The ophthalmic equipment market is projected to grow at a CAGR of 2.25% to reach US$49.618 billion by 2026 from US$42.471 billion in 2019.
Ophthalmic equipment is used in the process of ophthalmology. It's the medicines and surgery used in treating and diagnosing eye disorders. Many diseases such as cataracts, proptosis, glaucoma, macular degeneration, and dry eye syndrome are treated by ophthalmologists. Some of the types of equipment used includes:
A major reason for the growth of this market is the promptly growing aged population.
According to World Health Organisation, “By 2050, the world’s population aged 60 years and older is expected to total 2 billion and there will be almost this many (120 million) living in China alone of the age group 80 years and above, and 434 million people in this age group worldwide.” The number of people aged 60 years and above accounted for 1 billion of the total population in 2019. According to the World Health Organisation, people aged 52 years or above constituted 82 percent of the blind population. Half of the world’s population is constituted in China and India. According to the UN, Economic and Social report, the population of people aged 65 years and above is expected to increase to 587.4 million people by 2030 from 395.3 million in 2019, in Asia. The prevalence of eye-related diseases in them times lesser in children. With the rapidly growing geriatric population, the prevalence of eye diseases is becoming more prominent. Moreover, vision loss is becoming a cause of concern. With an increase in chronic disorders such as diabetes and hypertension among the aged population, eye diseases have become more significant. All this will increase the population of people suffering from eye disease substantially and are expected to contribute to the growth of the market.
The technological advances in the developing countries are expected to drive the demand for this market in the forecast period.
According to the World Health Organisation, “More than 1 billion people worldwide are living with vision impairment because they do not get the care they need for conditions like short and farsightedness, glaucoma, and cataract.”
“Globally, at least 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion have a vision impairment that could have been prevented or has yet to be addressed.” The limitation of eye disorder is not equally borne. It is much more prevalent in people living in rural areas, women, low-income groups, and the indigenous populations. According to the World Health Organisation, distance vision impairment is four times greater in low-income and middle-income countries than the high-income countries. Low and middle-income regions of sub-Saharan Africa and South Asia have an eight times greater rate of blindness when compared to the high-income countries. With the growing digitalization and technological advancement in developing nations, the market for ophthalmic equipment is expected to grow. Also, the increase in the number of people using spectacles and contact lenses is also expected to support the market growth.
The impact of COVID-19 on the ophthalmic equipment market and increase in Research and Development and government initiatives.
The market is expected to be negatively impacted by the ongoing COVID-19 pandemic. There has been a significant drop out in the number of people visiting clinics due to the government norms. The imposition of lockdown has led to a lesser number of people visiting eye health care centers thereby leading to a decline in the number of surgeries. Also, ophthalmologists have rescheduled many surgeries. With the prevalence of pandemics, there has been a significant re-organization in the number of surgeries performed. Thus, COVID-19 is expected to curtail the growth of the market.
Companies are deploying huge amounts of funds for the research and development of new equipment. Also, the government is taking a lot of initiative across the globe in order to control visual impairment. This, in turn, is expected to push the growth of the ophthalmic equipment market in the coming years.
Prominent key market players include Johnson and Johnson Services, HOYA Group, NIDEK Co, HAAG-STRIT Group, etc. The players in the Ophthalmic equipment market are implementing various growth strategies to gain a competitive advantage over their competitors in this market. They are constantly working upon technological innovation.
|Market size value in 2019||US$42.471 billion|
|Market size value in 2026||US$49.618 billion|
|Growth Rate||CAGR of 2.25% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Product, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||Carl Zeiss Meditec AG, Ziemer Ophthalmic Systems AG, Johnson and Johnson Services Inc., Baush and Lomb, Alcon, HOYA Group, NIDEK Co, Ltd., Coburn Technologies Inc., Haag-STRIT Group, Veatch Ophthalmic Instruments|
|Customization scope||Free report customization with purchase|
Frequently Asked Questions (FAQs)
Q1. What will be the ophthalmic equipment market size by 2026?
A1. The ophthalmic equipment market is projected to reach a total market size of US$49.618 billion in 2026.
Q2. What is the size of global ophthalmic equipment market?
A2. Ophthalmic Equipment Market was valued at US$42.471 billion in 2019.
Q3. What are the growth prospects for ophthalmic equipment market?
A3. The global ophthalmic equipment market is projected to grow at a CAGR of 2.25% during the forecast period.
Q4. Who are the major players in the ophthalmic equipment market?
A4. Prominent key market players in the ophthalmic equipment market report include Johnson and Johnson Services, HOYA Group, NIDEK Co, HAAG-STRIT Group, etc.
Q5. What factors are anticipated to drive the ophthalmic equipment market growth?
A5. A major reason for the ophthalmic equipment market growth is the promptly growing aged population.
Carl Zeiss Meditec AG
Ziemer Ophthalmic Systems AG
Johnson and Johnson Services Inc.
Baush and Lomb
NIDEK Co, Ltd.
Coburn Technologies Inc.
Veatch Ophthalmic Instruments
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