Estimated to witness ~4% Y-o-Y growth in the revenues over 2018, the global optometry equipment market is likely to reach ~US$ 4 Bn in 2019. Fact.MR’s latest market intelligence on optometry equipment suggests that ~37% of overall sales are accounted by ophthalmic diagnostic equipment, which points to the soaring significance of diagnostics in the eye car industry. The report also points to the promising progress in the revenue shares of surgery devices in optometry equipment market.
The global optometry equipment market is expected to experience promising growth over the forecast period. The report attributes this growth outlook to an increase in the geriatric population and the subsequent rise in prevalence of Asthenopia (eye strain). Vision loss has been among the most widespread conditions worldwide, particularly in aging population that is more prone to diabetes. This, according to Fact.MR’s research, is accounting for complications in procedures, such as retinopathy leading to vision impairment, which is another factor fueling the growth of optometry equipment market.
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While an increasing number of cataract and glaucoma cases continues to underscore the criticality of pushing the accessibility and affordability of eye care, the report finds that a growing number of multi-specialty clinics, hospital OPDs, and dedicated eye care centers will be a prominent booster. Improving coverage for vision care, particularly in developing economies, is contributing to the efforts in increasing affordability of ophthalmic care, which remains a strong factor boosting sales of optometry equipment over the forthcoming years.
North America & Europe Collectively Account for ~60% Sales
Technological advancements in optometry equipment have significantly reduced the cost of treatment, which can be attributed to improvements in processes, efficiency, and efficacy of optometry equipment. North America continues to reap the first-mover advantage, as technology remains the cornerstone of steadily expanding optometry equipment landscape. The region, owing to strong presence of practicing ophthalmologists and favorable reimbursement scenario, remains the prime market for the stakeholders in optometry equipment market.
The study opines that Europe is also a developing a lucrative investment pocket for participants, banking on rapidly soaring sales of diagnostic and screening equipment. Fact.MR’s analysis indicates that North America and Europe currently contribute a collective share of ~3/5th of total market revenues.
An increasing number of optometry equipment clinics & hospitals are being set up across various countries across the globe to meet the needs of the increasing number of patients suffering from eye problems, which is boosting the demand for optometry equipment for onsite installation. For instance, in 2013–2014, the number of hospital visits by patients has increased significantly in the U.K., which has crossed over 100 million outpatient appointments. Of these, 10% were only for eye care, thus boosting the usage and demand of optometry equipment.
The optometry equipment market landscape comprises a select set of national/regional chains and over 10,000 independent providers. Small industry players, which include local manufacturers operating in the optometry equipment market, are looking to expand their network and broaden their reach to patients and referral networks. There has been thus a considerable increase in the number of strategic mergers and acquisitions in the optometry equipment market landscape, over the recent past.
This Fact.MR study tracks the growth of optometry equipment market between 2019 and 2029. The report has projected a steady ~4% CAGR for the market revenues through 2029.