Ophthalmic Instruments Market Size, Share, Growth, and Industry Analysis, By Type(Ophthalmic Diagnostic Equipment, Ophthalmic Care Equipment, Ophthalmic Treatment Equipment and Others), By Application (Hospitals, Eye Clinics and Others), Regional Forecast By 2031

Updated On: 08 April 2024

Ophthalmic Instruments Market Report Overview

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The global ophthalmic instruments market size is USD 7.647 billion in 2022.  As per our research, the market is projected to touch USD 10.101 billion in 2031, exhibiting a CAGR of 3.2% during the forecast period.

The global COVID-19 pandemic has been unprecedented and staggering, with the ophthalmic instruments market experiencing higher than anticipated demand across all regions compared to pre-pandemic levels. The sudden spike in CAGR is attributable to demand returning to pre-pandemic levels once the pandemic is over.

Ophthalmic instruments are pieces of medical gear created for surgical, vision-correcting, and diagnostic reasons. The market expansion can be ascribed to the increasing incidence of optical disorders such glaucoma, cataract, diabetic retinopathy, and vitreoretinal disorders, as well as technical developments in ophthalmic surgery as well as diagnostic devices needed for these target applications. Further expected to broaden the base for market growth are improved government measures to raise awareness of visual impairment.

COVID-19 Impact: Lockdown Gave Rise to Increased Growth Rate Which Boosted the Market

The COVID-19 pandemic and ensuing lockdown in various countries across the world have helped the financial standing of important businesses in the ophthalmic instruments market. The need for disposable linens in hospitals is anticipated to benefit long-term from the increase in demand during the COVID-19 epidemic. The COVID-19 pandemic lockdown tactics have increased screen time, which has been linked to the development and advancement of a number of eye illnesses, increasing the need for eye exams. Johnson & Johnson Vision gave USD 320 K in June 2020 to help COVID-19 afflicted individuals get eye care. The American Optometric Association (AOA) Foundation's Optometry Cares division and the American Academy of Optometry Foundation received this donation from the organisation (AAOF).

LATEST TRENDS

"Technological Advancements and Improved Treatment to Expand the Market"

Accurate diagnosis and better treatment of ocular problems are now possible because to technological breakthroughs. Improved management of cataract and macular degeneration, glaucoma, and dry eye disease has been made possible by improvements in drugs, diagnostic tools, laser technology, and surgical techniques. The use of ophthalmic equipment is anticipated to rise as a result of minimally invasive procedures including LASIK, multi-wavelength diabetic retinopathy treatment, ultrasonic phacoemulsification, and femtosecond laser surgery. Better patient outcomes and quicker recovery times follow these operations.

Technology improvements like the combination of OCT with artificial intelligence (AI) are anticipated to increase the rate of take-up of this technology by healthcare professionals. For instance, the US Food and Drug Administration approved Abbott's most recent OCT imaging platform, powered by Ultreon Software, in August 2021. (FDA). OCT and artificial intelligence (AI) are combined in this state-of-the-art imaging software to give doctors a more full image of coronary blood flow and blockages, assisting in decision-making and choosing the best course of therapy. As a result, more significant businesses will outsource their washing needs, increasing income and thus resulting in ophthalmic instruments market growth.

Ophthalmic Instruments Market SEGMENTATION

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• By Type

Based on type, the ophthalmic instruments market is classified into ophthalmic diagnostic equipment, ophthalmic care equipment, ophthalmic treatment equipment and others.

• By Application

Based on application, the ophthalmic instruments market is classified into hospitals, eye clinics and others.

DRIVING FACTORS

"Campaign and Programs Raising Awareness for Eye Health and Vision to Boost the Market  "

Numerous organisations have launched campaigns and initiatives to educate the public, optometrists, and ophthalmologists about the importance of eye health and vision care for the identification and management of ophthalmic issues. Additionally, through seminars, tutorials, and workshops, a number of providers also provide hands-on training for ophthalmologists and technicians on how to utilise different ophthalmic instruments. Such programmes contribute to greater knowledge of eye conditions and the accessibility of diagnostic tools. These factors are anticipated to propel the ophthalmic instruments market growth over the forecast period.

"Growing Geriatric Population and Prevalence of Diabetes to Multiply the Market Demand"

Because they are more likely to experience age-related ophthalmic problems, the ageing population is driving up demand for ophthalmic equipment. By 2030, there will be 72 million elderly people in the world, according to the National Institute on Aging (NIA). It is anticipated that the frequency of diabetes-related blindness and the rising prevalence of diabetes will drive market expansion. The bulk of the world's almost 422 million diabetics reside in low- and middle-income nations, according to the World Health Organization. In the approaching years, these firms should have profitable business prospects due to the rising number of government hospitals and private clinics, which would also help to fuel the ophthalmic instruments market share.

RESTRAINING FACTORS

"The Poor Healthcare Infrastructure High Expenses Incurred to Impede the Market Growth"

The market in the region is boosted by all of the aforementioned elements, including the increase in injury cases in tandem with the product launch. Nevertheless, limitations including the high cost of ophthalmic equipment in underdeveloped nations and a shortage of qualified ophthalmologists may restrict the market's expansion. Additionally, the lack of primary healthcare infrastructure in developing and underdeveloped nations as well as the risk involved with ophthalmic treatments could restrain market expansion. However, over the course of the projection period, the market will be constrained by poor primary healthcare high expenses incurred.

Ophthalmic Instruments Market Regional INSIGHTS

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"North America to Lead the Market with the Rapid Growth and Potential Manufacturers"

Due to factors including high disposable income, rising awareness, an ageing population, the incidence of eye disorders, and the introduction of novel products and equipment, North America is anticipated to account for a sizeable portion of the market. According to the Statistics Canada census of 2021, there were roughly 7,021,430 people who were 65 or older. Due to the increasing burden of the senior population and the frequent occurrence of ophthalmic conditions in this group, the market is anticipated to expand.

The market in the region is also anticipated to rise as a result of market participants' increased emphasis on innovation and the introduction of new products. Alcon, for example, introduced the Clareon family of intraocular lenses (IOLs) in the US. The most cutting-edge IOL material from Alcon allows Clareon to produce consistently excellent visual results and long-lasting clarity. As a result of the aforementioned factors, the market share for ophthalmic instruments in the North American region is anticipated to increase throughout the forecast period.

KEY INDUSTRY PLAYERS

"Notable Players to contribute towards the market growth"

The top notch players of the market share are implementing and applying varied front end and back end strategies  to exceed and expand their empire.

List of Market Players Profiled

• Stephens Instruments (U.S.A)
• Dexta (U.S.A)
• Keeler Instruments (U.K)
• Accutome (U.S.A)
• TOPCON CORPORATION (Japan)
• Carl Zeiss Vision International GmbH (Germany)
• Ellex (Australia)
• Quantel Medical Inc (France)
• NIDEK CO., LTD (Japan)
• HAAG-STREIT GROUP (Switzerland)
• Halma plc (U.K)
• Coburn Technologies Inc (U.S.A)
• Kowa Company Ltd. (U.S.A).

REPORT COVERAGE

The report covers the information on the advancement outlooks with new inventions and SWOT analysis.The market elements situation, with the development areas of the market in the upcoming years. Market segmentation information including the subjective and quantitative research including the effect of financial and strategy viewpoints are discussed in the report. The report also disseminates the information on the regional and nation level assessment incorporating the demand and supply dominators that are affecting the development of the market. The competitive landscape including market share of major players, along with the new research methodologies and strategies adopted by players for the  forecasted period is listed in the report.