OPTOMETRY EQUIPMENT MARKET ANALYSIS

Optometry equipment are usually operated by optometrist or ophthalmologist to examine, diagnose, treat, and manage diseases and disorders of the visual system, the eye, and deformities associated with eye structures as well as diagnose eye related systemic disorders. Optometry equipment include set of equipment used for cornea and cataract examination, retina and glaucoma examination and for general examination purposes. These optometry instruments include retinoscopes, visual field analyzers, fundus cameras, autorefractors and keratometers, ophthalmoscopes, specular microscopes, wavefront aberrometers, and others.

Global optometry equipment market is estimated to be valued at US$ 4,062.1 million in 2022 and is expected to exhibit a CAGR of 5.8% during the forecast period (2022-2030).

Figure 1.Global Optometry Equipment Market Share (%), by End User, 2022

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Increasing incidences of eye disease and vision loss have led to introduction of new technologies to drive growth of the optometry equipment market

Increasing incidences of eye disease and vision loss have led to introduction of new technologies and methods by optometry instrument manufactures. For instance, HAAG-STREIT is a leading manufacturer of medical practice equipment, in January 2021, the company announced the launch of Lenstar Myopia, owing to the increasing demand for myopia management. The device performs accurate predictions about the onset and progression of myopia which is expected to drive the adoption of optometry equipment over the forecast period.

Figure 2.Global Optometry Equipment Market Share (%), by Region, 2022

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Rising prevalence of eye disease is expected to augment the market growth during the forecast period

Rising prevalence of most common eye disease such as age-related macular degeneration (AMD), cataract, glaucoma, and diabetic retinopathy are major driving factor for growth of the optometry equipment market. For instance in October 2021, according to WHO, Globally, at least 2.2 billion people have a near or distance vision impairment. In at least 1 billion – or almost half – of these cases, vision impairment could have been prevented or has yet to be addressed.

Global Optometry Equipment Market– Impact of Coronavirus (COVID-19) Pandemic

Coronavirus disease (COVID-19) is an infectious disease caused by the SARS-CoV-2 virus. Most people infected with the virus experience mild to moderate respiratory illness and recover without special treatment. However, some become seriously ill and require medical attention. Older people and people with underlying diseases such as cardiovascular diseases, diabetes, chronic respiratory diseases or cancer are more likely to develop serious illnesses. In addition, COVID-19 has led to a huge increase in demand for medical supplies such as personal protective equipment such as masks, gloves and goggles. Due to the increasing number of COVID-19 cases worldwide, the need for medical care is increasing, both from healthcare professionals and from the civilian population for preventive measures.

Owing to the corona virus, the eyeware industry had face some potential threats, such as people are not going for routine eye exam; patients were putting off medical treatments. The demand for medical supplies to care for the infected population has increased.

Global Optometry Equipment Market: Key Developments

In Jan 2022, Advancing Eyecare, North America's leading provider of ophthalmic instruments and portfolio company of Atlantic Street Capital (ASC), announced the acquisition of Santinelli International, a respected leader and award–winning provider of optical finishing equipment. Advancing Eyecare is currently comprised of Lombart Instrument, it offers the broadest product portfolio, the most knowledgeable people, and the most reliable service in the industry.

In October 2020, CECOP USA, the global independent optical association, announced that it has entered into an exclusive partnership with Digital Optometrics, a developer of telehealth system The partnership aligns with CECOP USA’s strategy for growth, which includes forming alliances with the largest and most innovative brands that deliver value to optometrist and optician members.

Global Optometry Equipment Market: Restraint

The major factors that hinder growth of the global optometry equipment market include high cost of optometry equipment products, owing to the high cost associated with research and development activities and limited infrastructural activities and awareness in the emerging economies are expected to restrict the market growth.

Key Players

Major players operating in the global optometry equipment market include Canon Inc., Carl Zeiss AG, Escalon Services, Inc., Essilor International S.A., Haag-Streit AG, Heidelberg Engineering GmbH, Heine Optotechnik GmbH & Co. KG, Luneau Technology Group, NIDEK CO., LTD., Novartis International AG, and Topcon Corporation.