The global optometry equipment market is anticipated to grow at a CAGR of 6.5% during the forecast period of 2023 to 2030. Increasing technological advancements in optometry equipment and increased awareness of early disease diagnosis in emerging nations are driving the market growth. Increasing awareness of eye care services has resulted in a growth in the number of eye care providers, demanding service differentiation in terms of new and innovative technologies. Due to the cost-effectiveness brought about by technological advancements, the majority of optometrists are focusing on expanding the use of new technology for eye examinations. In response to the growing need for improved optometry in eye examinations, diagnostic equipment manufacturers in the vision care industry have embraced innovation and developed new, miniaturized, portable, and user-friendly examination tools and technologies. This will stimulate the growth of the market. To address these demands, industry participants are spending in R&D to design and introduce new products, which will ultimately boost the global optometry market.
The increasing prevalence of eye conditions such as diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma has led to a rise in product consumption, as a result of the aging of the population and the prevalence of chronic diseases such as diabetes. This will stimulate the growth of the market. The global prevalence of diabetic retinopathy is estimated to be 34.6%, according to a study published in BMJ Open Ophthalmology.
In this age of digital transformation, it is impossible to resist relying on smartphones and other technologies. The overuse of these techniques has resulted in several disadvantages, including irreparable vision issues. Dry eyes, redness, and itching are some of the most common signs of severe dependence, which commonly develops to more dire circumstances. BankMyCell predicts that there will be 3,8 billion smartphone users worldwide in 2021. This reflects more than half of the global population that owns a smartphone. With around 83% (55.5 million) of the population owning a smartphone, the United Kingdom has the highest smartphone penetration rate. The United States (79.1%) and Germany (79.9%) are next in line. India is also a major consumer of smartphones, with over 500 million people owning these devices.
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The prevalence of myopia among young children has increased as mobile device usage has increased. Additionally, in the United States, three-quarters of persons between the ages of 30 and 49 spend more than five hours each day using digital devices, which has repeatedly emphasized the need to test eyes for possible signs of visual impairment. This has boosted the demand for improved optometric equipment to identify visual anomalies.
The growing economies of India, China, South Korea, Brazil, Turkey, Russia, and South Africa are predicted to offer growth opportunities to market leaders in optometry equipment. This is attributable to the high prevalence of ocular illnesses, the enormous patient population, the improved healthcare infrastructure, the rising disposable income, and the increase in medical tourism in these countries. In addition to the aforementioned qualities, the Asia-Pacific region has become a flexible and business-friendly hub due to less stringent data and regulatory requirements.
The adoption of refurbished equipment and its high price is a major problem impeding the expansion of the market for optometry equipment. Due to the high cost of adopting optometry equipment by ophthalmologists, the majority of ophthalmic device companies face a substantial impediment; thus, a demand for secondhand equipment is noticed. Also substantial are the costs of machine maintenance, labor, and training, as well as the area required for the machine. All of these factors influence the decision of clinics and small diagnostic institutions to buy such costly equipment.
In rural parts of emerging nations such as India, Saudi Arabia, Israel, Kenya, and South Africa, awareness and comprehension of eye diseases are significantly lacking. In addition, advanced optometry equipment is scarce in these countries. Rural healthcare is characterized by inadequate infrastructure, a lack of awareness, and restricted access to eye care providers. Additionally, the number of ophthalmologists varies between nations with low and high economic development.
The global optometry equipment market is segmented by product type into retina and glaucoma examination goods, general examination goods, and cornea and cataract examination goods. The increasing prevalence of glaucoma and retinal diseases, as well as an increasing number of diabetics and hypertensives, are the key market growth drivers for this segment.
The market for optometry equipment is segmented by application into general examinations, cataracts, glaucoma, and age-related macular degeneration, among others. The majority of this segment's revenue can be attributed to the growing awareness of ocular care, the prevalence of eye diseases, and the aging population.
The optometry equipment market is segmented by end-user into clinics, hospitals, and other end users. The increasing prevalence of eye issues among the older population, the vast number of patients treated in clinics, and the proliferation of private clinics in developing nations all contribute to this segment's substantial market share.
In 2021, the biggest market share for optometry equipment was held by North America. Numerous reasons, such as the increasing prevalence of chronic eye problems, rising healthcare costs, and the existence of a large number of major manufacturers, have led to the region's substantial market share. Due to the increasing frequency of research targeted at advancing ophthalmic care, it is anticipated that the U.S. market will experience substantial growth through 2021 and beyond. As the population ages, the incidence of the top four diseases, glaucoma, diabetes, age-related macular degeneration, and cataracts, increases.
According to a study published in Ophthalmology Management, by the year 2029, more than 20% of the total U.S. population will be over the age of 65. This expansion is anticipated to proceed at a rate considerably faster than the growth of the population under 18 years old. The ratio of diseases/conditions per ophthalmologist rose to 914.3 to 1 in 2015. In addition, the study estimates that by 2050, the number of individuals with primary open-angle glaucoma will increase by 170%, reaching roughly 7 million. In 2020, around 30 million people suffered from cataracts. As a result of these findings, the need for optometry equipment is projected to increase over the next years. Acuity Pro, Amcon Care, Belrose Refracting Equipment Co., EyeQuip, and First Insight Corporation are major American businesses.
Numerous multinational and regional rivals compete in the worldwide optometry market, which is highly fragmented. Principal optometry market participants are engaged in regulatory approvals, technologically advanced products, the introduction of new products, and acquisition & collaboration agreements with other businesses. These techniques are projected to drive the rise of the worldwide optometry market. Carl Zeiss, Haag-Streit, Topcon, NIDEK, Heidelberg Engineering, Escalon, Novartis, Valent, Canon, and Essilor are the leading businesses in the "Global Optometry Equipment Market.
