Ophthalmic Equipment Market – Overview
Ophthalmic equipment is used in the various corrective and surgical processes to treat ophthalmic diseases. Ophthalmic diseases can affect the eyesight leading to the impairment of vision. The most common symptoms of ophthalmic diseases include eyestrain and red eyes among others. Glaucoma, amblyopia, macular degeneration, and cataract are some of the major concerns causing ophthalmic diseases.
The prevalence of ophthalmic diseases has been increasing over the last few years due to factors such as environmental changes, pollution, and the adoption of an unhealthy lifestyle. As a result, the ophthalmic equipment market is growing pervasively.
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Simultaneously advancements happening in the medical science alongside the growing demand for therapeutic modalities of the disease are providing with a variety of ophthalmic equipment that are offering good outcomes. Resultantly, the ophthalmic equipment market is getting escalated on the ascending height, witnessing a huge demand.
Recognizing the kind of growth, this market is witnessing currently, Market Research Future (MRFR) in its recently published study report asserts that the global ophthalmic equipment market is estimated to witness a steady growth by 2023, in terms of value registering a strong CAGR over the forecasted period (2017 – 2023).
Ophthalmic Equipment Market - Key Players
Some of the key players in this market are Alcon (U.S.), Bausch & Lomb (U.S.), Carl Zeiss Meditec (Germany), Johnson & Johnson (U.S.), Essilor International S.A. (France), Haag-Streit (Switzerland), Nidek (Korea), Staar Surgical (U.S.), Topcon Corporation (Japan), Ziemer Ophthalmic Systems (Switzerland), Hoya Corporation (Japan), Ridex Corporation (U.S.), and others.
Ophthalmic Equipment Market - Regional Analysis
The Americas dominates the global ophthalmic equipment market owing to the increasing prevalence of ophthalmic diseases and presence of a well-developed healthcare sector within the region. Moreover, the increasing healthcare expenditure and presence of key players within the regional boundaries provide a favorable background for the market growth.
Europe is the second largest in the global ophthalmic equipment market. Factors such as the increasing availability of funds for research and a huge patient population followed by a well-developed healthcare sector drive the market within the region.
Asia Pacific is estimated to be the fastest growing market for ophthalmic equipment. This can be attributed to the presence of developing economies such as India and China and a huge patient population suffering from ophthalmic diseases. Moreover, the increasing healthcare expenditure and a rapidly developing healthcare sector boost the market growth within the region.
On the other hand, the Middle East and Africa has the least share in the global ophthalmic equipment market due to the low per capita healthcare expenditure and stringent government policies, especially within the African region. It is estimated that the Middle East holds a majority of the market within the Middle Eastern and African region.
Ophthalmic Equipment Market - Segmentation
The market can be segmented into four key dynamics for enhanced understanding;
By Products: Vision Care Devices (spectacles and contact lenses), Ophthalmology Surgical Devices, Vitreoretinal Surgical Devices, Refractive Surgical Devices, and Diagnostic & Monitoring Devices among others.
By Applications: Glaucoma, Amblyopia, Cataract, and Retinal Detachment among others.
By End-Users: Hospitals, Ophthalmology Clinics, Diagnostic Centers, and Research Centers among others.
By Regions: Europe, North America, APAC and Rest-of-the-World.
Industry/ Innovation /Related News:
January 11, 2019
A private equity firm, Atlantic Street Capital has recently announced that they will form Advancing Eyecare Holdings with the partnership of its portfolio company Lombart Instrument which is the leading U.S. distributor of ophthalmic instruments to optometrists and ophthalmologists, and Marco Ophthalmic Inc (Marco).
September 10, 2018
Ophthalmic Instruments Inc. (US), a leading global player sells and services the costly equipment used for to pre-test diagnose and examine patients' eyes announced the expansion in the Colorado state. The new showroom, a service center and warehouse will support the company's growth strategy.
October 23, 2018
MacuLogix, Inc. (US), a leading global company involved in the development of tools for early diagnose, monitor, and treatment of age-related macular degeneration (AMD) patients announced signing an international distribution agreement with Clarion Medical Technologies (Canada), a leading provider of medical and aesthetic equipment and consumables.
Alongside the distribution support, the acquisition will add Clarion’s AdaptDx, automated dark adaptometer to MacuLogix Vision division's portfolio of products.
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