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Optometry Equipment Market Worth $6.1 billion | MarketsandMarkets™

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MarketsandMarkets

Mar 19, 2024, 10:01 ET

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CHICAGO, March 19, 2024 /PRNewswire/ -- Optometry Equipment Market in terms of revenue was estimated to be worth $4.5 billion in 2024 and is poised to reach $6.1 billion by 2029, growing at a CAGR of 6.4% from 2024 to 2029 according to a new report by MarketsandMarkets™. The principal drivers propelling the expansion of this market are the growing prevalence of eye illnesses, advancements in ophthalmic device technology, expanding government initiatives aimed at preventing visual impairment, growing healthcare expenses, and rising disposable incomes. Companies in the market for optometry equipment are finding that developing nations like China, Japan, and India provide attractive opportunities.

Download an Illustrative overview: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=14475790

Browse in-depth TOC on "Optometry Equipment Market"

321 - Tables
43 - Figures
290 - Pages

Optometry Equipment Market Scope:

Report Coverage

Details

Market Revenue in 2024

$4.5 billion

Estimated Value by 2029

$6.1 billion

Growth Rate

Poised to grow at a CAGR of 6.4%

Market Size Available for

2022–2029

Forecast Period

2024–2029

Forecast Units

Value (USD Billion)

Report Coverage

Revenue Forecast, Competitive Landscape, Growth Factors, and Trends

Segments Covered

Type, application, end user, and region

Geographies Covered

North America, Europe, Asia Pacific and Rest of the World (Latin America, the Middle East & Africa and GCC Countries)

Report Highlights

Updated financial information / product portfolio of players

Key Market Opportunities

Growth opportunities in emerging countries

Key Market Drivers

Increasing incidence of eye disorders

The retina and glaucoma examination products segment hold the largest share of the optometry equipment market, by type

According to product type, the worldwide optometry equipment market is divided into three segments: goods for general examinations, cornea and cataract examinations, and products for glaucoma and retinal examinations. In2023, the optometry equipment market was dominated by the sector that produced examination goods for glaucoma and retina. The significant portion of the market is due to a variety of factors, including the expansion of clinics, the increasing incidence of glaucoma and retinal disorders, the easier availability to modern ophthalmic diagnostic technologies, and technological advancements in optometry equipment.

General examination segment responsible for the largest share in the market, by application

The market for optometry equipment is divided into segments based on applications, including age-related macular degeneration, cataract surgery, glaucoma, and general exams. As of 2023, the worldwide optometry equipment market was dominated by the general examination segment. The primary factors influencing this segment's size include the aging population, the rise in the prevalence of eye diseases, and the number of cases of diabetes and hypertension.

The eye clinics segment held the largest share in the market, by end user.

By end user, the optometry equipment market is divided into eye clinics, hospitals, and other consumers. The sector that held the biggest share of the global optometry equipment market in 2023 was clinics. This sector makes up a sizeable share of the market because of the vast number of patients treated in clinics and the increasing number of private clinical practices founded by ophthalmologists in emerging countries.

North America aimed for the largest share of the optometry equipment market.

There are five main regions that make up the global market for optometry equipment: North America, Europe, Asia Pacific, and Rest of the World (which includes Latin America, the Middle East & Africa, and GCC countries). In terms of market share, North America led the optometry equipment market in 2023. Some of the contributing factors are the rising prevalence of ocular diseases, the rapidly aging population, the accessibility of state-of-the-art optometry equipment, and the growing utilization of ophthalmology procedures and therapies in this field.

Request Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=14475790

Optometry Equipment Market Dynamics:

Drivers:

  1. Increasing incidence of eye disorders
    a. Cataracts
    b. Glaucoma
  2. Technological advancements in ophthalmic devices
  3. Rising government initiatives to control visual impairment
  4. Increasing healthcare expenditure

Restraints:

  1. High cost of optometry equipment
  2. Growing adoption of refurbished optometry equipment

Opportunities:

  1. Growth opportunities in emerging markets

Challenge:

  1. Growth opportunities in emerging markets

Key Market Players of Optometry Equipment Industry:

The major players leading in optometry equipment market are Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon (Switzerland), Topcon Corporation (Japan), Bausch Health Companies Inc. (Canada), NIDEK Co. Ltd. (Japan), Canon Inc. (Japan), Johnson and Johnson (US), HEINE Optotechnik (Germany), Revenio Group PLC (Finland), Haag-Streit Group (Switzerland) and Heidelberg Engineering (Germany).

