Impact of COVID-19 on the Optometry Equipment Market: Resilience and Adaptation

According to a new report by MarketsandMarkets™ - Optometry Equipment Market in terms of revenue was estimated to be worth $4.5 billion in 2024 and is poised to reach $6.1 billion by 2029, growing at a CAGR of 6.4% from 2024 to 2029.
The principal drivers propelling the expansion of this market are the growing prevalence of eye illnesses, advancements in ophthalmic device technology, expanding government initiatives aimed at preventing visual impairment, growing healthcare expenses, and rising disposable incomes. Companies in the market for optometry equipment are finding that developing nations like China, Japan, and India provide attractive opportunities.
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According to product type, the worldwide optometry equipment market is divided into three segments: goods for general examinations, cornea and cataract examinations, and products for glaucoma and retinal examinations. In2023, the optometry equipment market was dominated by the sector that produced examination goods for glaucoma and retina. The significant portion of the market is due to a variety of factors, including the expansion of clinics, the increasing incidence of glaucoma and retinal disorders, the easier availability to modern ophthalmic diagnostic technologies, and technological advancements in optometry equipment.

The market for optometry equipment is divided into segments based on applications, including age-related macular degeneration, cataract surgery, glaucoma, and general exams. As of 2023, the worldwide optometry equipment market was dominated by the general examination segment. The primary factors influencing this segment's size include the aging population, the rise in the prevalence of eye diseases, and the number of cases of diabetes and hypertension.

By end user, the optometry equipment market is divided into eye clinics, hospitals, and other consumers. The sector that held the biggest share of the global optometry equipment market in 2023 was clinics. This sector makes up a sizeable share of the market because of the vast number of patients treated in clinics and the increasing number of private clinical practices founded by ophthalmologists in emerging countries.

There are five main regions that make up the global market for optometry equipment: North America, Europe, Asia Pacific, and Rest of the World (which includes Latin America, the Middle East & Africa, and GCC countries). In terms of market share, North America led the optometry equipment market in 2023. Some of the contributing factors are the rising prevalence of ocular diseases, the rapidly aging population, the accessibility of state-of-the-art optometry equipment, and the growing utilization of ophthalmology procedures and therapies in this field.

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Optometry Equipment Market Dynamics:

Drivers:
1. Increasing incidence of eye disorders
a. Cataracts
b. Glaucoma
2. Technological advancements in ophthalmic devices
3. Rising government initiatives to control visual impairment
4. Increasing healthcare expenditure
Restraints:
1. High cost of optometry equipment
2. Growing adoption of refurbished optometry equipment
Opportunities:
1. Growth opportunities in emerging markets
Challenge:
1. Growth opportunities in emerging markets

Key Market Players of Optometry Equipment Industry:

The major players leading in optometry equipment market are Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon (Switzerland), Topcon Corporation (Japan), Bausch Health Companies Inc. (Canada), NIDEK Co. Ltd. (Japan), Canon Inc. (Japan), Johnson and Johnson (US), HEINE Optotechnik (Germany), Revenio Group PLC (Finland), Haag-Streit Group (Switzerland) and Heidelberg Engineering (Germany).
Breakdown of supply-side primary interviews, by company type, designation, and region:
• By Company Type: Tier 1 (40%), Tier 2 (30%), and Tier 3 (30%)
• By Designation: C-level (27%), Director-level (18%), and Others (55%)
• By Region: North America (51%), Europe (21%), Asia- Pacific (18%), Latin America (6%), and Middle East & Africa(4%)
Recent Developments of Optometry Equipment Industry:
• In August 2023, Carl Zeiss launched the ZEISS trifocal technology on a glistening-free hydrophobic C-loop platform and a fully preloaded injector for safe and reliable implantation.
• In March 2022, Topcon Corporation launched SOLOS, an automatic lens analyzer that enables advanced, accurate, and efficient lens analysis at the touch of a button.
• In September 2023, Bauch + Lomb acquired XIIDRA to grow in the prescription dry eyes segment.
• In January 2023Bausch + Lomb acquired AcuFocus to expand its cataract surgical portfolio.
Optometry Equipment Market - Key Benefits of Buying the Report:

The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall optometry equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and to plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.

The report provides insights on the following pointers:

• Analysis of key drivers (High prevalence of eye diseases, growing geriatric population), restraints (High Cost and use of refurbished equipments), opportunities (Rising healthcare expenditure, Increasing Demand from Emerging Economies), and challenges (low awareness, limited insurance coverage) influencing the growth of the optometry equipment market.
• Product Development/Innovation: Detailed insights on upcoming technologies, research & development activities, and new product & service launches in the optometry equipment market
• Market Development: Comprehensive information about lucrative markets – the report analyses the optometry equipment market across varied regions.
• Market Diversification: Exhaustive information about new products, untapped geographies, recent developments, and investments in the optometry equipment market
• Competitive Assessment: In-depth assessment of market shares, growth strategies and service offerings of leading players like Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon (Switzerland), Topcon Corporation (Japan) and Bausch Health Companies Inc. (Canada), among others in optometry equipment market.

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