Ophthalmic Equipment Market: Trends, Strategy, Applications Analysis and Growth by 2023

"The ophthalmic equipment market is projected to grow at a CAGR of 3.5%."

The ophthalmic equipment market is expected to reach USD 58.44 billion by 2023 from USD 49.30 billion in 2018, at a CAGR of 3.5%. The growth of this market is primarily due to the rapid growth in the geriatric population, rising prevalence of eye diseases, technological advancements in ophthalmic devices, increasing government initiatives to control visual impairment, and increasing adoption of contact lenses and spectacles. However, the high cost of ophthalmology devices and increasing adoption of refurbished ophthalmic devices is expected to hinder the growth of this market up to a certain extent.

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The prominent players in the ophthalmic equipment market are Essilor (France), Alcon (Switzerland), Johnson & Johnson Vision Care (US), Bausch + Lomb (US), Haag-Streit (Switzerland), TOPCON (Japan), Carl Zeiss Meditec (Germany), NIDEK (Japan), STAAR Surgical (US), HOYA (Japan), and Ziemer Ophthalmic Systems (Switzerland).

"The micro invasive glaucoma surgical devices segment is expected to grow at the fastest rate during the forecast period."

Based on type, the glaucoma surgical devices market is segmented into glaucoma drainage devices (GDDs), glaucoma laser systems, and micro invasive glaucoma surgical devices. The micro invasive glaucoma surgical devices segment is expected to register the highest CAGR during the forecast period owing to the increasing number of micro invasive glaucoma surgeries performed across the globe and the development of micro incision glaucoma surgical devices.

"The fem to second lasers segment to dominate the market during the forecast period."

On the basis of type, the refractive surgical devices market is segmented into femtosecond lasers, excimer lasers, and other refractive surgical lasers. The femtosecond lasers segment accounted for the major share of the refractive surgical devices market in 2017. The large share of this segment can be attributed to the widespread adoption of femtosecond lasers in the growing number of LASIK procedures performed across the globe and technological advancements in femtosecond lasers.

"APAC to witness the highest growth during the forecast period."

Geographically, the ophthalmic equipment market is broadly segmented into five major geographies, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2017, North America commanded a major share of the ophthalmic equipment market. However, APAC is expected to witness the highest growth during the forecast period. Growth in this market is driven by a large population and rising healthcare needs for eye care, increasing focus of prominent players on emerging Asian countries, increasing healthcare expenditure, and rising awareness on advanced ophthalmic equipment.

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Research Coverage

The report analyzes the various types of ophthalmic equipment in the market and their adoption patterns. It aims at estimating the market size and future growth potential of the ophthalmic equipment market for different segments such as product, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, recent developments, SWOT analysis, and market strategies.

Reasons to Buy the Report

The report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them, garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) to enhance their market presence.

List of Tables

Table 1 Increase in Geriatric Population, 2000-2050
Table 2 Total Number of Cataract Surgical Procedures Performed in 2014 and 2015, By Country
Table 3 Number of Glaucoma Patients, By Country and Type, 2013, 2020, and 2040 (In Million)
Table 4 Number of People With Diabetes, By Region, 2017 vs 2045 (Million)
Table 5 US: Population With Ocular Conditions, 2000-2020 (Million Individuals)
Table 6 Projected Disability-Adjusted Life Years Across Various Regions, By Disease, 2015 vs 2030 (Million Years)
Table 7 Recent Product Launches in the Ophthalmic Equipment Market
Table 8 Number of People With Myopia (Million) and Myopia Prevalence(%), 2000 - 2050
Table 9 Ophthalmic Equipment Market Drivers: Impact Analysis
Table 10 Percentage Changes to Medicare Physician Fee Schedule in 2015

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List of Figures

Figure 1 Global Ophthalmic Equipment Market
Figure 2 Ophthalmic Equipment Market: Research Design
Figure 3 Ophthalmic Equipment Market: Bottom-Up Approach
Figure 4 Ophthalmic Equipment Market: Top-Down Approach
Figure 5 Ophthalmic Equipment Market: Data Triangulation Methodology
Figure 6 Ophthalmic Equipment Market, By Product, 2018 vs 2023 (USD Million)
Figure 7 Ophthalmology Diagnostic & Monitoring Devices Market, By Product, 2018 vs 2023 (USD Million)
Figure 8 Ophthalmology Surgical Devices Market, By Type, 2018 vs 2023 (USD Million)
Figure 9 Cataract Surgical Devices Market, By Type, 2018 vs 2023 (USD Million)
Figure 10 Glaucoma Surgical Devices Market, By Type, 2018 vs 2023 (USD Million)
Figure 11 Refractive Surgical Devices Market, By Type, 2018 vs 2023 (USD Million)
Figure 12 Vitreoretinal Surgical Devices Market, By Type, 2018 vs 2023 (USD Million)
Figure 13 Ophthalmic Equipment Market, By End User, 2018 vs 2023 (USD Million)
Figure 14 Vision Care Products Market, By Type, 2018 vs 2023 (USD Million)
Figure 15 Contact Lenses Market, By Type, 2018 vs 2023 (USD Million)
Figure 16 Ophthalmic Equipment Market: Geographic Snapshot
Figure 17 Rapid Growth in Geriatric Population and Rising Prevalence of Eye Diseases are the Key Drivers for Market Growth
Figure 18 Vision Care Products Segment Accounted for the Largest Market Share in 2017

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