Optometry Equipment Market Is Projected To Rise At A CAGR Of 6.5% & Reach US$ 9.6 Billion By 2034

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Optometry Equipment Market

Modern and Digital Heavy Lifestyles Hampering Eye health Driving Need for Advanced Optometry Equipment: Fact Report

ROCKVILLE, MD, UNITED STATES, July 11, 2024 /EINPresswire / -- The global optometry equipment market is estimated at US$ 5.1 billion in 2024 and is forecasted to reach US$ 9.6 billion by 2034, estimates Fact, a market research and competitive intelligence provider, in its recently updated industry research report.

Eye diseases are now a global health concern with the kind of lifestyles being led today. Rising cases of myopia, cataract, hyperopia, glaucoma, astigmatism, and age-related macular degeneration are directly driving the need for advanced ophthalmic diagnostic devices and equipment.

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Statistics show that near and far vision issues have risen across regions, driving the need for advanced ophthalmic diagnosis and treatment technologies across the globe is. Manufacturers of optometry equipment are constantly focused on the production of the latest technologies. They are integrating digital technologies such as artificial intelligence, machine learning, predictive analysis, and the Internet of Things to develop smart optometry equipment.

Increasing aging population across the world who are more prone to chronic disorders, including the ones related to eyes, is also supporting market growth. High use of digital devices and prolonged screen time in today's times is a key factor affecting the eyes of people, and more so youngsters. In this digital era, the world is dependent on digital devices and technologies to run their day-to-day activities. This is leading to a high number of cases of eye disorders, further boosting the demand for optometry equipment to tackle the problem.

Key Takeaways from Market Study:

Global demand for optometry equipment is calculated to increase at a CAGR of 6.5% from 2024 to 2034. The United States market is approximated at a value of US$ 500 million in 2024.

Japan is projected to hold 29.4% of the East Asia market share by 2034. Demand for optometry equipment in South Korea is foreseen to expand at a CAGR of 7.3% during the next ten years. Glaucoma surgery device sales are forecasted to reach US$ 2.3 billion by 2034.

“Supportive government initiatives promoting eye health will complement the sales growth of advanced optometry equipment in several regions” says a Fact analyst.

Some of the leading providers of Optometry Equipment Market are Carl Zeiss Meditec AG; Johnson & Johnson Vision Care, Inc.; Bausch + Lomb; Alcon, Inc.; HAAG-STREIT GROUP; Luneau Technology Group; Reichert, Inc.; OCULUS Optikgeräte GmbH; Topcon Medical Systems; NIDEK CO., LTD; Heidelberg Engineering Inc.; Novartis AG; Hoya Corporation; Santinelli International, Inc.; Canon Singapore Pte. Ltd; ESSILOR INTERNATIONAL S.A.; HEINE Optotechnik GmbH & Co.; Ziemer Ophthalmic Systems AG; CooperVision, Inc.; Optovue, Inc; Marco Ophthalmic, Inc.

Country-wise Analysis:

How Alluring Is the US Market for Providers of Optometry Equipment?

The growing frequency of research aimed at improving ophthalmic treatment is expected to propel the United States market to substantial increases through 2024 and beyond. The prevalence of the top four conditions-glaucoma, diabetes, AMD, and cataracts-is rising as a clear demographic shift favors the older.

Over 20.5 million Americans aged 40 and older suffer from cataracts, according to the American Academy of Ophthalmology.

As a result, the need for optometry equipment in the US will undoubtedly grow during the next few years. Prominent manufacturers' substantial presence is another factor fueling the market's expansion.

What is driving manufacturers' desire to enter the UK market?

Age-related macular degeneration (AMD) is the primary cause of visual impairment in the populations of Wales and England, according to research. As a result, there has been a noticeable rise in diagnoses, creating opportunities for major manufacturers to enter the nation.

The Cell V100 handheld vision screener, developed by Grafton Optical, was introduced in April 2019. It is mainly intended for use on children at large screening events. The portable diagnostic equipment can provide results in less than a second and is able to check both eyes from a distance of one meter.

Why does Germany's optometry equipment market seem promising?

Governmental and commercial entities' favorable health insurance and reimbursement policies are likely to cause a shift in the German market for optometry equipment. Nearly 90% of citizens are covered by the public health insurance system, and both EU and non-EU citizens must have health insurance. In terms of ophthalmic care, the government is working on projects to expand coverage for significant surgical procedures.

What is France's expected demand for optometry equipment?

The main cause of vision impairment in France for those over 50 is age-related macular degeneration (AMD), which accounts for 270,000 of the country's blind population, according to the Fondation de France (FDF).

Nonetheless, younger people also frequently struggle with this difficulty. Experts understand that there has been a lot of focus on ophthalmic therapies lately. Therefore, there is increasing opportunity for study to promote improved treatment.

For 25 years, FDF has helped young researchers and ophthalmologists and neuro-ophthalmologists by funding research projects and assisting them in honing their research methods through targeted initiatives in labs or suitable clinic services. Thus, more financing for research is expected to result in the development of cutting-edge optometry tools and technology.

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Glaucoma: Serious Eye Condition Driving Need for Advanced Diagnostic and Surgical Equipment:

Surgical optometry equipment is set to exhibit high demand throughout the forecast period. Poor eye care due to lack of awareness and knowledge in some cases is leading to surgical conditions.

According to the Glaucoma Research Foundation, over 3 million Americans are living with glaucoma, and half of them are unaware of this condition

The same source estimates that glaucoma is the second-leading cause of blindness in the world.

Increasing cases of glaucoma worldwide and growing advancements in surgical technologies are set to complement market growth over the coming years. Technological innovations such as robotic-assisted surgeries and minimally invasive surgical procedures are gaining traction and are a thing to watch out for in the years ahead.

More Valuable Insights on Offer:

Fact, in its new offering, presents an unbiased analysis of the global optometry equipment market, presenting historical demand data (2019 to 2023) and forecast statistics for the period (2024 to 2034).

The study divulges essential insights on the market based on product (cataract surgery devices, glaucoma surgery devices, ophthalmic diagnostic equipment, vitreo retinal surgery devices, ophthalmic lasers, others) and end user (hospital outpatients, physician practice, specialty clinics, ambulatory care centers, Research Institutes), across seven major regions of the world (North America, Latin America, Western Europe, Eastern Europe, East Asia, South Asia & Pacific, and MEA).

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