Ophthalmic Equipment Market size is projected to experience significant growth from 2018 to 2024.
Growing burden of ophthalmic diseases worldwide is the key driver that will boost global ophthalmic equipment market growth over the forecast period. According to World Health Organization (WHO), around 253 million people across the globe live with vision impairment; of which, about 36 million are blind and 217 million suffer from moderate or severe vision impairment. Increasing prevalence of infectious eye diseases in developed as well as developing economies will further surge the ophthalmic equipment business growth.
Increasing geriatric population base prone to chronic eye diseases will serve to be another key parameter that will boost the ophthalmic equipment industry growth. According to World Health Organization, over 65% visually impaired population and around 82% of blind population falls in the age group between 50 years and above. Moreover, diabetic patients are at high risk of diabetic eye diseases such as diabetic retinopathy and cataracts that will upsurge the demand for ophthalmic equipment for disease treatment.
However, stringent government regulations pertaining to ophthalmic equipment may hamper the global ophthalmic equipment market growth during the forecast period. High cost of ophthalmic devices, growing adoption of refurbished ophthalmic devices and variable reimbursement policies may further impede the market growth to certain extent.
Ophthalmic surgical devices segment is projected to show lucrative growth throughout the forecast timeframe owing to rising prevalence of various chronic diseases leading to vision impairment. Increasing awareness among people pertaining to early disease diagnosis and growing adoption of ophthalmic procedures such as cataract surgeries especially among the elderly patients is estimated to upsurge segmental growth.
Hospitals segment accounted for largest market share in 2017 and is anticipated to witness significant growth over the analysis period. Increase in the number of surgeries worldwide will drive segmental growth. Ability of hospitals to buy advanced and costly equipment as well as availability of skilled healthcare professionals in hospitals will spur segment revenue size.
U.S. ophthalmic equipment market held the highest market share in 2017. The growth is attributable to high incidence of ophthalmic diseases in the region. According to American Academy of ophthalmology, cataracts affect more than 24.4 million Americans aged 40 years and above. Furthermore, increasing prevalence of glaucoma and other chronic diseases as well as growing demand for advanced treatment will foster regional growth.
Indian ophthalmic equipment market is estimated to witness robust growth over the forecast period. Presence of large patient pool in the country is the primary factor that will propel the market growth. As per The Lancet Global Health Journal, in 2015 around 8.8 million people in India were found to be blind and more than 47.7 million people suffered moderate to severe vision impairment. Rise in number of ophthalmic impairment cases coupled with growing healthcare affordability will augment regional market growth.
Some of the notable industry players in Ophthalmic equipment market include Abbott Laboratories, Alcon, Bausch & Lomb, Carl Zeiss, Essilor International, HAAG STREIT, Hoya Corporation, Johnson & Johnson, NIDEK, Novartis, STAAR Surgical, Ziemer Ophthalmic Systems. Industry players primarily focus on strategic collaboration, merger, acquisitions and innovative product launch as their key strategies to expand existing product portfolio and capture high revenue share.
Ophthalmic equipment market by product , 2013-2024 (USD Million)
Ophthalmic equipment market by end-use, 2013-2024 (USD Million)
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