PUBLISHER: KBV Research | PRODUCT CODE: 1374027
PUBLISHER: KBV Research | PRODUCT CODE: 1374027
The Global Eye Examination Equipment Market size is expected to reach $9.4 billion by 2030, rising at a market growth of 6.4% CAGR during the forecast period.
The optical coherent tomography (OCT) scanners work on the principle of low-coherence interferometry. Consequently, the optical coherent tomography (OCT) scanners segment will register more than 1/5th share of the market by 2030 They emit a beam of near-infrared light split into two paths. One path is directed into the examined tissue, while the other is directed into a reference mirror. The light reflected or scattered back from the tissue is combined with the reference light, and the interference pattern is analyzed to create an image. OCT scanners have revolutionized medical imaging by providing non-invasive, high-resolution imaging capabilities across various medical specialties.
The major strategies followed by the market participants are Partnerships as the key developmental strategy in order to keep pace with the changing demands of end users. In February, 2023, NIDEK came into partnership with HOYA Vision Care with an aim to deliver eye care professionals a chance to access a comprehensive portfolio of optical instruments and products. In August, 2021, Topcon teamed up with RetInSight GmbH. This partnership would lead to enhanced clinical decision-making and efficient disease management.
Based on the Analysis presented in the KBV Cardinal matrix; Johnson & Johnson (Johnson & Johnson Vision Care, Inc.) is the major forerunner in the Market. In September, 2021, Johnson & Johnson partnered with Black EyeCare Perspective to support the future of optometry and work together to create quality, equitable experiences along with healthier outcomes across communities. Companies such as Topcon Corporation, Carl Zeiss Meditec AG (Carl Zeiss AG) and Nidek Co., Ltd. are some of the key innovators in the Market.
COVID-19 Impact Analysis
The COVID-19 pandemic significantly impacted various sectors, including the healthcare industry and the market for eye examination equipment. During the initial stages of the pandemic, many manufacturing facilities and supply chains were disrupted due to lockdowns, labor shortages, and restrictions on movement. This caused delays in the manufacturing and distribution of eye examination equipment, resulting in potential shortages in certain regions. As a result, the demand for eye examination equipment temporarily declined. The pandemic raised understanding of the significance of eye health, especially among individuals spending more time on digital devices for work and leisure. This further led to a long-term increase in demand for eye examinations and related equipment. Although there may have been short-term difficulties, the market's future outlook is still favorable because eye health is vital to overall healthcare.
Market Growth Factors
Increasing Proportion of an Ageing Population
The WHO reports that people are living longer overall. Most people today plan to live until their sixties and beyond. By 2030, one in six people will be 60 or older. 1.4 billion people will be above 60 by now, up from 1 billion in 2020. Two-thirds of the world's population over 60 will live in low- and middle-income nations by 2050. The aging population's increased susceptibility to age-related eye conditions and the recognition of the importance of regular eye exams drive the demand. This demographic shift positively impacts the market by fostering growth, innovation, and improved eye care services for older adults.
Growing Incidence of Eye Disorders
Modern lifestyles, characterized by increased screen time, exposure to digital devices, and limited outdoor activities, have contributed to a higher incidence of conditions like digital eye strain, myopia (near-sightedness), and dry eye syndrome. The rising prevalence of diabetes, especially type 2 diabetes, is closely linked to an increased incidence of diabetic retinopathy. The increasing prevalence of eye disorders has necessitated early detection and treatment, driving demand. In addition, increasing eye care awareness and the accessibility of technologically advanced eye examination equipment are expected to drive market growth over the forecast period.
Market Restraining Factors
Lack of Eye Care Awareness in Low-Income Countries
Low awareness and limited access to eye care in low-income economies pose a significant obstacle for the market. Access to eye care services and equipment is extremely limited in many developing nations. This lack of access can result in a lack of awareness regarding the significance of regular eye examinations and the dangers of vision loss. In addition, efforts must be made to increase the accessibility of eye examination equipment in low-income countries so that individuals can access the necessary tools for diagnosing and treating vision-related issues. Due to limited eye care awareness in economies with low income, the market will be hampered.
End Use Outlook
Based on end-use, the market is fragmented into hospitals, clinics, and others. In 2022, the hospitals segment registered the highest revenue share in the market. It is crucial for diagnosing and monitoring various eye conditions and diseases in hospitals and other healthcare settings. Ophthalmologists, optometrists, and other eye care professionals use these tools and devices to assess patients' visual health and provide appropriate treatment. Hospitals are vital for providing comprehensive eye care, early diagnosis of eye diseases, and proper treatment and management of visual and ocular conditions.
Application Outlook
By application, the market is classified into glaucoma, cataract, refractive errors, age related macular degeneration, and others. The cataract segment recorded a remarkable revenue share in the market in 2022. While cataract treatment primarily involves surgical intervention, eye examination equipment plays a significant role in diagnosing, evaluating, and preparing for cataract surgery. These devices measure a patient's refractive error and corneal curvature. These measurements are crucial for calculating the intraocular lens (IOL) power needed to correct vision during cataract surgery. Advances in these technologies continue to enhance the safety and effectiveness of cataract diagnosis and treatment.
