Eye Testing Equipment Market Worth $3,914 Million by 2025 | CAGR: 5.0% - Allied Market Research
PORTLAND, Oregon, August 14, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, Eye Testing Equipment Market by Device, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2025, the market was valued at $2,638 million in 2017 and is expected to reach $3,914 million by 2025, registering a CAGR of 5.0% from 2018 to 2025. The fundus cameras segment accounted for one-sixths of the total market share in 2017.
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Eye examinations include a series of tests that can assist in the evaluation of an individuals vision and check for the onset of an eye disease. The eye doctor/optometrists/ophthalmologists employ various devices that can look through an eye helping in vison analysis of an individual. Most of the eye associated ailments are treatable if detected at an early stage, thus ophthalmic diagnostic equipment plays a pivotal role in the management of increase in the burden of eye ailments across the globe. In addition, the routine eye examinations help eye care professionals to assist the patients in correction and adaptation to vision changes. This has propelled the demand for eye testing equipment across several medical settings.
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In addition, rise in government initiatives that are aiming at setting up guidelines to control the increase in vision impairment across the globe are compelling the key manufacturers to introduce novel eye testing equipment in the market. For instance, the Centers for Disease Control and Prevention (CDC) has initiated a program named Vision Health Initiative through which it aims at spreading awareness regarding eye abnormalities along with the present or latest diagnostic as well as treatment methods to manage the same. This in turn assists in increasing awareness pertaining to the advanced eye diagnostic/testing equipment.
The glaucoma application generated the highest revenue in 2017 and is expected to maintain its dominance throughout the forecast period. This is attributed to growth in the prevalence of glaucoma that was witnessed over the years across the globe and is expected to maintain this trend in the future. However, the cataract application segment is expected to register the highest growth rate during the forecast period. Preventive measures play an important role in the patients suffering from cataract as at initial stages cataract can be treated using drugs and eyeglasses. This has driven the demand for diagnostic devices used across this application.
Based on end user, the hospitals, eye clinics, and optometry academic institutes. Eye clinics are expected to dominate the global market throughout the forecast period. This is attributed to the fact that common eye associated disorders, which were initially untreatable can now be treated successfully in the eye clinics. This is possible through effective diagnosis while incorporating eye testing devices with low examination time that is coupled with ease of scheduling appointments across eye clinics. Moreover, rise in the number of practitioners (known as ODs) obtaining Doctor of Optometry degree (DO) from an accredited optometry school has been observed over the years. This has contributed towards the robust growth displayed by this segment from 2018-2025.
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Key Findings of the Eye Testing Equipment Market:
- The general examination application segment accounted for two-sevenths of the total market share in 2017.
- The hospital segment registered second highest growth rate among the end users registering a CAGR of 5.4% from 2018 to 2025.
- North America dominated the global eye testing equipment market, accounting for maximum share in 2017, and is expected to retain the same trend during the forecast period.
- The tonometer segment recorded second highest growth rate among the devices registering a CAGR of 6.8% during the forecast period.
- Germany accounted for one-fifth of the total share in the European eye testing equipment market in 2017.
Asia-Pacific is expected to witness the highest growth rate throughout the forecast period, due to its high population base, surge in disposable income, and rise in patient awareness towards eye care. In addition, increase in the geriatric population that is highly susceptible to glaucoma and cataract is the key contributor for the market growth in the region.
The major companies profiled in this report include Carl Zeiss, Metall Zug AG (Haag Streit), Topcon Corporation, Nidek Co., Ltd., BON Optic, Novartis (Alcon), Canon, Essilor, Heine Optotechnik, and Luneau Technology. Other players operating in the eye equipment market include Heidelberg Engineering GmBH, Huvitz, Reichert Technologies, Potec, Visionix, Tomey Corporation, Escalon, and LuxVision.
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