Market Trends of Global Optometry Equipment Industry
This section covers the major market trends shaping the Optometry Equipment Market according to our research experts:
OCT Scanner Segment is Expected to Hold Significant Market Share Over the Forecast Period
Optical coherence tomography (OCT) is a non-invasive imaging test that uses light waves to take cross-section pictures of the retina. The primary factors attributed to the major revenue are due to the growing prevalence of eye conditions, such as glaucoma, scotoma, and other retinal diseases.
The high prevalence of retinal diseases, and the presence of competitors. Product launches mergers, acquisitions, and research relating to optical coherence tomography fuel the market growth. For instance, in July 2021, Canon launched Xephilio OCT-S1, a wide-field swept-source Optical Coherence Tomography (OCT) capable of capturing high-resolution images of up to 23 x 20 mm in a single scan. The product was unveiled to the eyecare medical practitioners at the Asia Pacific Association of Cataract and Refractive Surgeons- Singapore National Eye Centre (APACRS-SNEC) joint event. Canon's deep scanning swept-source technology enables it to operate at an extremely wide angle of around 80 degrees.
Furthermore, as per the article published in August 2022 under the title 'Advances in Optical Coherence Tomography Imaging Technology and Techniques for Choroidal and Retinal Disorders', to overcome several shortcomings in the present practices for treating choroidal and retinal illnesses, OCT technology is used. These developments are likely to aid in the development of fundamental scientific research and the comprehension of the pathophysiology of chorioretinal disorders. These applications can assist in the detection and monitoring of retinal illnesses with OCT capabilities at the periphery, as demonstrated by technologies like ultrawide-field OCT.
Hence as per the factors mentioned above, OCT Scanner is expected to drive the segment growth over the forecast period.
North America Dominates the Optometry Equipment Market and Excepted to do Same in the Forecast Period
Some of the factors driving the market growth in the North American region include increasing incidence rates of eye diseases and the rising aged population, highly developed healthcare infrastructure, and the presence of key market players in the region.
In 2021, the Canadian Ophthalmological Society, during Glaucoma Awareness Month, stated that glaucoma affects more than 800,000 Canadians every year. In the awareness month, facts, like the rising aging population in Canada, lead to an increase in the burden of the disease, and it was stated that glaucoma has the potential to become an epidemic in Canada in the coming years, which is expected to boost the market growth. Additionally, as per a study published in the Investigative Ophthalmology & Visual Science in June 2020, in Mexico by 2030, the number of people with glaucoma is estimated to reach 1.06 million, increasing to 1.27 million in 2040 and to 1.43 million in 2050. Moreover, The market players adopted various strategies, such as product launches, developments, acquisitions, collaborations, mergers, and expansions, to increase market share. For instance, in September 2020, Topcon launched the Aladdin-M software in the United States market. The software measures corneal curvature, pupil dynamics, and axial length metrics and incorporates features for keratoconus screening.
Increased Government initiatives, research and developments, and implementation of digital healthcare systems boost the market growth over the forecast period. For instance, as per the news published in June 2022 in National Eye Institute (NEI), researchers from the National Eye Institute (NEI) have identified a new disease that affects the macula, a small part of the light-sensing retina needed for sharp, central vision. Scientists reported their findings on the novel macular dystrophy, which is yet to be named. Hence these types of research increase the adoption of optometry equipment thereby boosting the market growth.
