Optometry Equipment Global Market Report 2024

The global optometry equipment market has grown strongly in recent years. It will grow from $3.42 billion in 2023 to $3.67 billion in 2024 at a compound annual growth rate (CAGR) of 7.5%. The growth observed in the past period can be linked to several factors. Among these are the aging population's increasing demands for vision care and related services, as well as the rise in eye disorders across populations. Improved access to eye care services, coupled with growing consumer awareness regarding eye health, has also significantly contributed to this growth. Moreover, the progress has been supported by global economic advancements and various governmental initiatives that focus on promoting and supporting eye health initiatives.

The global optometry equipment market is expected to see strong growth in the next few years. It will grow to $4.86 billion in 2028 at a compound annual growth rate (CAGR) of 7.2%. Anticipated growth in the upcoming period can be linked to several key drivers. These include the advancements in teleoptometry and remote eye care services, enabling more accessible and convenient vision care. Personalized vision correction solutions are also expected to play a crucial role in driving this growth. There's a rising emphasis on preventive eye care, leading to increased demand for specialized lenses and services, fostering collaboration between optometry and ophthalmology. Key trends in this forecast period encompass integrating artificial intelligence into diagnostics, developing patient-centric technologies, expanding point-of-care testing, customizing and personalizing vision correction, and integrating environmental sustainability into the design of optical equipment.

The optometry equipment market is experiencing growth propelled by the rising prevalence of eye diseases, encompassing various conditions affecting the human eye. These tools are crucial in objectively determining refractive errors and examining the internal eye structure. Optometry equipment facilitates magnified examinations of the eye's anterior segment, assesses cylindrical lens power and axis, and evaluates contact lens power and axis. Citing data from the World Health Organization in 2022, approximately 2.2 billion individuals globally suffer from near or distance vision impairment, with nearly half of these cases being preventable or yet to be addressed. This trend is anticipated to drive the expansion of the optometry equipment market in the foreseeable future.

The optometry equipment market is poised for growth due to the increasing aging population phenomenon, marked by a greater proportion of individuals aged 65 and older. Optometry equipment assumes a critical role in addressing the specific visual needs of this demographic, given the heightened occurrence of age-related eye conditions like presbyopia, cataracts, and macular degeneration. The projected global increase in the elderly population, cited in a 2023 United Nations report, anticipates a doubling from 761 million in 2021 to 1.6 billion by 2050. This demographic shift fuels demand for optometry equipment to cater to the vision care requirements of aging individuals, thereby driving market expansion.

Technological advancement stands as a notable trend shaping the optometry equipment market, with major players continually innovating to maintain market positioning. In December 2022, Vision Rx Lab, an India-based ophthalmic lens manufacturer, introduced the Nova Ai lenses, a progressive lens series powered by AI technology. These lenses offer wearers customized, natural vision tailored to their individual viewing style, employing advanced technologies such as the Metamorph technology for personalized visual experiences. Innovative features like the Binocular Balancing System and Maxi View Technology enhance natural vision, making these lenses a breakthrough in progressive lens technology.

Leading companies in the optometry equipment market are engaging in strategic partnerships to fortify their market positions. These structured alliances, such as the collaboration between HOYA Vision Care and NIDEK Co. Ltd. announced in February 2023, aim to leverage complementary portfolios in optical instruments and products to deliver comprehensive patient care. HOYA Vision Care, a Thailand-based optical technology company, partnered with NIDEK Co. Ltd., a Japanese firm specializing in ophthalmic equipment design, manufacturing, and distribution. The strategic collaboration seeks to offer end-to-end services - from eye examination to consultation and the delivery of top-quality spectacle lenses - strengthening their market foothold.

In January 2022, Advancing Eyecare, a US-based company specializing in ophthalmic instruments, completed the acquisition of Santinelli International for an undisclosed sum. This strategic move aligns with Advancing Eyecare's commitment to empowering ophthalmic practices by exploring innovative avenues. Santinelli International, a US-based firm specializing in optical finishing equipment, is seen as a complementary addition to Advancing Eyecare's portfolio.

Major companies operating in the optometry equipment market report are Carl Zeiss Meditec AG, Abbott Laboratories, Alcon Inc., AMETEK Inc., Associated Regional and University Pathologists Inc., Bausch Health Companies Inc., Essilor International SA, F. Hoffmann-La Roche AG, HEINE Optotechnik GmbH & Co. KG, Johnson & Johnson, Nidec Corporation, Novartis AG, Oculus Inc., Revenio Group PLC, Topcon Medical Systems Inc., Ziemer Ophthalmic Systems AG, Kowa American Corporation, Neitz Instruments Co. Ltd., Huvitz Co. Ltd., Shin Nippon Machinery Co. Ltd., Takagi Ophthalmic Instruments Europe Ltd., Medmont International Pty Ltd., Tomey Corporation, US Ophthalmic, Keeler Ltd., Canon Inc., Hoya Corporation, Heidelberg Engineering GmbH, Halma PLC, Welch Allyn Inc., Arthrex Inc., Stryker Corporation, Burton Medical Products Corp., Marco Ophthalmic Inc., Avantgarde Medical Inc., Shanghai Optics Inc., Sutter Instrument Company, PSM Industries Inc., Radiant Vision Systems LLC, Optical Instruments Inc., Fiber Optic Products Inc.

North America was the largest region in the optometry equipment market share in 2023. The regions covered in the optometry equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the optometry equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.

The primary products within the realm of optometry equipment include devices for cataract and glaucoma surgeries, ophthalmic diagnostics, vitreoretinal surgery, and ophthalmic lasers. Cataract surgery devices specifically address the removal of the cloudy natural lens during cataract procedures, replacing it with a clear artificial lens. These tools facilitate various examinations - such as retina, cornea, and general assessments - utilized across hospital outpatient departments, physician practices, specialty clinics, ambulatory care centers, and research institutes.

This report provides optometry equipment market statistics, including optometry equipment industry global market size, regional shares, competitors with optometry equipment market share, detailed optometry equipment market segments, market trends, and opportunities, and any further data you may need to thrive in the optometry equipment industry. This optometry equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.

The optometry equipment market consists of sales of OCT (optical coherence tomography) scanners, fundus cameras, ophthalmoscopes, and visual field analyzers. Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.

The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).

The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.


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