The global optometry equipment market is anticipated to grow at a CAGR of 6.5% during the forecast period of 2023 to 2030. The rising technological advances in optometry equipment and the rising awareness of early disease diagnosis in developing nations are driving market expansion. Increasing awareness of eye care services has led to an increase in the number of eye care providers, necessitating differentiation of services in terms of new and innovative technology. The majority of optometrists are focusing on increasing the adoption of new technologies for eye examinations due to the cost-effectiveness brought about by technological advances. Increasing demand for advanced optometry in eye examinations has prompted diagnostic equipment makers in the vision care business to embrace innovation and create innovative, miniaturized, portable, and user-friendly examination instruments and technologies. This will spur the expansion of the market. To meet these demands, industry participants are investing in research & development to create and launch new products, ultimately expanding the worldwide optometry market.

Increasing Prevalence of Eye Conditions

Globally, the incidence of major eye illnesses is rising, and vision impairment is a serious public health concern. This worry is caused by the increasing elderly population, technical advances in ophthalmic technologies, increasing government activities, and rising healthcare expenditures. The chance of developing severe eye problems, such as age-related macular degeneration, cataracts, poor vision, and glaucoma, increases considerably with age, especially after the age of 60. The adoption of diagnostic tests is required for accurate diagnosis and treatment of various illnesses, boosting the growth of the optometry equipment market.

Aging demographics and rising incidence of chronic diseases such as diabetes have led to a growing prevalence of eye ailments such as diabetic retinopathy, age-related macular degeneration, cataracts, and glaucoma, which has led to an increase in product consumption. This will spur the expansion of the market. According to a report published in BMJ Open Ophthalmology, the global prevalence of diabetic retinopathy is predicted to be 34.6%.

Increasing Incidence of Digital Eye Strain

In this age of the digital revolution, reliance on smartphones and other devices is unavoidable. Excessive reliance on these technologies has resulted in numerous drawbacks, including irreversible sight problems. Dry eyes, redness, and itching are some of the most prevalent symptoms of severe dependence, which frequently progresses to more serious situations. According to BankMyCell, in 2021 there will be 3.8 billion smartphone users worldwide. This represents over half of the world's population as smartphone owners. The United Kingdom has the greatest percentage of smartphone users, with about 83% (55.5 million) of the population possessing one. This is followed by the United States (79.1%) and Germany (79.9%). India is also a significant user of smartphones, with over 500 million individuals possessing these gadgets.

The prevalence of myopia in young children has increased due to an increase in the usage of mobile devices. Additionally, in the United States, approximately three-quarters of 30-49-year-old adults spend more than five hours each day on digital devices, which has repeatedly highlighted the necessity to examine eyes for probable indicators of visual impairment. This has increased the need for better optometric equipment to detect visual abnormalities.

Emerging Economies Illustrating Opportunities

The developing economies of India, China, South Korea, Brazil, Turkey, Russia, and South Africa are anticipated to provide significant players in the optometry equipment market with growth possibilities. This is due to the high frequency of ophthalmic diseases, the vast patient population, the improved healthcare infrastructure, the rising disposable income, and the growing medical tourism in these nations. In addition to the aforementioned characteristics, the Asia-Pacific area has developed as an adaptable and business-friendly center as a result of less rigorous data and regulatory requirements.

High cost and the use of recycled optometry equipment to Limit Market Growth

A major factor inhibiting the growth of the optometry equipment market is the adoption of refurbished equipment and its high price. Due to the high cost of optometry equipment adoption by ophthalmologists, the majority of ophthalmic device firms confront a significant obstacle; thus, the desire for used equipment is observed. The expense of machine maintenance, labor, and training, as well as the space necessary for the machine, are also substantial. All of these considerations influence the choice to purchase such expensive equipment by clinics and small diagnostic institutions.

Low Awareness and Restricted Access to Eye Care to Challenge the Market Expansion

In rural areas of developing nations such as India, Saudi Arabia, Israel, Kenya, and South Africa, eye disease awareness and understanding are extremely poor. In addition, access to advanced optometry equipment is limited in these nations. Inadequate infrastructure, lack of understanding, and limited access to eye care professionals characterizes rural healthcare. In addition, the number of ophthalmologists differs between countries with low and high levels of economic development.

