Global Ophthalmic Equipment Market is projected to grow at a CAGR of 4.1% during the forecast period 2020-2027
A new research report published by Fior Markets with the title Ophthalmic Equipment Market by Product (Vision Care Products, Diagnostic and Monitoring Devices, Ophthalmic Surgical Devices), End-User (Hospitals, Specialty Clinics, Ambulatory Surgical Centers, Home Settings), Region, Global Industry Analysis, Market Size, Share, Growth, Trends, and Forecast 2020 to 2027.
The global ophthalmic equipment market is expected to grow from USD 50.06 billion in 2019 to USD 69.03 billion by 2027, at a CAGR of 4.1% during the forecast period 2020-2027. North America dominated the market, owing to the increasing prevalence of retinal defects and growing investments in research and development. The U.S. holds the largest market share in the region due to the increasing prevalence of glaucoma and other chronic disorders. Europe holds the second-largest share in the market, owing to the rising eye-related problems. The Asia-Pacific is expected to witness significant growth from India and China, owing to the technological advancements and larger patient population. The Middle East and Africa regions hold the least share, due to the less availability of funds, limited medical facilities, and poor political conditions in Africa.
NOTE: Our analysts monitoring the situation across the globe explains that the market will generate remunerative prospects for producers post COVID-19 crisis. The report aims to provide an additional illustration of the latest scenario, economic slowdown, and COVID-19 impact on the overall industry.
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Some of the notable players in the market are Bausch & Lomb, HAAG STREIT, Abbott Laboratories, Johnson & Johnson, Alcon, NIDEK, Ziemer Ophthalmic Systems, Essilor International, STAAR Surgical, Hoya Corporation, Carl Zeiss, and Novartis. In March 2020, Vivity intraocular lens was launched by Alcon in Europe. This lens allows high-quality vision for patients by reducing the dependency on glasses. They are spherical and have a good quality of vision from far and medium ranges.
The product segment includes vision care products, diagnostic and monitoring devices, and ophthalmic surgical devices. The diagnostic and monitoring devices are further segmented into fundus cameras, slit lamps, keratometers, tonometers, ophthalmoscopes, autorefractors, and others. The ophthalmic surgery devices are further segmented into cataract surgery devices, glaucoma surgery devices, refractive surgery devices, and vitreoretinal surgery devices. The ophthalmic surgery devices segment holds the largest market share. This growth is ascertained to the rising prevalence of chronic diseases, increasing awareness among people pertaining to early diseases, and the growing adoption of ophthalmic procedures like cataract surgeries. On the basis of end-user, the market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and home settings. This growth is attributed to the number of surgeries and hospitals’ ability to buy expensive equipment and the availability of skilled healthcare professionals.
The factors influencing the market are improvement in the healthcare sector, the growing population suffering from eye-related problems, an increase in the elderly population, and the increasing prevalence of chronic disorders like diabetes and hypertension. The high cost of ophthalmic contact lenses and devices, lack of skilled ophthalmologists, and less access to eye care products will hamper the market growth. The untapped potential of emerging markets, the rising number of people with eye diseases, and increasing awareness among people will provide market growth opportunities. However, low access to eye care in low-income economies will challenge the market growth.
About the report:
The global ophthalmic equipment market is analyzed on the basis of value (USD Billion), volume (K Units), export (K Units), and import (K Units). All the segments have been analyzed on global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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