Ophthalmic Equipment Market to grow at an Impressive CAGR During the Forecast Period
Increased demand for LASIK treatment
drives the Global Ophthalmic Equipment Market in the forecast period, 2022-2026.
According
to TechSci Research report, “Global Ophthalmic Equipment Market By Product (Vision Care
Products, Ophthalmology Surgical Devices, Diagnostic and Monitoring Devices,
Others) By Application (Glaucoma, Amblyopia, Cataract,
Retinal Detachment, Others) By End User (Hospitals
& Clinics, Ambulatory Care Centers, Others) By Region, Competition
Forecast & Opportunities, 2026”,
the global ophthalmic equipment market is projected to grow at an impressive
CAGR in the forecast period, 2022-2026, owing its growth to the attributes like
surge in demand of non-invasive or minimally invasive medical devices for the
diagnostic and surgical procedures. Eye-related targeted diseases are rapidly
increasing and the patient count for these targeted diseases are increasing
haphazardly too. This factor is actively driving the share of the global
ophthalmic equipment toward a positive growth. Diseases like glaucoma,
cataract, macular degeneration, and diabetic retinopathy are creating a
dangerous scenario for the eye patients. These target diseases’ cases are
increasing due to the various factors like, environmental factors, bad
lifestyle choices, and genetic conditions that leads to eye diseases and vision
disorders and thus create demand for the ophthalmic equipment and thereby
driving the growth of the global ophthalmic equipment market.
In
the year 2020, market suffered a loss due to the onset of pandemic in the first
quarter of the year. The world economy was disrupted since the market was shut
down. Manufacturing units, and distributors were halted from carrying out their
operations due to complete lockdown. In the latter half of the year, market
regained its growth and is now anticipated to overcome the setback and grow at
the anticipated CAGR in the forecast period. Although the pandemic has not yet
subsided completely, but the introduction of the vaccinations has improved the
chances and thereby growth of the healthcare industry as a whole.
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The global ophthalmic equipment market is segmented
by product, application, end user, regional distribution,
and competitional landscape. Based on application the market is further
bifurcated into glaucoma, amblyopia, cataract, retinal detachment, and others. Due
to the rising geriatric population, and increased emphasis on the healthcare industry
ophthalmic equipment are widely used in the diagnostic and surgical process.
The devices are actively used in various applications like glaucoma, amblyopia,
cataract, retinal detachment, etc. Cataract is the most common disease that is
found in the geriatric population. The treatment for the same drives the growth
of the global ophthalmic equipment market in the forecast years, 2022-2026.
Based
on end user the market is categorized into hospitals & clinics, ambulatory
care centers, others. Hospitals & clinics specializing in the ophthalmic
treatment are anticipated to dominate the market in the next five years.
Specialized ophthalmic clinics and hospitals provide complete service during a
surgery. The patient can be admitted, monitored and provided the treatment at
one place. Post-surgery monitoring and processes can also be completed under
the guidance of the surgeons and experts at same place, providing complete
treatment without any complications. Hospitals and specialized clinics can afford
the ophthalmic equipment that are expensive otherwise, thus becoming a major
growth booster for the global ophthalmic equipment market.
Some
of the major competitors in the market are EssilorLuxottica SA, Alcon Inc.,
Johnson & Johnson Vision Care, Hoya corporation, CooperVision, Inc., Bausch
& Lomb Inc, Carl Zeiss Meditec AG, Topcon Corporation, Glaukos Corporation,
Haag-Streit Holding, STAAR Surgical Company, Ziemer Ophthalmic Systems AG,
Heidelberg Engineering, Inc., Canon Inc., Optovue, Inc, among others.
Technically advanced equipment that are cost effective would support the new
players.
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“North America is a promising region for
the growth of the market. The region has proven its dominance in the historical
years, and with its excellent healthcare services the region is anticipated to
dominate the global market in next five years. Large economies like United
states along with some European countries would experience rapid penetration of
technologically advanced devices and extensive research and development highly
advanced ophthalmic equipment government will support the market with its own funding
that would strengthen the market,” said Mr. Karan Chechi, Research Director
with TechSci Research, a research based global management consulting firm.
“Global Ophthalmic Equipment Market By Product
(Vision Care Products, Ophthalmology Surgical Devices, Diagnostic and
Monitoring Devices, Others) By Application (Glaucoma, Amblyopia, Cataract,
Retinal Detachment, Others) By End User (Hospitals & Clinics, Ambulatory
Care Centers, Others) By Region, Competition Forecast & Opportunities, 2026”, has evaluated the future
growth potential of global ophthalmic equipment and provides statistics &
information on market size, structure and future market growth. The report
intends to provide cutting-edge market intelligence and help decision makers take
sound investment decisions. Besides, the report also identifies and analyzes
the emerging trends along with essential drivers, challenges, and opportunities
in global ophthalmic equipment.
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