Retina and Glaucoma Examination Dominates the Optometry Equipment Market

On the basis of product type, the worldwide optometry equipment market is divided into the retina and glaucoma examination goods, general examination products, and cornea and cataract examination products. Increasing rates of glaucoma and retinal illnesses, as well as a growing diabetic and hypertensive population, are the primary market growth drivers for this segment.

General Examination Segment Dominates the Application Market

By application, the market for optometry equipment is split into general examinations, cataracts, glaucoma, age-related macular degeneration, and other applications. The majority of this segment's revenue is attributable to the increasing knowledge of ocular care, the prevalence of eye illnesses, and the aging population.

The clinic's Segment Remains the Largest End User Segment

By end user, the optometry equipment market is divided into clinics, hospitals, and other end users. The rising prevalence of eye problems among the elderly population, the enormous number of patients treated in clinics, and the expanding number of private clinics in developing nations all contribute to this segment's large market share.

North America Remains as the Global Leader

In 2021, North America held the largest market share for optometry equipment. Numerous factors, including the increasing frequency of chronic eye disorders, growing healthcare expenditures, and the presence of numerous leading manufacturers, have contributed to the region's large market share. Due to the rising frequency of research aimed at advancing ophthalmic care, the U.S. market is expected to have significant growth through 2021 and beyond. The incidence of the top four diseases, glaucoma, diabetes, age-related macular degeneration, and cataracts, is rising as a result of the aging population trend.

According to a study published in Ophthalmology Management, by 2029, more than 20% of the overall U.S. population will be over 65 years old. This expansion is projected to proceed at a significantly quicker rate than the increase in the population under 18 years old. In 2015, the ratio of diseases/conditions per ophthalmologist increased from 914.3 to 1. In addition, the study predicts a 170% increase in people with primary open-angle glaucoma by 2050, reaching nearly 7 million. In 2020, the number of cataract sufferers surpassed 30 million. As a result of these data, the demand for optometry equipment will likely expand in the next years. Acuity Pro, Amcon Care, Belrose Refracting Equipment Co., EyeQuip, and First Insight Corporation are among the most prominent U.S. companies.

Drug Approvals and Innovation Remains the Key Market Strategy

The global optometry market is highly fragmented, with numerous multinational and regional competitors present. Principal participants in the worldwide optometry market are engaged in regulatory approvals, technologically enhanced products, the introduction of new goods, and acquisition & cooperation partnerships with other companies. These methods are likely to stimulate the global optometry market's expansion. The key companies in the "Global Optometry Equipment Market" include Carl Zeiss, Haag-Streit, Topcon, NIDEK, Heidelberg Engineering, Escalon, Novartis, Valent, Canon, and Essilor are the market leaders.

Historical & Forecast Period

This study report represents analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.

The current report comprises of quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends and technological analysis, case studies, strategic conclusions and recommendations and other key market insights.

Research Methodology

The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. key data point that enables the estimation of Optometry Equipment market are as follows:

• Research and development budgets of manufacturers and government spending
• Revenues of key companies in the market segment
• Number of end users and consumption volume, price and value.
• Geographical revenues generate by countries considered in the report
• Micro and macro environment factors that are currently influencing the Optometry Equipment market and their expected impact during the forecast period.

Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top down and bottom-up approach for validation of market estimation assures logical, methodical and mathematical consistency of the quantitative data.

Key questions answered in this report

• What are the key micro and macro environmental factors that are impacting the growth of Optometry Equipment market?
• What are the key investment pockets with respect to product segments and geographies currently and during the forecast period?
• Estimated forecast and market projections up to 2032.
• Which segment accounts for the fastest CAGR during the forecast period?
• Which market segment holds a larger market share and why?
• Are low and middle-income economies investing in the Optometry Equipment market?
• Which is the largest regional market for Optometry Equipment market?
• What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
• Which are the key trends driving Optometry Equipment market growth?
• Who are the key competitors and what are their key strategies to enhance their market presence in the Optometry Equipment market worldwide?