Optometry Equipment Market Expected to Reach $7.8 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Optometry Equipment Market," The global optometry equipment market size was valued at $4,240.8 million in 2021, and is projected to reach $7,812.1 million by 2031, registering a CAGR of 6.3% from 2022 to 2031..

Optometry equipment is often operated by an ophthalmologist or optometrist to identify, evaluate, manage, and treat eye, visual system, and deformities associated with the eye structures, as well as to identify systemic diseases that have an impact on the eyes. Patients receive effective and high-quality eye care thanks to this equipment. Patients receive effective and high-quality eye care thanks to this equipment. Optometry equipment is frequently used in hospitals and clinics for glaucoma, cataract, retina, cornea, and general examination purposes. Retinoscopes, specular microscopes, visual field analyzers, wavefront aberrometers, ophthalmoscopes, autorefractors, fundus cameras, keratometers, and other tools are among these optometry tools.

Factors that drive the growth of the optometry equipment market include rise in number of product launches and product approvals for optometry equipment and increase in cases as refractive errors, cataract glaucoma and age-related eye disorders. For instance, in January 2021, Haag-Streit, a leading manufacturer and distributor of ophthalmic, optometry and orthoptic equipment, launched its Lenstar Myopia, a solution for the increasing demand for myopia management and patient education. In addition, rise in the number of populations suffering from glaucoma and cataract is anticipated to drive the optometry equipment market growth.

For instance, in October 2022, according to the report shared by Bright Focus Foundation, there are 80 million people worldwide with glaucoma, and this number is expected to increase to over 111 million by 2040.

Moreover, the optometry equipment market trends is expected to develop due to increase in clinics equipped with advanced technology and the number of experts performing surgical procedures. In addition, rise in disposable income among the population of developing nations and increase in R&D activities, both contribute to the market's expansion.

Based on type, the market is segmented into refractor, slit lamp, retinal camera, optical imaging, tonometer, lensometer, perimeter, and others. The retinal camera segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to increase in the usage of retinal camera for general examination of eye and diagnosis of cataract and rise in the number of new product launch for retinal camera.

Based on application, the market is classified into cataract, glaucoma, refractive errors, age related macular degeneration and others. The glaucoma segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to rise in the prevalence of glaucoma and increase in the geriatric population.

Based on end user, the market is divided into clinics & specialty clinics and hospitals. The hospital segment dominated the market in 2021 and is expected to continue this trend during the forecast period, owing to increase in the number of hospitals and rise in the expenditure by government to develop healthcare infrastructure.

North America accounted for most of the global optometry equipment market share in 2021 and is anticipated to remain dominant during the forecast period. This is attributed to rise in the number of product launch and product approval, increase in the number of optometry equipment industry, and developed healthcare infrastructure. Asia-Pacific is anticipated to witness lucrative growth during the forecast period, owing to rise in expenditure by government organization to develop the healthcare sector and increase in awareness among people regarding eye disease and its treatment.

The COVID-19 outbreak is anticipated to have a negative impact on the growth of the global optometry equipment market. The COVID-19 pandemic has stressed healthcare systems globally. The cancellation of health check-up camps for eye disorder in pandemic and decrease in number of consultations for vision disorders hamper the growth of market.

Key Findings of The Study

• By type, the retinal camera segment was the highest contributor to the market in 2021.
• By application, the glaucoma segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By end user, the hospitals segment dominated the market in 2021, and is expected to continue this trend during the forecast period.
• By region, North America garnered the largest revenue share in 2021, whereas Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.