Ophthalmic Equipment Market in terms of revenue was estimated to be worth $66.2 billion in 2023 and is poised to reach $88.5 billion by 2029, growing at a CAGR of 4.9% from 2023 to 2029 according to a new report by MarketsandMarkets™. Rise in cataract diseases, glaucoma cases on the rise, refractive vision diseases increasing, retinopathy caused by diabetes, presbyopia leading to vision degeneration, age-related macular degeneration, rise in minimally invasive procedures, increase in healthcare expenditures, GDP expenditures on the rise, growing awareness of eye health, rising adoption for advanced tools and increase in treatment for eye diseases at an early stage.
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The Ophthalmic Equipment Market is further segmented based on the product, end-user, and region.
The vision care segment holds the largest market share during the forecast period.
The world of vision correction stands tall as the leading force in the ophthalmic equipment market, thanks to a powerful combination of factors. At its core lies the widespread need for glasses, contact lenses, and other solutions to address refractive errors like myopia, hyperopia, and astigmatism. This demand fuels a diverse market brimming with options, from traditional favorites to advanced innovations like multifocal and orthokeratology. Catering to individual preferences and lifestyles is key, ensuring everyone finds the perfect fit. But affordability reigns supreme. Compared to other segments, vision care products are generally accessible and budget-friendly, opening doors for people of all income levels to achieve clear vision. This preventive approach is crucial, as early detection and correction can prevent future complications. And the future is bright, with constant technological advancements like blue-light filtering glasses and telehealth consultations promising even better solutions. Beyond function, vision care has become a fashion statement. Designer frames and personalized options cater to those who seek style alongside clarity. While other segments, like surgical devices and diagnostics, play vital roles in eye health, the sheer need, diverse solutions, affordability, and focus on prevention solidify the vision care segment’s position at the top of the ophthalmic equipment market. As the population grows and awareness increases, this segment is poised to continue shaping the future of seeing clearly.
The customer segment accounted for the largest share during the forecast period.
An aging population and heightened awareness of eye health are fueling a surge in vision needs. Refractive errors like nearsightedness and farsightedness, along with conditions like cataracts and glaucoma, are increasingly diagnosed. This translates to a growing demand for vision correction solutions. Glasses and contact lenses, once primarily handled by healthcare institutions, are now increasingly sought after by individual consumers seeking to take charge of their own vision. But the need goes beyond correction. A proactive approach to eye health is gaining momentum, driven by the understanding that early intervention can prevent irreversible damage. Consumers are actively seeking tools like autorefractors and tonometers for home use, empowering them to monitor their eye health and participate in preventive care. Technological advancements are key to this shift. User-friendly and affordable ophthalmic equipment like portable fundus cameras and home eye tests are democratizing access to eye health information. No longer solely reliant on healthcare institutions, individuals can now play a more active role in safeguarding their vision. E-commerce platforms and direct-to-consumer brands are further fueling this trend. Vision correction products and basic diagnostic tools are now readily available and affordable online, removing geographical and financial barriers. This convenient and cost-effective access further solidifies the customer segment’s dominance in the eye care market.
In the surgical segment, the cataract surgery devices segment accounted for the largest share in the Ophthalmic Equipment Market.
As the global population ages, the prevalence of cataracts, a clouding of the eye’s lens, naturally rises. This surge in demand for cataract surgery propels the market for devices like phaco emulsifiers, which effectively remove cataracts during surgery. Technological advancements have revolutionized cataract surgery, making it minimally invasive and highly effective. This has led to increased patient safety and faster recovery times, further boosting the demand for specialized equipment like femtosecond lasers that improve precision and efficiency. Public health initiatives and improved healthcare infrastructure have heightened awareness of cataracts and their treatment options. This has led to more individuals seeking timely interventions, increasing the market reach for cataract surgery devices. While advanced technologies exist, manufacturers are also developing more affordable phaco emulsifiers and other equipment, making cataract surgery accessible to a wider range of patients, particularly in resource-constrained settings.
North America will continue to dominate the ophthalmic equipment market in 2029.
North America’s significant healthcare investments drive a thriving ophthalmic R&D ecosystem. Renowned research institutions and medical centers act as fertile ground for cutting-edge technologies, translating into a constant stream of advanced diagnostic and treatment devices. This continuous innovation solidifies the region’s dominance in the ophthalmic equipment market.
