Global Optometry Equipment Market, by Product Type (Retinoscopes, OCT Scanners, Corneal Topography Systems, Visual Field Analyzers, Ophthalmic Ultrasound Systems, Fundus Cameras, Autorefractors and Keratometers, Ophthalmoscopes, Optical Biometry Systems, Specular Microscopes, Wavefront Aberrometers, Other Equipment Types, Accessories), by End User (Eye Specialty Clinics, Ophthalmic Hospitals, Academic and Research Institutions), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of inorganic growth strategies such as collaborations by the key players in the market is expected to drive the market growth over the forecast period. For instance, in December 2020, RetinAI Medical AG, developer of ophthalmology solutions collaborated with Novartis Pharma AG, a global healthcare company which entails RetinAI’s artificial intelligence tools to be deployed for supporting various projects in ophthalmology and digital health. The first project under the new Master Agreement will support a multi-center international clinical study involving patients with neovascular age-related macular degeneration (nAMD).
Global Optometry Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
Due to severe shortage of medical resources at the front line, only patients diagnosed with serious conditions can be hospitalized. Unfortunately, the pathogenic mechanism of the virus has not been identified completely, therefore, there is no specific drug and treatment except for symptomatic and supportive treatments. Respiratory support devices such as life-support machines, atomizer, oxygen generators, and monitors are primary clinical treatment medical devices. Thus, from diagnosis to cure, the need for instruments for measuring temperature, nucleic acid diagnostic kit, antiviral medical products, and life-support machine have increased consistently. Furthermore, the COVID-19 pandemic has impacted the global economy and in turn, the optometry equipment market. Quarantines, traveling constraints, and social distancing measures are likely to lead to a steep decline in business and consumer spending during the pandemic.
Global Optometry Equipment Market: Key Developments
In April 2021, Alcon , a glober leader in eye care announced the launch of Systane Hydration Multi-Dose Preservative-Free (MDPF) Lubricant Eye Drops. The new preservative-free eye drop provides extra moisture for patients with sensitive dry eyes.
In April 2019, Grafton Optical, leading suppliers optometry and ophthalmic instrument launched the Cell V100 Handheld Vision Screener, designed primarily for use with on and at mass screening events.
In September 2020, Topcon's Aladdin-M software was launched in the United States. It measures axial length, pupil dynamics and corneal curvature and includes functions for keratoconus screening.
Browse 27 Market Data Tables and 31 Figures spread through 156 Pages and in-depth TOC on “Global Optometry Equipment Market”- Forecast to 2030, Global Optometry Equipment Market, by Product Type (Retinoscopes, OCT Scanners, Corneal Topography Systems, Visual Field Analyzers, Ophthalmic Ultrasound Systems, Fundus Cameras, Autorefractors and Keratometers, Ophthalmoscopes, Optical Biometry Systems, Specular Microscopes, Wavefront Aberrometers, Other Equipment Types, Accessories), by End User (Eye Specialty Clinics, Ophthalmic Hospitals, Academic and Research Institutions), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
To know the latest trends and insights prevalent in this market, click the link below:
https://www.coherentmarketinsights.com/market-insight/optometry-equipment-market-2068
Emerging trends in artificial intelligence (AI) are showing growing popularity for screening, diagnosing, and assisting in the treatment of eye diseases. For instance, in December 2021, Israeli-based startup Ophthalmic Sciences is unveiling IOPerfect, the world's first AI-based contactless intraocular pressure (IOP) measuring device. The proprietary technology, which combines AI-based visual analysis in a VR-like headset, allows tele-diagnosis and remote monitoring of glaucoma. With around 75 million patients globally, glaucoma is the second leading cause for blindness, which the novel technology may help prevent.
Key Takeaways of the Global Optometry Equipment Market:
- The global optometry equipment market is expected to exhibit a CAGR of 5.8% during the forecast period due to the increasing adoption of strategies such as collaborations and partnerships by the key players to facilitate the development and adoption of advanced devices.
- Among product type, OCT Scanner segment is estimated to hold a dominant position in the global optometry equipment market over the forecast period, owing to their advantages such as speed, that it is non-invasive, and three-dimensional data generation for real-time eye tracking.
- Among regions, North America is estimated to account for the largest market share in the global optometry equipment market over the forecast period, owing to increased awareness regarding the cataract, vision loss, other common eye disease, well established healthcare infrastructure, favorable Medicare reimbursement facilities, and increasing incidence of diabetes in the North and Latin America. For instance, in January 2021, during Glaucoma Awareness Month, the Canadian Ophthalmological Society declared that glaucoma affects more than 800,000 Canadians each year. During awareness month, particularly with an ageing population in Canada, the number of people over the age of 60 with this eye disease in only anticipated to increase. It was noted that glaucoma has the potential to become an epidemic in Canada in the years to come.
- 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.