Product Outlook
On the basis of product, the market is segmented into optical coherent tomography (OCT) scanners, ophthalmic ultrasound imaging systems, corneal topography systems, slit lamps, tonometer, ophthalmoscopes, perimeters/visual field analyzers, fundus cameras, autorefractors & keratometers (phoropters), and others. The slit lamps segment covered a considerable revenue share in the market in 2022. A slit lamp is a crucial piece of eye examination equipment used by ophthalmologists and optometrists to examine the various structures of the eye, including the anterior segment (front part of the eye). It consists of a binocular microscope with an adjustable light source that produces a thin, intense light beam. They play a pivotal role in diagnosing and monitoring eye conditions, guiding treatment decisions, and assessing the fit and comfort of contact lenses. The integration of advanced imaging technologies further enhances their diagnostic capabilities.
Regional Outlook
Region-wise, the market is analysed across North America, Europe, Asia Pacific, and LAMEA. In 2022, the North America region witnessed the largest revenue share in the market. This will be due to the expanding number of individuals with vision impairment, which will offer an enormous challenge to eye care service providers, prompting them to acquire advanced diagnostic equipment. The market is driven by the rising number of moderate-to-severe visual impairments and myopia due to the growing elderly population. Increasing investments by governments and other private organizations to address the region's significant unmet healthcare requirements will likely stimulate the market's expansion.
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Alcon, Inc., Ziemer Ophthalmic Systems AG, Nidek Co., Ltd., Topcon Corporation, Carl Zeiss Meditec AG (Carl Zeiss AG), Johnson & Johnson (Johnson & Johnson Vision Care, Inc.), EssilorLuxottica SA (Essilor Instruments USA), Metall Zug AG (Metall Zug AG), Bausch + Lomb Corporation (Bausch Health Companies, Inc.), and HEINE Optotechnik GmbH & Co. KG
Recent Strategies Deployed in Eye Examination Equipment Market
Mergers & Acquisition
Apr-2022: Carl Zeiss Meditec acquired Kogent Surgical and Katalyst Surgical, two manufacturers of surgical instruments. This acquisition would strengthen the company's positioning as a solution provider. This acquisition would further scale the businesses & contribute to the surgical solution offering and add recurring revenue.
Jan-2022: Alcon completed the acquisition of Ivantis, developer of the novel Hydrus Microstent. Through this acquisition, Alcon looks forward to release Hydrus Microstent on a broader, worldwide scale in the upcoming years to help even more patients see brilliantly.
Jul-2021: Topcon Corporation took over VISIA Imaging S.r.l, an ophthalmic device manufacturer. This acquisition focused on Topcon's development & manufacturing capabilities of anterior segment devices, and software, which complements the company's portfolio of posterior segment imaging devices that include fundus cameras as well as optical coherence tomography.
Mar-2021: Zeiss Vision Care took over U.S. Vision's optical laboratory. Under this acquisition, Zeiss added manpower & production facility of U.S. Vision's optical laboratory to its business which would complement its growth strategy.
Partnerships, Collaborations & Agreements
Feb-2023: NIDEK came into partnership with HOYA Vision Care, a key player in optical technology innovation. The partnership delivers eye care professionals a chance to access a comprehensive portfolio of optical instruments and products. Further, this partnership enables NIDEK to furnish ECPs with flawless eyecare solutions, thereby enabling ECPs to deliver enhanced patient satisfaction.
Sep-2021: Johnson & Johnson partnered with Black EyeCare Perspective, a not-for-profit organization dedicated to redefining the color of the eyecare industry 1% at a time. This partnership would support the future of optometry and work together to create quality, equitable experiences along with healthier outcomes across communities.
Aug-2021: Topcon teamed up with RetInSight GmbH, a developer of retina AI solutions based in Vienna, Austria. This acquisition would lead to enhanced clinical decision-making and efficient disease management. This acquisition aimed at extending retinal fluid detection and monitoring to primary eye care providers, facilitating co-management of patients.
Apr-2021: Johnson & Johnson teamed up with Menicon, a contact lens manufacturer. Under this acquisition, Menicon would develop & manufacture contact lenses to help manage the progression of myopia in children. This collaboration would bring a portfolio of differentiated products to help manage the progression of myopia in children, as Johnson & Johnson works toward the vision of helping the world see better, connect better, and live better.
Product Launches and Product Expansions
Sep-2022: Johnson & Johnson Vision introduced Acuvue Oasys Max 1-day contact lenses. Acuave Oasys Max 1-day contact lenses would help reduce discomfort by providing visual clarity with new technologies to filter blue-violet light, that comes from many sources, including digital screens, and travels in short wavelengths and scatters more that may lead to eye discomfort and quality of vision.
Approvals
Apr-2022: ZEISS Medical Technology got US FDA approval for QUATERA 700, a revolution in phaco technology. Together with the ZEISS Medical Ecosystem and surgical planning software, we believe this fully connected and integrated approach will help set new standards for patient care and clinical management.
May-2021: Johnson & Johnson got FDA approval ACUVUE Abiliti, overnight therapeutic lenses for myopia Management. This approval would support the company's commitment to help change the trajectory of eye health. This approval would provide eye care professionals and patients with more options to deal with myopia.
Apr-2021: Bausch + Lomb got USFDA approval for ClearVisc dispersive ophthalmic viscosurgical device (OVD). ClearVisc offers significant advantages that could help surgeons deliver the best possible outcomes for their patients.
Market Segments covered in the Report:
By End Use
By Application
By Product
By Geography
Companies Profiled
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