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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