Market Overview
The global ophthalmic equipment market is anticipated to exhibit a CAGR of 5.4% during the forecast period (2018-2023). The growing numbers of the aging populace and the large healthcare expenditure are major factors which can influence the market growth. Safety standards rolled out by federal agencies for the accuracy and correct functioning of the equipment is likely to lead to working condition devices.
The large number of retinal diseases has induced the need for therapeutic modes for the equipment. According to the CDC report of 2017, glaucoma is one of the leading causes of blindness in the U.S., with the number of citizens with the eye condition affecting 2.7 million Americans. High prevalence of cancer is also a likely factor which can induce the need for ophthalmic equipment. As per the estimates of the American Cancer Society, nearly 4% of global cancer reported worldwide has lymphoma as the leading cause.
Ophthalmic equipment is designed to discern the presence of diseases which can impair the vision of the user. The number of vision-related diseases such as glaucoma, macular degeneration, cataract, and amblyopia can spur the procurement rate of ophthalmic equipment. The global ophthalmic equipment market report by Market Research Future (MRFR) contains drivers and drawbacks which can prove instrumental to investors willing to enter the market anew.
Segmentation
The global ophthalmic equipment market is segmented by product, application, and end-user.
By product, it is segmented ophthalmology surgical devices, vision care devices, diagnostic and monitoring devices, and others.
By application, it is segmented into retinal detachment, glaucoma, amblyopia, cataract, and others.
By end-user, it is segmented into research centers, diagnostic centers, ophthalmology clinics, hospitals, and others.
Regional Analysis
The Middle East Africa (MEA), Europe, Asia Pacific (APAC), and the Americas are the main regions considered during the compilation of the market report.
The Americas is expected to dominate the global market due to the presence of various ophthalmic diseases and disorders. North America and South America are two major regions which hold the potential for accumulating significant revenue for the ophthalmic equipment market. Presence of major players, presence of eye diseases, and allocation of health expenditure are factors driving the market growth. Investment in research and development can boost the global market of ophthalmic equipment. For instance, universities and research institutes have invested close to USD 12.5 billion.
Europe accounted for 25% market share in 2016 and may extend its share till 2023. Factors driving the market growth include diagnosis and treatment options for eye disorders. The increased healthcare expenditure allocated by governments of countries in the region can prove fruitful for the market. Countries contributing to the market growth include the U.K. and Germany.
The APAC region is estimated to exhibit an agile growth rate due to the demand for diagnostic tests and immense demand for advanced diagnostic equipment for treatment of gastrointestinal (GI) diseases. Other factors driving the regional growth are sedentary lifestyle habits, addiction to smoking, and other disorders caused by hectic lifestyles. The large geriatric populace in economies of China and India can signal the need for devices able to discern eye diseases at a preventive stage. According to the UN Economic and Social Affairs report of 2017, people aging over 60 can increase at a rate of 131.8% till 2050.
Lastly, the MEA region holds the least market share due to low funds dedicated to the upgradation of medical infrastructure, limited availability of facilities, and poor economic conditions in Africa.
Competition Outlook
Coloplast Ltd, B. Braun Melsungen AG, Medtronic, Teleflex, Cook, and Medline Industries, Inc. are prominent names in the global ophthalmic equipment market.
