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 according to a new report by MarketsandMarkets™. 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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The retina and glaucoma examination products segment hold the largest share of the optometry equipment market, by type
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.
General examination segment responsible for the largest share in the market, by application
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.
The eye clinics segment held the largest share in the market, by end user.
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.
North America aimed for the largest share of the optometry equipment market.
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:
- Increasing incidence of eye disordersa. Cataractsb. Glaucoma
- Technological advancements in ophthalmic devices
- Rising government initiatives to control visual impairment
- Increasing healthcare expenditure
Restraints:
- High cost of optometry equipment
- Growing adoption of refurbished optometry equipment
Opportunities:
- Growth opportunities in emerging markets
Challenge:
- 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%)
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