Optometry Equipment Market Equipments Details by Clinical Experts 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.
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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 Royal National Institute of Blind People (RNIB), more than 5.7 million people are suffering from sight-threatening eye conditions in the U.K. Moreover, 2 million individuals were suffering from sight loss in 2016, which is expected to rise by registering more than 2.7 million individuals by 2030. Moreover, according to the Royal National Institute of Blind People (RNIB) data findings, in 2014, around 350,000 people were registered as blind or partially sighted, which includes 291,100 individuals from England, 34,500 in Scotland, 16,939 in Wales and around 8000 in Northern Ireland.
Increasing healthcare expenditures for treatment of sight loss, blindness, and sight-threating conditions are expected to propel demand for optometry equipment over the forecast period. According to the RNIB- Eye Health 2016 report, in the U.K., during 2016, sight loss, blindness and sight-threating conditions accounted for US$ 2.03 million, US$ 0.27 million, and US$ 5.7 million healthcare expenditures, respectively.
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.
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- Global Optometry Equipment Market, By Product Type:
- OCT Scanners
- Corneal Topography Systems
- Visual Field Analyzers
- Ophthalmic Ultrasound Systems
- Fundus Cameras
- Autorefractors and Keratometers
- Optical Biometry Systems
- Specular Microscopes
- Wavefront Aberrometers
- Other Equipment Types
- Global Optometry Equipment Market, By End User:
- Eye Specialty Clinics
- Ambulatory Care Centers
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.
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).