- Market Research
Ophthalmic equipment market to spike up by 2023
PUNE, India (SBWIRE) – The ophthalmic equipment market was valued at USD 47.73 billion in 2017 and is expected to reach USD 58.44 billion by 2023, at a CAGR of 3.5% according to a report published by RNR Market Research. Growth in this market is primarily due to the rapid growth in the geriatric population, rising prevalence of eye diseases, technological advancements in ophthalmic devices, increasing government initiatives to control visual impairment, and increasing adoption of contact lenses and spectacles.
The ophthalmic equipment market is majorly segmented into diagnostic and monitoring devices, surgical devices, and vision care products. The vision care products segment accounted for the largest share of the ophthalmic equipment market in 2017. The high prevalence of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia is a key driver for market growth in this segment.
Furthermore, the ophthalmic equipment market is broadly segmented into five major geographies, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East and Africa. In 2017, North America commanded a major share of the ophthalmic equipment market.
The report has suggested that growth in this region is driven by the significant demand for quality and technologically advanced devices from the large patient populations in India and China. Moreover, with developed economies reaching saturation, manufacturers and suppliers are expected to focus on the Asian market.
Geographically, North America represented the largest regional market in 2017, followed by Europe. Although, North America will continue to dominate the ophthalmic equipment market during the forecast period, the Asia Pacific (APAC) region is expected to be the fastest-growing market in the coming years.