Public awareness campaigns and robust healthcare systems further contribute to North America’s leadership. Emphasis on preventive care and early intervention for eye diseases fuels demand for ophthalmic equipment across the healthcare spectrum, from primary care clinics to specialized centers. This proactive approach ensures patients benefit from the latest advancements, further solidifying the region’s market position.
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The prominent players in the Ophthalmic Equipment Market include Bausch Health Companies, Inc. (Canada), Alcon (Switzerland), Carl Zeiss Meditec AG (Germany), Johnson & Johnson (US), Hoya Corporation (Japan), The Cooper Companies, Inc. (US), EssilorLuxottica (France), Canon Inc. (Japan), Glaukos Corporation (US), Nidek Co., Ltd. (Japan), Topcon Corporation (Japan), Ziemer Ophthalmic Systems (Switzerland), Staar Surgical (US), Haag-Streit (Switzerland), Quantel Medical (US), Coburn Technologies, Inc. (US), FCI Ophthalmics (US), Matronix India Corporation (India), HEINE Optotechnik (Germany), Visionix (France), Neo Vision (Korea), Clear Lab (Singapore), BVI (US), DORC (Netherlands), CORZA Medical (US), Appasamy Associates (India), Ophtec BV (Netherlands), Lumenis (Israel), and Intuvision Labs (India).
EssilorLuxottica, is a leader in the Ophthalmic Equipment Market. A global eyecare powerhouse, EssilorLuxottica boasts an unmatched portfolio. Diverse solutions, spanning lenses to lasers, cater to individual needs while their extensive reach and unwavering innovation keep them at the forefront of eye health. Their comprehensive range, built on decades of expertise and global presence, empowers individuals to see clearly, wherever they are. From correcting nearsightedness to peering into the future with AI, EssilorLuxottica’s eye care symphony plays across continents. Their diverse solutions, born from a rich history and unwavering innovation, ensure everyone can see the world in vibrant focus. EssilorLuxottica has strategically acquired leading companies like GrandVision and HAL in recent years, solidifying their position in the retail and surgical equipment segments respectively. These partnerships not only expand their product offerings but also allow them to leverage diverse expertise and resources.
Alcon (Switzerland), Inc. was placed in second position in this market. Alcon reigns in cataract and glaucoma surgery, with VerifEye and Acrysoft IOLs leading the charge. Their relentless pursuit of precise, minimally invasive tools secures their reputation for innovation and quality. From routine checkups with fundus cameras to in-depth retinal views with advanced OCTs, Alcon’s diagnostic arsenal empowers eye care across every step. With a global reach spanning 70 countries, they tailor solutions to diverse needs, ensuring everyone sees the future clearly. Biocompatible implants, AI-powered diagnostics – Alcon’s R&D pushes the boundaries of what’s possible. Their commitment to innovation isn’t just shaping the present; it’s illuminating the future of eye care. Cataracts and glaucoma tremble before VerifEye and Acrysoft, testaments to Alcon’s surgical prowess. But their vision extends beyond the operating room. From fundus cameras for first glimpses to OCTs unveiling retinal mysteries, they equip every step of the eye care journey. And with a global network spanning continents, Alcon ensures everyone, everywhere, sees a brighter future.
Johnson & Johnson (US) held the number three position in the Ophthalmic Equipment Market. It has TECNIS IOLs and Catalys phaco emulsifiers leading the charge. Their relentless pursuit of minimally invasive, tech-driven solutions secures their throne as a leader. From pre-op checks with autorefractors to delicate vitreoretinal procedures, J&J’s arsenal empowers eye care across every step. Their global reach, spanning 150+ countries, ensures tailored solutions reach diverse needs, leaving no vision behind. Femtosecond lasers and gene therapy – J&J’s R&D cracks open the future of ophthalmology. Beyond cataract dominance, their diverse equipment and relentless innovation paint a brighter picture for eye care worldwide. Cataracts tremble before TECNIS, and Catalyst orchestrates minimally invasive symphonies in the operating room. But J&J’s vision extends far beyond. From autorefractors’ first glimpses to vitreoretinal devices peering into the eye’s secrets, they equip every stage of the journey.
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Ophthalmic Equipment Market – Key Benefits of Buying the Report:
The report will help the market leaders/new entrants in this market with information on the closest approximations of the revenue numbers for the overall ophthalmic equipment market and the subsegments. This report will help stakeholders understand the competitive landscape and gain more insights to position their businesses better and plan suitable go-to-market strategies. The report also helps stakeholders understand the pulse of the market and provides them with information on key market drivers, restraints, challenges, and opportunities.
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