Ophthalmology Equipment Market Segmentation by Function of Product {Diagnostic Devices (Refractors, Corneal Topography Systems, Retinal Ultrasound Systems, Ophthalmoscopes, Tonometer, Slit Lamps, and Others), Surgical Devices (Cataract, and Refractive Error Surgical Devices), and Vision Care Devices (Spectacles, and Contact Lenses)}; by End-User (Hospitals, Clinics, and Others) – Global Demand Analysis & Opportunity Outlook 2029
Buy Now Report ID: 79 | Published Date: Feb 14, 2023
Our in-depth analysis of the global ophthalmology equipment market includes the following segments:
By Function of Product
By End-User
Regionally, the global ophthalmology equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa.
Among these regions, the market in the Asia Pacific is projected to hold the largest market share by the end of 2029. The growth of the market in the region can be attributed to the growing geriatric population in the region and the need amongst individuals for affordable eye care. Moreover, growing population in the region, along with the improving healthcare infrastructure across several nations in the region are some of the additional factors anticipated to drive the growth of the market in APAC.
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The global ophthalmology equipment market is further classified on the basis of region as follows:
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: Growing prevalence of ophthalmic diseases globally is one of the major factors driving the market growth.
Ans: The market is anticipated to grow with a notable CAGR over the forecast period, i.e., 2021-2029.
Ans: The high cost of ophthalmology equipment and the lack of awareness for these equipment in several low-income nations is one of the major factors estimated to act as barriers to the growth of the market.
Ans: The major companies in the market are Novartis AG, Bausch & Lomb, NIDEK CO. LTD., ZEISS International, HOYA Corporation, Pfizer Inc., AbbVie Inc. (Allergan), Santen Pharmaceutical Co., Ltd., and others.
Ans: The company profiles are selected based on the revenues generated from segments, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market in Asia Pacific is anticipated to hold the dominating share by the end of 2029 owing to the growing geriatric population in the region and the need for affordable healthcare treatment.
Ans: The ophthalmology equipment market is segmented by function of product, end-user, and by region.
Ans: The clinics segment is anticipated to hold the dominating share by the end of 2021 owing to the increasing availability of private clinics which are operated by numerous independent ophthalmologists.
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