Award winning market research company Fact.MR’s global optometry equipment market report forecasts a positive growth outlook for 2021, attributed to increasing frequency of ophthalmic screening procedures to address visual defects amid the new normal of reliance on gadgets for business and leisure purposes. Long-term prospects also appear optimistic, with Fact.MR projecting a CAGR of nearly 4% through 2031.
The market witnessed credible gains in the past, reaching a valuation of US$ 4 billion in 2019. Opportunities have opened up amid increasing prevalence of diabetic retinopathy, diabetic macular edema, and penetration of advanced technologies to streamline screening procedures. Manufacturers are increasingly targeting markets across Asia Pacific, with India likely to emerge at the forefront.
In addition, players are also leveraging collaborations to augment their market presence. For instance, in October 2020, Myopia Profile Pty Ltd. and Essilor International announced a partnership to empower eye care practitioners with clinical knowledge, skills, and practice in managing childhood myopia. Also, in 2019, Zeimer Ophthalmic Systems introduced its AQUARIUZ ablation laser for refractive surgeries. Such launches and collaborations are expected to provide a significant nudge to market growth over the coming years.
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Key Takeaways from Market Study
- Demand for ophthalmic diagnostic devices likely to surge amid increased need for technologically-advanced diagnosis
- By end user, hospital outpatients account for maximum optometry equipment usage on the back of rising demand for faster procedures
- U.S. to experience high volume sales amid increasing demographic shift towards a geriatric population base
- Growing demand for age-related macular degeneration (AMD) to heighten adoption for screening across the U.K.
- Favorable reimbursement & insurance coverage and increased research funding to pivot market growth in Germany and France
- Increasing governmental & non-governmental efforts to mitigate ophthalmic disorders to heighten growth prospects across India
“Growing incidence of multiple ophthalmic disorders have accelerated funding for research to discover novel therapeutic and diagnostic approaches. Furthermore, increasing involvement of the NGO sector is providing major headway to the deployment of optometry equipment for eye surgeries,” says a Fact.MR analyst.
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Carl Zeiss Meditec AG, HAAG-STREIT GROUP., Topcon Medical Systems, NIDEK CO., LTD, Heidelberg Engineering Inc., Novartis AG, and Canon Singapore Pte. Ltd, ESSILOR INTERNATIONAL S.A., HEINE Optotechnik GmbH & Co. KG, and Ziemer Ophthalmic Systems AG are some prominent manufacturers of optometry equipment.
- In February 2021, NIDEK CO. LTD announced the launch of its B-scan Denoising Software for the NIDEK OCT series. The software converts a B-scan retinal OCT image to a high definition image by a denoising technique using deep learning. The platform is set to assist in creating clear retinal images generated by averaging 120 images.
- In December 2020, Heidelberg AG undertook a capacity expansion program by creating a new, modern industrial and commercial park at its Wiesloch/Walldorf site. The expansion project is being carried out in conjunction with the VGP Group. This expansion is anticipated to aid the company in enhancing its manufacturing capabilities, providing traction to its optometry equipment production portfolio.
More Valuable Insights
Fact.MR, in its new offering, presents an unbiased analysis of the global optometry 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 (cataract surgery devices, glaucoma surgery devices, ophthalmic diagnostic equipment, vitreo retinal surgery devices, and ophthalmic lasers) and end user (hospital outpatients, physician practice, specialty clinics, ambulatory care centers, and research institutes), across seven major regions of the world (North America, Latin America, Europe, South Asia, East Asia, Oceania, and the Middle East & Africa).
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