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).
Optometry equipment are used to examine, diagnose, treat, and manage disease, injuries, disorders of the visual system, and associated structures. Also, it is used to identify systemic conditions affecting the eye. New technologies and diagnostic tools in optometric practice enhance the function of optometrist’s clinical skills and optometry clinic instrumentation facilities. Increasing incidence of eye diseases, availability of employer-sponsored vision care benefits; such as vision care insurance, discounted vision exams, glasses and contact lenses, increasing awareness regarding benefits of routine eye examination and reimbursement coverage for optometry services are expected to propel demand for advanced optometry equipment during the forecast period.
Increasing incidence of various eye disease and new technology advancements in optometry equipment, which helps to expand the scope and efficiency in vision care practices are expected to fuel growth of the optometry equipment market. New diagnostic tools in the field of optometry equipment market such as digital fundus camera, optimal coherence tomography, advanced retinal camera, tonometer, specular microscope, ultra wide field internal imaging camera, slit camera, visual field tester, automated refractor, and advanced phoropter are improving the diagnostic ability of an optometrist.
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 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.
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.
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.
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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).