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IN THE NEWSMay 24, 2022: Bausch + Lomb acquire approval from Health Canada for its LUMIFY, the first and only OTC eye drop that reduces redness and minor eye irritation.
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The global ophthalmic diagnostic equipment market is estimated to garner remarkable revenue by growing at a CAGR of ~7% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to the rising prevalence of eye diseases among the global population. The loss of vision is becoming one of the major public health problems. People of all age groups suffer from vision loss. Based on a report published by World Health Organization (WHO) in 2022, it was stated that about 2.2 billion people have near or distance vision impairment while approximately 1 billion vision impairments are projected to be addressed over the forecast period. Furthermore, a significant number of the global population is completely blind. A report by the International Agency for the Prevention of Blindness in 2020 showed that 43 million people of the global population are blind. Additionally, elderly people are more likely to get eye diseases owing to increasing age. As per the data demonstrated by the World Bank, in 2020, 723,484,054 people were stated to be aged 65 or above. All these factors are projected to influence the growth of the market positively over the forecast period.
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The market is segmented by end-user into clinics, hospitals, diagnostic laboratories, and research centers, out of which, the hospital segment is anticipated to hold the largest share in the global ophthalmic diagnostic equipment market during the forecast period on account of the convenient availability of the requisite equipment and laboratories. The ophthalmic diagnosis procedure becomes easier to perform owing to the presence of skilled professionals and advanced instruments.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global ophthalmic diagnostic equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa region. The market in the North America region is estimated to witness remarkable growth over the forecast period on the back of the higher prevalence of eye diseases and advancements in the utilization of the PC and laptops. According to a report published by the Centers for Diseases Control and Prevention, it was stated that about 12 million people aged 40 or above suffer from vision impairment solely in the USA. Additionally, the rising inclination toward e-learning is also projected to boost the growth of the market in the region over the forecast period. Moreover, the growing geriatric population with multiple eye disorders in the region is also anticipated to hike the growth of the market over the forecast period. A report by the World Bank showed that, in 2020, the geriatric population of the United States was 55,131,698. Such factors are estimated to hike the growth of the market in the region during the forecast period.
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The global ophthalmic diagnostic equipment market is further classified on the basis of region as follows:
North America (U.S. & Canada) Market size, Y-O-Y growth, Market Players Analysis & Opportunity Outlook
Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Market Players Analysis & Opportunity Outlook
Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC (Finland, Sweden, Norway, Denmark), Ireland, Switzerland, Austria, Poland, Turkey, Russia, Rest of Europe), Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Asia-Pacific (China, India, Japan, South Korea, Singapore, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y Growth & Market Players Analysis & Opportunity Outlook
Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of the Middle East and Africa) Market size, Y-O-Y Growth Market Players Analysis & Opportunity Outlook
Our in-depth analysis of the global ophthalmic diagnostic equipment market includes the following segments:
Canon Inc.
FREQUENTLY ASKED QUESTIONS
Higher prevalence of eye disease among the global population and growing inclination toward e-learning are the major factors driving the growth of the ophthalmic diagnostic equipment market.
The market is anticipated to attain a CAGR of ~7% over the forecast period, i.e., 2022 - 2031.
The major players in the market are Canon Inc., Haag-Streit Group, Bausch + Lomb Corporation, Carl Zeiss AG, Alcon Vision LLC, Johnson & Johnson Vision Care, Inc., AMETEK, Inc., Essilor International, NIDEK CO., LTD., and VISIONIX USA INC.
The company profiles are selected based on the revenues generated from the product segment, the geographical presence of the company which determines the revenue-generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, end-user, and by region.
The hospital segment is anticipated to hold the largest market size in value over the forecast period and display significant growth opportunities.
The requirement for higher initial investment is estimated to hamper the market growth.
North America region will provide more business opportunities for the growth of the ophthalmic diagnostic equipment market in the future on the back of growing geriatric population with multiple eye disorders in the region.
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