Ophthalmic Equipment Market Forecast to Hit $88.5 Billion by 2029, Growing at 4.9% CAGR
The report, titled "Ophthalmic Equipment Market by Devices (Surgical: Vitreoretinal, IOLs, OVDs, Contact Lens, RGP Lens, Backflush; Diagnostic & Monitoring: OCT, Autorefractor, Keratometer, Tonometer, Ophthalmoscope, OVD), End User, Buying Criteria - Global Forecast to 2029," estimates the market to be worth USD 66.2 billion in 2023, with a projected growth to USD 88.5 billion by 2029, at a CAGR of 4.9%. This growth is driven by increasing rates of cataracts, glaucoma, refractive vision disorders, diabetes-induced retinopathy, presbyopia, and age-related macular degeneration, coupled with rising healthcare expenditure, GDP growth, and the adoption of advanced ophthalmic tools.
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The report provides comprehensive insights across 413 data tables and 56 figures, spanning 474 pages, offering a detailed overview of market dynamics. For an in-depth analysis, including segmentation by products, end-users, and regions, the full report is available at Ophthalmic Equipment Market Report.
Key Market Highlights:
1. Vision Care Segment Leads the Market
Vision care, encompassing products like glasses, contact lenses, and corrective solutions for refractive errors (myopia, hyperopia, astigmatism), holds the largest share in the ophthalmic equipment market. This segment thrives on widespread demand for affordable and diverse vision correction options, including multifocal and orthokeratology lenses. Vision care products are accessible, affordable, and essential for early detection of vision problems, helping to prevent complications. The segment’s future is further bolstered by ongoing innovations like blue-light filtering glasses and telehealth solutions, blending both functionality and fashion.
2. Customer Segment Dominates the Market
The growing awareness of eye health, driven by an aging population and increasing cases of refractive errors, cataracts, and glaucoma, has shifted consumer behavior. Individuals are taking a proactive role in their vision care by purchasing vision correction products and home diagnostic tools, such as autorefractors and tonometers. Advances in technology are making ophthalmic equipment more user-friendly and affordable, giving consumers greater control over their eye health. E-commerce platforms are further fueling this trend by providing easy access to vision products.
3. Cataract Surgery Devices Lead the Surgical Segment
As the global population ages, cataract surgery has become a major driver of the ophthalmic equipment market. Devices such as phacoemulsifiers and femtosecond lasers, used in cataract surgery, have seen growing demand due to their effectiveness and minimal invasiveness. Technological advancements have made these surgeries safer with faster recovery times, and increasing awareness about cataracts has led more individuals to seek timely treatment. In resource-constrained regions, the development of cost-effective devices has expanded access to these essential surgeries.
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4. North America to Dominate by 2029
North America's dominance in the ophthalmic equipment market is expected to continue through 2029, driven by significant healthcare investments and robust R&D. The region’s focus on preventive care and early intervention is key, ensuring the adoption of the latest diagnostic and treatment devices. Public awareness campaigns and strong healthcare infrastructure further support this leadership position.
Key Players in the Market:
The ophthalmic equipment market is consolidated with major multinational players, including Bausch Health Companies, Alcon, Carl Zeiss Meditec AG, Johnson & Johnson, Hoya Corporation, EssilorLuxottica, Canon Inc., Glaukos Corporation, and Nidek Co., Ltd. These companies continue to innovate and expand their presence, shaping the future of the ophthalmic industry.
Content Source:
https://www.marketsandmarkets.com/PressReleases/ophthalmology-devices.asp
https://www.marketsandmarkets.com/ResearchInsight/ophthalmology-devices-market.asp
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