Carl Zeiss Meditec AG (Germany) and EssilorLuxottica (France) are Leading Players in the Optometry Equipment Market
The global optometry equipment market is valued at an estimated USD 4.5 billion in 2024 and is projected to reach USD 6.1 billion by 2029, at a CAGR of 6.4% during the forecast period. The growing incidence of eye conditions, the aging population, and technical developments in optometry equipment are driving factors in the optometry equipment market.
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). Due to their broad geographic reach and vast product portfolios, these companies dominate the market. To preserve their market positions, these companies have also made investments in inorganic growth tactics like alliances, agreements, and acquisitions as well as organic initiatives like product releases and regulatory approvals.
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Germany's Carl Zeiss Meditec AG was the market leader for optometry equipment in 2023. The corporation has maintained its leadership position in markets across North America, Europe, Asia Pacific, Latin America, the Middle East, and Africa thanks to its efficient distribution network. Globally, Carl Zeiss Meditec AG is well-versed in both direct and indirect distribution. As a result, the company is also shielded against changes in demand throughout the world. To stay in this market, the organization uses a variety of growth strategies. 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.
EssilorLuxottica (France) held the second-largest market share for optometry equipment in 2023. Its powerful worldwide sales and distribution network, which enables it to effectively market its products in numerous nations, is largely responsible for its dominant position in this market. Plus, EssilorLuxottica has increased the amount of time it spends on R&D to create items that set it apart from the competition. The business's R&D expenditures are intended to strengthen its capital allocation plans and investment portfolio, which will facilitate its future growth and competitiveness in the diagnostics market. Furthermore, EssilorLuxottica aims to further solidify its position in the optometry equipment industry through its acquisition and product launch initiatives. 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.
Related Reports:
Optometry Equipment Market by Type (OCT, Ophthalmoscope, Autorefractor, Tonometer, Slitlamp, Wavefront Analyzer), Application (General Examination, Cataract, Glaucoma,), End User (Eye Clinics, Hospitals), and Region - Global Forecast to 2029
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