Market research firm Fact.MR has issued a report on the global market for optometry equipment. The detailed report includes profiles of key players. Here are some topline findings:

• The global market for optometry equipment was valued at $3.8 billion in 2018.

• Optometry equipment market revenues are likely to witness a moderate 4 percent increase during the period of assessment, i.e. between 2019 and 2029.

• Over the course of the decade-old projection period, the market for optometry equipment is expected to gain $2 billion incremental opportunity.

• Ophthalmic diagnostic equipment is envisaged to remain top selling ophthalmic equipment category, with sizeable revenue shares in global market.

• A majority of global market revenues are accounted by North America and Europe.

• Hospital OPDs are likely to remain top end users of optometry equipment through 2029. Competitive Landscape Analysis

Touted as a highly consolidated competition landscape, the global optometry equipment market is characterized by the fact that the top two players account for half the global revenues. The leading competitors are currently concentrating on innovative product launches, targeting portfolio expansion, in an attempt to solidify brand position in the eye care space. A majority of market participants are leveraging the aggravating need for efficient and reliable diagnostics, and are thus augmenting investments in the introduction of optometry equipment for diagnosis.

Prominent manufacturers operating in the optometry equipment market are keen on implementing new and differentiating strategies to meet not only product demand but also dominate the respective regional markets. These companies are focused on partnerships and alliances with regional leaders, in an effort to exhibit stronger sales and after-sales services portfolios in the field of medical devices, such as optometry equipment. Several companies operating in the optometry equipment industry are also prioritizing the establishment of new manufacturing and sales units in developing European and Asian markets so as to cater to growing demand for ophthalmic products, and thereby better their market foothold.


Key Growth Influencers
Increasing Geriatric Population
Increasing geriatric population is resulting in an increase in the patient pool in the optometry market due to the increasing incidence of major eye diseases and vision loss, which have become among the major public health concerns. Moreover, the geriatric population is more prone to diabetes, which results in vision impairment, and this can be a major factor driving the optometry devices market. According to major studies, low vision or blindness has affected about 3.3 million individuals aged 40 years and above in the U.S. This number is anticipated to reach 5.5 million by 2020. The prevalence of major eyes-related diseases, such as macular degeneration, glaucoma, diabetic retinopathy, and cataract, is boosting the chances of vision loss among the geriatric population. A cataract is the most common vision disorder among the geriatric population these days.

Expanding Diabetic Patient Pool
Increasing prevalence of diabetes is also one of the primary factors expected to drive the demand for optometry equipment and devices. Diabetic eye disease is responsible for causing vision loss and consists of a group of conditions, which include diabetic macular edema, diabetic retinopathy, glaucoma, and cataract.

The highest prevalence of diabetes is found in the Eastern Mediterranean (14 percent). In Africa, almost two-third of people remain undiagnosed. China, India, Indonesia, and Bangladesh alone represent 45 percent of the global diabetic retinopathy burden. ‘Digital Eye Strain’ Prevalent Among Teenagers

The prevalence of eye diseases is increasing, especially among young children. The excessive usage of computers and mobile phones is responsible for the increasing chances of eye disorders. Such poor lifestyle habits lead to digital eye strain, which is also known as computer vision syndrome.

A multination European study, which included England, reported that by three years of age, 68 percent of children regularly use a computer and 54 percent undertake online activities. According to a study in 2016, UK adults in general spend more than four hours per day using digital media. However, in the U.S., approximately 75 percent of adults aged 30 to 49 years spend five or more hours on digital devices, which repeatedly highlights the need for reliable diagnosis with the help of a trained optometrist to detect defects in vision, signs of injury, ocular diseases or abnormality, and other related problems such as high blood pressure or diabetes.


Key Challenges Facing the Optometry Equipment Market
The Challenge Posed by Dubious Nature of Results Still Persists
The results obtained from optometry tests can vary based on the ophthalmologist conducting the screening, the type of training provided to the person operating the screener, and the procedure of the optometry test.

Differences in visual acuity screenings can also be attributed to the varying guidelines associated with optometry tests. Hence, less effective results of optometry tests tend to decrease the number of people opting for optometry, thus restraining the overall growth of the optometry equipment market.

Additional Insights
As manufacturers of optometry equipment are embracing advancing technologies, it is highly likely that the incorporation of smart technologies in medical devices and diagnostic equipment will be on the rise in years to come. For instance, young children with ‘lazy eye’ are increasingly getting treated by high-tech solutions, such as amblyoplay, which is a gamified therapy for correcting vision related problems. Moreover, smartphones and other mobile devices are finding greater applicability in eye disease screening and diagnosis. The widening expanse of technology will remain a key contributor towards the growth of optometry equipment market.

Source: Fact.MR