Breakdown of supply-side primary interviews, by company type, designation, and region:

  • By Company Type: Tier 1 (40%), Tier 2 (30%), and Tier 3 (30%)
  • By Designation: C-level (27%), Director-level (18%), and Others (55%)
  • By Region: North America (51%), Europe (21%), Asia- Pacific (18%), Latin America (6%), and Middle East & Africa(4%)

Recent Developments of Optometry Equipment Industry:

  • In August 2023, Carl Zeiss launched the ZEISS trifocal technology on a glistening-free hydrophobic C-loop platform and a fully preloaded injector for safe and reliable implantation.
  • In March 2022, Topcon Corporation launched SOLOS, an automatic lens analyzer that enables advanced, accurate, and efficient lens analysis at the touch of a button.
  • In September 2023, Bauch + Lomb acquired XIIDRA to grow in the prescription dry eyes segment.
  • In January 2023Bausch + Lomb acquired AcuFocus to expand its cataract surgical portfolio.

Get 10% Free Customization on this Report: https://www.marketsandmarkets.com/requestCustomizationNew.asp?id=14475790

Optometry Equipment Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall optometry equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

  • Analysis of key drivers (High prevalence of eye diseases, growing geriatric population), restraints (High Cost and use of refurbished equipments), opportunities (Rising healthcare expenditure, Increasing Demand from Emerging Economies), and challenges (low awareness, limited insurance coverage) influencing the growth of the optometry equipment market.
  • Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the optometry equipment market
  • Market Development: Comprehensive information about lucrative markets – the report analyses the optometry equipment market across varied regions.
  • Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the optometry equipment market
  • Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon (Switzerland), Topcon Corporation (Japan) and Bausch Health Companies Inc. (Canada), among others in optometry equipment market.

Related Reports:

Ophthalmic Equipment Market - Global Forecasts to 2029

Intraocular Lens Market - Global Forecasts to 2029

Respiratory Care Devices Market - Global Forecasts to 2028

Top 10 Medical Device Technologies Market - Global Forecasts to 2027

In Vitro Diagnostics Market - Global Forecasts to 2027

About MarketsandMarkets™:

MarketsandMarkets™ has been recognized as one of America's best management consulting firms by Forbes, as per their recent report.

MarketsandMarkets™ is a blue ocean alternative in growth consulting and program management, leveraging a man-machine offering to drive supernormal growth for progressive organizations in the B2B space. We have the widest lens on emerging technologies, making us proficient in co-creating supernormal growth for clients.

Earlier this year, we made a formal transformation into one of America's best management consulting firms as per a survey conducted by Forbes.

The B2B economy is witnessing the emergence of $25 trillion of new revenue streams that are substituting existing revenue streams in this decade alone. We work with clients on growth programs, helping them monetize this $25 trillion opportunity through our service lines - TAM Expansion, Go-to-Market (GTM) Strategy to Execution, Market Share Gain, Account Enablement, and Thought Leadership Marketing.

Built on the 'GIVE Growth' principle, we work with several Forbes Global 2000 B2B companies - helping them stay relevant in a disruptive ecosystem. Our insights and strategies are molded by our industry experts, cutting-edge AI-powered Market Intelligence Cloud, and years of research. The KnowledgeStore™ (our Market Intelligence Cloud) integrates our research, facilitates an analysis of interconnections through a set of applications, helping clients look at the entire ecosystem and understand the revenue shifts happening in their industry.

To find out more, visit www.MarketsandMarkets™.com or follow us on Twitter, LinkedIn and Facebook.

Contact:
Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA: +1-888-600-6441
Email: [email protected]
Research Insights: https://www.marketsandmarkets.com/ResearchInsight/optometry-eye-exam-equipment-market.asp
Visit Our Website: https://www.marketsandmarkets.com/
Content Source: https://www.marketsandmarkets.com/PressReleases/optometry-eye-exam-equipment.asp

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