Growing prevalence of eye disorders and abnormalities has led to surge in demand for optometry equipment globally. In addition, government in various countries are taking initiatives to control visual impairment. Such factors are projected to impact growth of the global optometric equipment market positively. Fact.MR states that the global optometry equipment market is projected to reflect a CAGR of x over the forecast period, 2017-2026.
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Factors Fuelling Global Market Growth
Growth of the global optometry equipment market is mainly bound to various macro-economic and micro-economic factors. Surge in the number of eye disorders such as cataract, macular degeneration and glaucoma has fuelled adoption of the optometry equipment in the healthcare industry. In addition, adoption of optometry equipment is projected to gain momentum bound to growing prevalence of diabetes. Increasing instances of diabetes has led to surge in the number of diabetic retinopathy cases in the healthcare industry. High blood sugar level cause the blood vessels in the retina to swell and then leak, which has led the diabetic patients to get dilated eye check-ups every year. According to CDC, the 9.4% of the population in the U.S, which is 30.3 million people have diabetes. Prevalence of diabetes has led to surge in adoption for the optometry equipment in the healthcare industry for check-ups of diabetic retinopathy.
In addition, growing adoption of electronic gadgets such as smartphones, laptops and tablets has significantly impaired the vision of people. Moreover, increasing exposure to the digital screens has led to increasing number of dry eye syndrome cases and digital eye strain. Exposure to various digital devices in organizations has further led to increasing number of dry eye syndrome cases. With the growing need to treat astigmatism, myopia, presbyopia, and hyperopia cases, adoption of optometry devices will continue to remain high in the healthcare industry.
With the growing medical technology, manufacturers are increasingly focusing on integrating leading technological features in the optometric devices that offers enhanced vision screening applications to the end users. Integration of technological solutions such as amblyoplay, which is a gamified vision therapy for children who have lazy eyes. Moreover, incorporation of smart technology assists the ophthalmologists and end users to leverage the iOS and android devices for monitoring the eye health and eye examinations. As preference for non-invasive imaging tests and therapies remain high among patients, manufacturers are increasingly integrating smart technology further allows the optometrists to offer prescription for glasses in comparatively shorter time. Rapid developments in the medical technology is transforming the treatment techniques and assisting the optometrists with accurate examinations. Surge in technological developments will continue to contribute towards growth of the global optometric equipment market during the forecast period.
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Sales to Remain High Through Clinics
With the increasing prevalence of eye disorders, growing need to conduct non-invasive imaging tests has led to surge in demand for the OCT (optical coherence tomography) scanners continue to remain high. In terms of revenue, the OCT scanners product type segment is expected to represent the highest growth, accounting for more than US$ 270 Mn by 2026-end. In contrary, the corneal topography systems product type segment is projected to reflect a significant CAGR throughout the forecast period.
On the basis of end users, the clinics segment is projected to generate significant revenues, recording more than US$ 300 Mn by 2017-end. On the other hand, the other end users segment is projected to represent the fastest growth in the global optometry equipment market during the forecast period.
Leading market players operating in the global optometry equipment market include Escalon, Luneau Technology, Heine Optotechnik, Essilor, Canon, Valeant, Novartis, Heidelberg Engineering, Nidek, Topcon, Haag-Streit and Carl Zeiss.
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