Ophthalmic Equipment Market on the Rise as Global Demand Increases

Posted 2024-02-23 10:57:19

Ophthalmic equipment market analysis by product, application and end-user - global forecast till 2032. The global ophthalmic equipment market size is anticipated to exhibit a CAGR of 5.10% during the forecast period (2022-2032), driven by a combination of factors such as increasing prevalence of eye disorders, aging population, and technological advancements in diagnostic and surgical ophthalmic equipment. This market encompasses a diverse range of devices, including diagnostic equipment, surgical instruments, and vision care products.

The prevalence of eye-related conditions like cataracts, glaucoma, and age-related macular degeneration is on the rise, especially with the growing aging population. This demographic trend is a significant driver for the demand for ophthalmic equipment. Additionally, technological innovations, such as advanced imaging systems, femtosecond lasers, and minimally invasive surgical techniques, are enhancing the accuracy and effectiveness of ophthalmic diagnostics and treatments.

Geographically, North America and Europe currently dominate the market due to well-established healthcare infrastructure, a high prevalence of eye disorders, and early adoption of advanced technologies. However, the Asia-Pacific region is emerging as a lucrative market, propelled by increasing healthcare awareness, rising disposable income, and a growing demand for quality eye care services.

The Ophthalmic Equipment Market is expected to continue expanding as the global population ages and the incidence of eye-related disorders increases. Advancements in diagnostic capabilities and treatment options are likely to further drive market growth in the coming years.

Competition Outlook

Coloplast Ltd, B. Braun Melsungen AG, Medtronic, Teleflex, Cook, and Medline Industries, Inc. are prominent names in the global ophthalmic equipment market.

Segmentation

The global ophthalmic instrument is segmented by product, application, and end-user.

By product, it is segmented ophthalmology surgical devices, vision care devices, diagnostic and monitoring devices, and others.

By application, it is segmented into retinal detachment, glaucoma, amblyopia, cataract, and others.

By end-user, it is segmented into research centers, diagnostic centers, ophthalmology clinics, hospitals, and others.

Regional Analysis

The Middle East & Africa (MEA), Europe, Asia Pacific (APAC), and the Americas are the main regions considered during the compilation of the market report.

The Americas is expected to dominate the global market due to the presence of various ophthalmic diseases and disorders. North America and South America are two major regions which hold the potential for accumulating significant revenue for the ophthalmic equipment market. Presence of major players, presence of eye diseases, and allocation of health expenditure are factors driving the market growth. Investment in research and development can boost the global market of ophthalmic equipment. For instance, universities and research institutes have invested close to USD 12.5 billion.

Europe held a 25% market share as of 2016 and may continue to do so through 2030. The diagnostic and treatment options for eye problems are among the factors boosting market growth. The market may benefit from the additional healthcare spending that the governments of the region's nations have set aside. Germany and the United Kingdom are two nations that are assisting the market's expansion.

The APAC region is estimated to exhibit an agile growth rate due to the demand for diagnostic tests and immense demand for advanced diagnostic equipment for treatment of gastrointestinal (GI) diseases. Other factors driving the regional growth are sedentary lifestyle habits, addiction to smoking, and other disorders caused by hectic lifestyles. The large geriatric populace in economies of China and India can signal the need for devices able to discern eye diseases at a preventive stage. According to the UN Economic and Social Affairs report , people aging over 60 can increase at a rate of 131.8% till 2050.

The MEA region, which includes Africa, has the lowest market share since there aren't many resources devoted to enhancing the region's medical infrastructure, there aren't many facilities available, and Africa's economy is in trouble.