Pune, India -- (SBWIRE) -- 05/16/2018 -- The ophthalmic equipment market was valued at USD 47.73 Billion in 2017 and is expected to reach USD 58.44 Billion by 2023, at a CAGR of 3.5%. Growth in this market is primarily due to the rapid growth in the geriatric population, rising prevalence of eye diseases, technological advancements in ophthalmic devices, increasing government initiatives to control visual impairment, and increasing adoption of contact lenses and spectacles.

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The report analyzes the various types of ophthalmic equipment in the market and their adoption patterns. It aims at estimating the market size and future growth potential of the ophthalmic equipment market for different segments such as product, end user, and region. The report also includes an in-depth competitive analysis of the key players in this market along with their company profiles, recent developments, SWOT analysis, and market strategies.

Key Target Audience
- Ophthalmology device manufacturers
- Suppliers and distributors of ophthalmology devices
- Original equipment manufacturers (OEMs)
- Ophthalmologists
- Healthcare service providers (including hospitals, independent physicians, and private eye care centers)
- Medical institutes
- Health insurance players
- Research and consulting firms

The ophthalmic equipment market is majorly segmented into diagnostic and monitoring devices, surgical devices, and vision care products. The vision care products segment accounted for the largest share of the ophthalmic equipment market in 2017. The high prevalence of eye disorders such as myopia, hyperopia, astigmatism, and presbyopia is a key driver for market growth in this segment.

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Geographically, the ophthalmic equipment market is broadly segmented into five major geographies, namely, North America, Europe, Asia Pacific (APAC), Latin America, and the Middle East & Africa. In 2017, North America commanded a major share of the ophthalmic equipment market.

Break of primary participants was as mentioned below:
- By Company Size – Tier 1–40%, Tier 2–35% and Tier 3–25%
- By Designation Level – C-level–35%, Director Level–20%, Others–45%
- By Region – North America–35%, Europe–25%, AsiaPacific–20%, Latin America–12%, Middle East and Africa–8%

The prominent players in the ophthalmic equipment market include Essilor (France), Alcon (Switzerland), Johnson & Johnson Vision Care (US), Bausch + Lomb (US), Haag-Streit (Switzerland), TOPCON (Japan), Carl Zeiss Meditec (Germany), NIDEK (Japan), STAAR Surgical (US), HOYA (Japan), and Ziemer Ophthalmic Systems (Switzerland).

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Growth in this region is driven by the significant demand for quality and technologically advanced devices from the large patient populations in India and China. Moreover, with developed economies reaching saturation, manufacturers and suppliers are expected to focus on the Asian market.

Geographically, North America represented the largest regional market in 2017, followed by Europe. Although, North America will continue to dominate the ophthalmic equipment market during the forecast period, the Asia Pacific (APAC) region is expected to be the fastest-growing market in the coming years.

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