The global optometry equipment market is valued at an estimated USD 4.0 billion in 2022 and is projected to reach USD 5.4 billion by 2027, at a CAGR of 6.4% during the forecast period. The optometry equipment market is driven by the increasing prevalence of eye disorders, rise in geriatric population and technological advancement in optometry equipment.
The top players in this market are Carl Zeiss Meditec AG (Germany), EssilorLuxottica (France), Alcon (Switzerland), Topcon Corporation (Japan) and Bausch Health Companies Inc. (Canada). These players lead the market because of their extensive product portfolios and wide geographic presence. These players have also invested in organic strategies such as product launches and regulatory approvals and inorganic growth strategies such as partnerships, agreements, and acquisitions to maintain their market shares.
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In 2021, Carl Zeiss Meditec AG (Germany) held the leading position in the optometry equipment market. Through it’s effective distribution network, the company has managed to keep its top spot in the market such as North America, Europe, the Asia Pacific, Latin America, the Middle East, and Africa. Carl Zeiss Meditec AG has a strong network of direct and indirect distribution throughout the globe. As a result, the business is protected from variations in global demand as well. The company adopts various growth tactics to maintain its position in this market. Carl Zeiss Meditec AG focuses on strategies such as partnerships and acquisitions to garner a larger market share. In 2022, the company acquired Kogent Surgical, LLC and Katalyst Surgical, LLC. (US) to broaden it’s eye examination and surgical product portfolio.
In 2021, EssilorLuxottica (France) accounted for the second-largest share of the optometry equipment market. Its strong position in this market can be credited to robust international sales and distribution network, allowing it to successfully market its products in various countries. Also, EssilorLuxottica has maximised its focus on R&D activities to develop distinct products than its competitors. The company’s investments in R&D to enhance its investment portfolio and capital allocation strategies to support its future expansion and ability to remain competitive in the diagnostics segment. In addition, EssilorLuxottica’s strategies, which involve product launches and acquisitions, aim to further strengthen its position in the optometry equipment market. In June 2021, the company acquired Walman Optical (US), a leading lab partner to vision care practices. This has helped the company significantly expand its product line and enhance its visibility in the market.
Optometry Equipment Market by Type (OCT, Ophthalmoscope, Autorefractor, Tonometer, Slitlamps, Wavefront Analyzer), Application(General Examination, Cataract, Glaucoma, Macular Degeneration), End User(Clinics, Hospitals) - Global Forecast to 2027
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