Optometry Equipment Market Set to Register a CAGR of 5.3% and Reach US$ 4.2 Billion: Forecast Period 2023-2031 | Growth Plus Reports

| Source: Growth Plus Reports Growth Plus Reports

Newark, New Castle, USA, April 26, 2023 (GLOBE NEWSWIRE) -- According to the most recent study by Growth Plus Reports, the global Optometry Equipment Market was valued at US$ 2.6 billion and is expected to rise at a revenue CAGR of 5.3% to reach US$ 4.2 billion by 2031.

The global market for optometry equipment was analyzed, and it is expected to rise significantly during the forecast period. Optometrists and ophthalmologists employ optometry equipment to check, diagnose, treat, and control eye disorders and anomalies associated with eye structures. 

Recent Development in the Global Optometry Equipment Market: 

  • In July 2022, as part of its National Drivers Eye Health Project, Sightsavers launched a mobile vehicle in Delhi-NCR with the help of Cholamandalam Investment and Finance Corporation Ltd (Chola) to provide eye care services to the drivers' community.
  • In March 2022, during Vision Expo East 2022, Epipole, a new supplier of high-quality portable fundus cameras, showcased its new epiCam fundus camera. The epiCam is a high-powered, ultra-portable wireless fundus camera that records live high-resolution video footage of the living retina and still images using epipole's innovative video direct ophthalmoscopy (VDO) technology.

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                              Optometry Equipment Market Scope

Report AttributeDetails
Market size value in 2022US$ 2.6 billion
Market Size Value in 2031US$ 4.2 billion
Growth RateCAGR of 5.3% from 2023 to 2031
Base Year for Estimation2022
Forecast Period2023 to 2031
Historical Year2021
Segments CoveredType of Examination, End User, and Region
Regional ScopeNorth America, Europe, Asia Pacific, Latin America, and the Middle East & Africa

Key Takeaways: 

  • The increased prevalence of eye problems is driving the market revenue share.
  • Significant collaborations among key market players are propelling the market revenue growth.
  • Several technical advancements and continuous R&D efforts are creating a strong product pipeline.

Market Drivers and Restraints: 

The rise in the incidence of eye disorders, the increase in geriatrics, and the rise in the frequency of diabetes drive revenue growth in the global optometry equipment market. Additionally, the rise in the adoption of digital technologies and screens for extended periods is also causing severe eye disorders, contributing to market revenue growth. 

However, the high cost of refurbished optometry equipment and low awareness with limited accessibility are restraining the market revenue growth. 

Market Segmentation: 

Segmentation By Type of Examination

Based on the type of examination, the global optometry equipment market is segmented into retina examination, cornea examination, and general examination. Due to the rising number of retinal illnesses and mergers and acquisitions, the retinal examination segment accounts for the largest market revenue share. 

Segmentation By End-User

Based on end-user, the global optometry equipment market is segmented into eye clinics, hospitals, and other end users. The eye clinic segment with the largest revenue share dominates the global market. The eye clinic segment is growing because of advanced facilities at ophthalmic clinics, the number of clinics, and increased patient intake.

Regional Growth Dynamics

Based on the region, the global optometry equipment market is segmented into North America, Europe, Asia Pacific, Latin America, the Middle East & Africa. North America accounts for the largest revenue share in the global market. Some reasons driving revenue growth in the North American area include rising incidence rates of eye diseases and an aging population, highly established healthcare infrastructure, and prominent market participants. 

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Competitive Landscape

Following is a list of the top market players operating in the global market for optometry equipment: 

  • Abbott Laboratories 
  • Novartis AG
  • F. Hoffmann-La Roche AG
  • Carl Zeiss Meditec AG
  • Haag-Streit Group

Report Coverage 

Growth Plus Reports studied the global market for optometry equipment in-depth and analyzed the basic market characteristics, significant investment areas, analytics of regional growth, revenue forecast, competitive market players, mergers, and acquisitions. 

Table of Content

  1. INTRODUCTION
    1. Market Ecosystem
    2. Timeline Under Consideration
      1. Historical Years – 2021
      2. Base Year – 2022
      3. Forecast Years – 2023 to 2031
    3. Currency Used in the Report
  2. RESEARCH METHODOLOGY 
    1. Research Approach
    2. Data Collection Methodology
    3. Data Sources
      1. Secondary Sources 
      2. Primary Sources
    4. Market Estimation Approach
      1. Bottom Up
      2. Top Down 
    5. Market Forecasting Model
    6. Limitations and Assumptions
  3. PREMIUM INSIGHTS
    1. Current Market Trends (COVID-19 Perspective)
    2. Key Players & Competitive Positioning (2022)
    3. Regulatory Landscape
  4. MARKET DYNAMICS
    1. Drivers
    2. Restraints/Challenges
    3. Opportunities
  5. GLOBAL OPTOMETRY EQUIPMENT MARKET - ANALYSIS & FORECAST, BY TYPE OF EXAMINATION
    1. Retina Examination
      1. Retinoscope
      2. OCT Scanner
      3. Fundus Camera
      4. Visual Field Analyzer
      5. Others Retina Examination
    2. Cornea Examination
      1. Wavefront Aberrometer
      2. Specular Microscope 
      3. Other Cornea Examinations
    3.  General Examination
      1. Autorefractor 
      2. Ophthalmic Ultrasound System
      3. Tonometer
      4. Phoropter 
      5. Other General Examination
  6. GLOBAL OPTOMETRY EQUIPMENT MARKET - ANALYSIS & FORECAST, BY END USER
    1. Eye Clinics
    2. Hospitals
    3. Other End Users

OPTOMETRY EQUIPMENT MARKET TOC

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