is segmented into consumers, hospitals, specialty clinics & ambulatory surgical centers (ASCs), and other end users (medical education centers, eye research institutes, and laboratories). The consumers segment held the largest share in 2017. The large share of this segment is mainly attributed to the extensive adoption of spectacles and contact lenses by consumers. On the other hand, the specialty clinics and ASCs segment is expected to register the highest growth during the forecast period owing to the rising number of surgeries, increasing number of ASCs, and growing initiatives by governments for the development of such centers.
The Asia Pacific (APAC) region is expected to witness the highest growth rate during the forecast period. Asian countries, particularly China and India, are expected to offer significant growth opportunities for the market players operating in the ophthalmic equipment market. The high growth in these markets can be attributed to their increasing geriatric populations and rising healthcare needs for eye care.
The prominent players in the ophthalmic equipment market are Essilor (France), Alcon (Switzerland), Johnson & Johnson Vision Care (US), Bausch + Lomb (US), Haag-Streit (Switzerland), TOPCON (Japan), Carl Zeiss Meditec (Germany), NIDEK (Japan), STAAR Surgical (US), HOYA (Japan), and Ziemer Ophthalmic Systems (Switzerland). These companies adopted strategies such as acquisitions, partnerships, collaborations, agreements, expansions, and product launches to enhance their presence in the ophthalmic equipment market.
