Optometry Equipment Market Analysis | CMI

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OPTOMETRY EQUIPMENT MARKET ANALYSIS

• Optometry Equipment Market, by Product Type
  (Retinoscopes, OCT Scanners, Corneal Topography
  Systems, Visual Field Analyzers, Ophthalmic
  Ultrasound Systems, Fundus Cameras,
  Autorefractors and Keratometers, Ophthalmoscopes,
  Optical Biometry Systems, Specular Microscopes,
  Wavefront Aberrometers, Other Equipment Types,
  Accessories), by End User (Eye Specialty Clinics,
  Ophthalmic Hospitals, Academic and Research
  Institutions), and by Region (North America,
  Latin America, Europe, Asia Pacific, the Middle
  East, and Africa) - Size, Share, Trends, and
  Forecast to 2026
• The global optometry equipment market size is
  estimated to be valued at US 3,285.7 million in
  2018, and is expected to witness a CAGR of 5.6
  over the forecast period (2018 2026).

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Market Drivers

• Increasing incidences of eye disease and vision
  loss have led to introduction of new technologies
  and methods by optometry instrument manufactures.
  In January 2016, Birmingham Optical launched the
  NIDEK Tonoref III, a device which combines the
  functionality of an auto-refractometer,
  auto-keratometer, non-contact tonometer, and
  non-contact pachymeter into one device. These
  user-friendly device is designed to offer a high
  measurement accuracy and is able to conduct all
  clinically essential eye detection functions.
  This will eventually propel the adoption of
  optometry equipment over the forecast period.

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Figure 1. Global Optometry Equipment Market Value
(US Mn), by Region, 2018
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• Rising prevalence of eye disease is expected to
  augment the market growth
• Rising prevalence of most common eye disease such
  as age-related macular degeneration (AMD),
  cataract, glaucoma, and diabetic retinopathy are
  major driving factor for growth of the optometry
  equipment market. For instance, according to the
  data published in the Glaucoma Research
  Foundation (GRF) in October 2017, glaucoma
  accounts for around 10 million visits to
  physicians annually. Furthermore, in terms of
  health care expenditure, glaucoma cost around US
  1.5 billion to the U.S. government, annually.
• According to the Royal National Institute of
  Blind People (RNIB), more than 5.7 million people
  are suffering from sight-threatening eye
  conditions in the U.K. Moreover, 2 million
  individuals were suffering from sight loss in
  2016, which is expected to rise by registering
  more than 2.7 million individuals by 2030.
  Moreover, according to the Royal National
  Institute of Blind People (RNIB) data findings,
  in 2014, around 350,000 people were registered as
  blind or partially sighted, which includes
  291,100 individuals from England, 34,500 in
  Scotland, 16,939 in Wales and around 8000 in
  Northern Ireland.
• Increasing healthcare expenditures for treatment
  of sight loss, blindness, and sight-threating
  conditions are expected to propel demand for
  Optometry Equipment over the forecast period.
  According to the RNIB- Eye Health 2016 report, in
  the U.K., during 2016, sight loss, blindness and
  sight-threating conditions accounted for US 2.03
  million, US 0.27 million, and US 5.7 million
  healthcare expenditures, respectively.

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• Moreover, growing number of diabetic population
  and patients suffering with diabetes owing to get
  affected with diabetes eye disease, will expected
  to exhibit strong growth in optometry equipment
  market. Eye disease is the common complications
  in diabetes, which include glaucoma, diabetic
  retinopathy, and cataract. People with diabetes
  are twice as likely to develop glaucoma as
  compared to non-diabetics people. Neovascular
  glaucoma, is the rare type of glaucoma, which is
  commonly associated with the diabetes.
• According to the data published in PLOS One
  Journal in August 2014, 13 study, 7 case control
  studies, and 7 population based studies conducted
  among the Diabetes Mellitus (DM) patients
  reported that, the people with diabetes mellitus
  have an increased risk of developing primary
  Open-Angle Glaucoma (POAG). Furthermore, an
  increasing number of diabetic population around
  the globe is expected to drive growth of the
  optometry equipment market. According to the
  World Health Organization (WHO) November 2017,
  data findings, in 2015, an estimated 1.6 million
  deaths were caused due to diabetes. Moreover, WHO
  estimated that diabetes will be the seventh
  leading cause of death in 2030.

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Figure 2. Global Optometry Equipment Market, by
End User, 2018 2026
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Segment Information

• North America expected to lead the market, owing
  to increasing healthcare spending and rising
  incidence of diabetes population
• North America is expected to account for largest
  market share in Optometry Equipment Market, owing
  to increased awareness regarding the cataract,
  vision loss, other common eye disease, well
  established healthcare infrastructure, favorable
  Medicare reimbursement facilities, and increasing
  incidence of diabetes in the North and Latin
  America.
• For instance, according to the U.S. Centers for
  Medicare Medicaid Services, people having
  diabetes or a family history of glaucoma are
  classified under group of high risk for glaucoma
  and covered for glaucoma tests once every 12
  months under Medicare Part B insurance plan.
  Moreover, increased government spending to build
  efficient healthcare infrastructure by various
  government organizations is expected to drive the
  optometry equipment market. For instance,
  according to Centers for Medicare Medicaid
  Services (CMS) 2016-Research Statistics Data and
  Systems, retail spending for non-durable medical
  products such as medical instruments and surgical
  dressings increased by 4.4 to US 62.2 trillion
  in the U.S. in 2016. Moreover, hospital care
  spending accounted for around 32 of the total
  healthcare spending in the U.S., which exhibited
  an increase of 4.7 to reach US 1.1 trillion in
  2016, over the prior year (2015).
• According to the World Health Organization (WHO),
  global reports on Diabetes 2016, an estimated 62
  million people in the Americas were affected with
  diabetes. Furthermore, 62.85 male and 59.8 of
  female were reported to shows the prevalence of
  being overweight in regions of the Americas,
  putting them under increased risk of diabetes in
  future. This expected to register high revenue
  growth in optometry equipment market during
  forecast period.

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Key Players

• Some of the key players operating in the market
  include Canon Inc., Carl Zeiss AG, Escalon
  Services, Inc., Essilor International S.A.,
  Haag-Streit AG, Heidelberg Engineering GmbH,
  Heine Optotechnik GmbH Co. KG, Luneau
  Technology Group, NIDEK CO., LTD., Novartis
  International AG, and Topcon Corporation.

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