The optometry equipment market is expected to register a CAGR of 5.8% over the forecast period. Factors that are responsible for the growth of this market include the rising prevalence of eye diseases, technological advancements in ophthalmic devices, and increasing government initiatives to control visual impairment.
For instance, the total number of persons with visual impairment and blindness is increasing, globally. The number of people with age-related eye diseases is assumed to be on the rise with the increasing life expectancy. Cataract is still the major cause of visual impairment and blindness, globally, but other age-related eye diseases, such as age-related macular degeneration (AMD), glaucoma, diabetic retinopathy (DR), and degenerative myopia, are becoming more prevalent in the developed countries. Cataract is the most prevalent eye disease in the world and is a major cause of visual loss in the developing as well as the developed countries. A number of risk factors have been suggested for cataract, age-related macular degeneration, and glaucoma, yet only a few have been well established. Hence, as a result of these eye diseases, there is an increase in the adoption of the optometry equipment for treating eye disorders, and thereby, helping in the market growth.
Key Market Trends
OCT Scanner is Expected to Hold the Major Revenue share in the Retina Examination
Optical coherent tomography scanner (OCT) is expected to hold the largest revenue share in terms of the retina examination segment. The primary factors attributed for the major revenue is due to the growing prevalence of eye conditions, such as glaucoma and scotoma. These are the key causes that are contributing to the dominance. According to the National Institute of Health Statistics, in 2017 approximately 2.7 million population in the United States are aged 40 and above had glaucoma in their eyes. And the presence of the well-established healthcare and insurance system is also helping in the growth of the market.
North America Dominates the Optometry Equipment Market and Excepted to do Same in the Forecast Period
North America currently dominates the market for optometry equipment and is expected to continue its stronghold for a few more years. In the North American region, the United States holds the largest market share. This can be majorly attributed to increasing incidence rates of eye diseases and the rising number of aged population. The presence of the developed healthcare infrastructure is expected to propel the market in the United States.
The optometry equipment market is moderately competitive and consists of various small and large surgical/medical device manufacturing companies that are offering products for ophthalmic diagnostics and treatments. The market is competitive in nature. It is dominated by participants, such as the Alcon, Carl Zeiss Meditec AG, Canon Inc., Heidelberg Engineering Inc., and NIDEK CO. LTD, among others.
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