Research Nester published a report titled “Ophthalmology Equipment Market: Global Demand Analysis & Opportunity Outlook 2029” which delivers detailed overview of the global ophthalmology equipment market in terms of market segmentation by function of product, end-user, and by region.
Further, for the in-depth analysis, the report encompasses the industry growth indicators, restraints, supply and demand risk, along with detailed discussion on current and future market trends that are associated with the growth of the market.
The global ophthalmology equipment market is segmented by end-user into hospitals, clinics, and others, out of which, the clinics segment is projected to hold the largest market share by the end of 2021, on account of the availability of numerous ophthalmology clinics globally which are largely operated by independent ophthalmologists, along with the increasing need for advanced equipment in these clinics.
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The global ophthalmology equipment market is anticipated to grow with a notable CAGR during the forecast period, i.e., 2021-2029, owing to the rising prevalence of ophthalmic diseases globally, and the need amongst individuals to treat these diseases. Further, growing awareness amongst individuals for the treatment of ophthalmic diseases, such as ocular hypertension or glaucoma, diabetic retinopathy, age-related macular degeneration (AMD), cataract, and others, followed by the increasing advancements in the development of advanced ophthalmology equipment, are some of the additional factors anticipated to contribute to the market growth.
Regionally, the global ophthalmology equipment market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa, out of which, the market in the Asia Pacific is projected to hold the largest market share by the end of 2029, owing to the improving healthcare infrastructure across several nations in the region, and the rising geriatric population. Additionally, the rising population in the nations, such as China and India, along with the need amongst the individuals for affordable eye care are some of the additional factors anticipated to drive the growth of the market in the region.
In Q4 2021, USA current-account deficit widened stood at $224.8 billion. However, in Q1 22, CAD rose by 29.6%, reached to $291.4 billion, adding $66.6 billion to the gap. Export of good and services increased by $25.7 billion to reach $1.03 trillion in the first quarter of 2022. However, goods and services deficit was $79.6 billion in June, down $5.3 billion from $84.9 billion in May, revised- reflecting some sight of relief. On the other hand, annual inflation rate in the country hit 8.5%. Energy CPI surged by 32.9% in July 2022, inflating the cost of logistic and some signs to disrupt supply chain whilst electricity cost upsurged by 15.2%, highest since Feb 2006. Apart from that, In July 2022, existing US home sales declined 5.9% to 4.81 million (seasonally adjusted annual rate), the lowest since May of 2020 and below market expectations of 4.89 million. As mortgage rate touches to peak 6%, sales for houses declined for a sixth consecutive month. Global energy crises to remain at focal point, pushing consumers to spend less on the products and services and save more.
On the other hand, the worst is expected to be seen in the European countries especially during 2022 winters. The energy and gas crises has already started grappling the region where in many Western European countries including Germany is looking for coal fired solutions to tackle the gas supply shortage, created by Russian-Ukraine conflict.
Amidst global concerns, market players have started looking for safe investments by holding on to the new technology and product launches. Factors like currency translation, disruption in global supply chain, Anti-China sentiments brewing across the globe, slowdown in Chinese economy, inflated products prices, USD getting stronger every week, decreasing purchasing power and strict measures taken by central banks/institutions across the world to ensure less spending and more saving, could hit the demand for the product and service badly in near future.
Healthcare Companies and Private Service Providers to have a minimal damage Caused by Inflation:
As US govt. remains committed to quality by spending more in the Medicaid and Medicare programs, incentives by govt. to medical devices, pharma companies and biotech to benefit the market players in short and long term goals. In 2021, U.S. spent $12,318/person on healthcare- highest amongst all OECD countries followed by Germany at $7,383. The federal government commitment towards healthcare systems to enable market players expanding their revenues and mitigating the risk posed by the inflation.
Growing Prevalence of Ophthalmic Diseases Globally
The World Health Organization (WHO), in one of its statistics, stated that globally, around 2.2 billion people have a distance or near vision impairment.
The statistics portray the growing concern for the ophthalmic diseases globally, which is anticipated to raise the need amongst individuals to treat these diseases at an affordable cost. Moreover, backed by the rising awareness for these diseases, there is a rising need amongst the hospitals, clinics, and ambulatory surgical centers among others to increasingly deploy ophthalmology equipment so that patients with ophthalmic diseases can instantly treat themselves. Additionally, increasing advancements in healthcare technologies, followed by the rising investments of several governments worldwide to develop the healthcare network are some of the additional factors anticipated to drive the market growth.
However, the high cost of these equipment, along with the lack of awareness for these equipment in several low-income nations globally, are expected to operate as key restraint to the growth of global ophthalmology equipment market over the forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global ophthalmology equipment market which includes company profiling of Novartis AG (NYSE: NVS), Bausch & Lomb, NIDEK CO. LTD., ZEISS International (OTCMKTS: CZMWY), HOYA Corporation (OTCMKTS: HOCPY), Pfizer Inc. (NYSE: PFE), AbbVie Inc. (Allergan) (NYSE: ABBV), Santen Pharmaceutical Co., Ltd. (OTCMKTS: SNPHY), Johnson & Johnson Vision Care, Inc., Topcon Healthcare (OTCMKTS: TOPCF). The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ophthalmology equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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