NEW YORK, March 10, 2021 /PRNewswire/ -- The designation of the global veterinary industry as an essential service through 2019 and 2020 has largely nullified the effects of the coronavirus pandemic on the veterinary ophthalmic equipment prospects for 2021. Rise in urbanization, and the trend of humanizing pets along with growing awareness about ailments such as glaucoma, cataract, macular degeneration, and retinopathy, are key aspects discussed in the veterinary ophthalmic equipment study by consulting firm Fact.MR. The study recalibrates pre-COVID-19 estimates, on the basis of broader developments across the pet and animal husbandry industries.
According to Fact.MR, the market is estimated to surpass a value of US$ 785 Mn in 2031, achieving a decent growth rate since 2016. Bodies such as the American Animal Hospital Association and the American Veterinary Medical Association have collaborated to provide guidelines for telehealth practices for small animal clinics. These changes in veterinary practices are anticipated to fuel developments for veterinary ophthalmic equipment to minimize any detrimental impacts arising from the pandemic.
Ophthalmic Equipment to Register Notable Upswing for Canine and Equine Applications
According to Fact.MR's analysis, canine and equine species are most commonly affected by ocular issues. This is especially true in cases of traumatic eye injuries and ocular setariasis. On the other hand, cases of corneal opacity were more commonly observed among buffaloes and caprines.
According to a report by the Indian Veterinary Research Institute, ocular issues were more common among animals in the age group of more than 5 years. Also, eye disease occurred more frequently among males in canine and equine species, and females for cattle species. These are essential factors that are expected to drive developments in the market in the coming decade.
"Rising awareness of among pet owners about animal health issues including infectious diseases and changes in cultural influences towards humanization of pets are expected to fuel the growth of the veterinary ophthalmic equipment market. Ease of access to medical information and details about professionals over the Internet are factors supporting long-term growth," says a Fact.MR analyst.
Key Takeaways from Fact.MR's Veterinary Ophthalmic Equipment Study
By product type, handheld devices are likely to account for the dominant share, spurred by tech advancements in handling and accuracy.
Small animal applications are posed to receive significant impetus, driven by rapid growth in pet ownership rates.
Diagnostic veterinary ophthalmic equipment sales will hold the lead through the forecast period, owing to increased spending from veterinary hospitals.
Veterinary clinics remain major spenders on ophthalmic equipment owing to easier access for animal owners.
Favorable reimbursement policies to support veterinary ophthalmic equipment sales across the US.
UK to experience rapid growth owing to growing cases of eye ailments and cost-effective diagnostics.
China to experience a significant upsurge, amid growing emphasis on the large pet population base.
Portfolio Expansion Strategies through Acquisition to Gain Ground Amidst Key Players
Prominent veterinary ophthalmic equipment manufacturers profiled by Fact.MR include Bausch & Lomb Inc., Icare Finland Oy, LKC Technologies Inc., AMETEK Inc., HEINE Optotechnik GmbH & Co. KG, HAAG-STREIT Group, Welch Allyn, and Nanjing Redsun Optical Co. Ltd. among others. The presence of multiple regional players has kept the market largely competitive.
An important aspect of key manufacturers is expanding product portfolios. For instance, in March 2021, OmniVision Technologies Inc. announced the launch of the OVMed OCHTA camera module with a 400x400 resolution at 160K pixels offering superior anatomical access.
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Further, Katena Products announced the acquisition of Rhein Medical Inc. aimed towards the expansion of handheld instrumentation portfolio. Also, Europe based Fotona completed the acquisition of the Fox III and Fox IV laser systems and the EmunDo Therapy system from A.R.C. Laser GmbH including veterinary ophthalmic applications.
More Insights on the Veterinary Ophthalmic Equipment Market
Fact.MR, in its latest offering, provides an unbiased analysis of the global veterinary ophthalmic equipment market, presenting historical demand data (2016-2020) and forecast statistics for the period of 2021-2031. The study divulges essential insights on the market on the basis of product (diagnostic devices[tonometer, fundus cameras, portable ERG devices, ophthalmoscopes, slit lamps], surgical equipment and disposables[operating microscopes, phacoemulsification devices, ophthalmic surgical instruments, bandage contact lenses, viscoelastic, intraocular lenses, and others]), and end users (veterinary medical centers & colleges, veterinary hospitals, veterinary clinics[small animal clinics, large animal clinics, and exotic animal clinics]), across seven major regions of the world (North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa).
Key Questions Covered in the Report
How is the global veterinary ophthalmic equipment market expected to grow in 2021?
Why is the demand for veterinary ophthalmic equipment gaining momentum?
How is urbanization influencing veterinary ophthalmic equipment sales in the future?
What factors are attracting prominent veterinary ophthalmic equipment manufacturers to China?
Why is Europe a lucrative hub for key veterinary ophthalmic equipment market players?
How do growth prospects appear for the US, UK and French markets?
Which are the prominent veterinary ophthalmic equipment manufacturers profiled in Fact.MR's report?
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