Optometry equipment are usually operated by optometrist or ophthalmologist to examine, diagnose, treat, and manage diseases and disorders of the visual system, the eye, and deformities associated with eye structures as well as diagnose eye related systemic disorders. Optometry equipment include set of equipment used for cornea and cataract examination, retina and glaucoma examination and for general examination purposes. These optometry instruments include retinoscopes, visual field analyzers, fundus cameras, autorefractors and keratometers, ophthalmoscopes, specular microscopes, wavefront aberrometers, and others.
Global optometry equipment market is estimated to be valued at US$ 4,062.1 million in 2022 and is expected to exhibit a CAGR of 5.8% during the forecast period (2022-2030).
Figure 1.Global Optometry Equipment Market Share (%), by End User, 2022
Increasing incidences of eye disease and vision loss have led to introduction of new technologies to drive growth of the optometry equipment market
Increasing incidences of eye disease and vision loss have led to introduction of new technologies and methods by optometry instrument manufactures. For instance, HAAG-STREIT is a leading manufacturer of medical practice equipment, in January 2021, the company announced the launch of Lenstar Myopia, owing to the increasing demand for myopia management. The device performs accurate predictions about the onset and progression of myopia which is expected to drive the adoption of optometry equipment over the forecast period.
|Base Year:||2021||Market Size in 2022:||US$ 4,062.1 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||5.8%||2030 Value Projection:||US$ 6,375.2 Mn|
Canon Inc., Carl Zeiss AG, Escalon Services, Inc., Essilor International S.A., Haag-Streit AG, Heidelberg Engineering GmbH, Heine Optotechnik GmbH & Co. KG, Luneau Technology Group, NIDEK CO., LTD., Novartis International AG, and Topcon Corporation
|Restraints & Challenges:||
Figure 2.Global Optometry Equipment Market Share (%), by Region, 2022
Rising prevalence of eye disease is expected to augment the market growth during the forecast period
Rising prevalence of most common eye disease such as age-related macular degeneration (AMD), cataract, glaucoma, and diabetic retinopathy are major driving factor for growth of the optometry equipment market. For instance in October 2021, according to WHO, Globally, at least 2.2 billion people have a near or distance vision impairment. In at least 1 billion – or almost half – of these cases, vision impairment could have been prevented or has yet to be addressed.
Global Optometry Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus. Most people infected with the virus experience mild to moderate respiratory illness and recover without special treatment. However, some become seriously ill and require medical attention. Older people and people with underlying diseases such as cardiovascular diseases, diabetes, chronic respiratory diseases or cancer are more likely to develop serious illnesses. In addition, COVID-19 has led to a huge increase in demand for medical supplies such as personal protective equipment such as masks, gloves and goggles. Due to the increasing number of COVID-19 cases worldwide, the need for medical care is increasing, both from healthcare professionals and from the civilian population for preventive measures.
Owing to the corona virus, the eyeware industry had face some potential threats, such as people are not going for routine eye exam; patients were putting off medical treatments. The demand for medical supplies to care for the infected population has increased.
Global Optometry Equipment Market: Key Developments
In Jan 2022, Advancing Eyecare, North America's leading provider of ophthalmic instruments and portfolio company of Atlantic Street Capital (ASC), announced the acquisition of Santinelli International, a respected leader and award–winning provider of optical finishing equipment. Advancing Eyecare is currently comprised of Lombart Instrument, it offers the broadest product portfolio, the most knowledgeable people, and the most reliable service in the industry.
In October 2020, CECOP USA, the global independent optical association, announced that it has entered into an exclusive partnership with Digital Optometrics, a developer of telehealth system The partnership aligns with CECOP USA’s strategy for growth, which includes forming alliances with the largest and most innovative brands that deliver value to optometrist and optician members.
Global Optometry Equipment Market: Restraint
The major factors that hinder growth of the global optometry equipment market include high cost of optometry equipment products, owing to the high cost associated with research and development activities and limited infrastructural activities and awareness in the emerging economies are expected to restrict the market growth.
Major players operating in the global optometry equipment market include Canon Inc., Carl Zeiss AG, Escalon Services, Inc., Essilor International S.A., Haag-Streit AG, Heidelberg Engineering GmbH, Heine Optotechnik GmbH & Co. KG, Luneau Technology Group, NIDEK CO., LTD., Novartis International AG, and Topcon Corporation.
Optometry equipment are used to examine, diagnose, treat, and manage disease, injuries, disorders of the visual system, and associated structures. Moreover, it is used to identify systemic conditions affecting the eye. New technologies and diagnostic tools in optometric practice enhance the function of optometrist’s clinical skills and optometry clinic instrumentation facilities. Increasing incidence of eye diseases, availability of employer-sponsored vision care benefits, such as vision care insurance, discounted vision exams, glasses and contact lenses, increasing awareness regarding benefits of routine eye examination and reimbursement coverage for optometry services are expected to propel demand for advanced optometry equipment during the forecast period.
Increasing incidence of various eye disease and new technology advancements in optometry equipment, which helps to expand the scope and efficiency in vision care practices are expected to fuel growth of the optometry equipment market. Moreover, the initiatives taken by the government to control the visual impairment is another major factor imposing a positive outlook on the market growth. A key factor in the prevalence of blindness is the inadequate availability of primary eye care, compounded by a lack of awareness and poor access to quality eye care products. In addition, increasing healthcare spending and technological advancements are other factors contributing to the market growth New diagnostic tools in the field of optometry equipment market such as digital fundus camera, optimal coherence tomography, advanced retinal camera, tonometer, specular microscope, ultra wide field internal imaging camera, slit camera, visual field tester, automated refractor, and advanced phoropter are improving the diagnostic ability of an optometrist.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.