The eye exam equipment market in North America is anticipated to grow to USD 1.18 billion by 2027 from USD 900 million in 2022, growing at a CAGR of 5.62% from 2022 to 2027.
Y-O-Y growth in the aging population is one of the key factors propelling the eye exam equipment market in North America. In the U.S., low vision and eye problems in older adults are due to age-related eye diseases such as age-related macular degeneration, cataract, amblyopia, strabismus, diabetic retinopathy, and glaucoma. Nearly 4.2 million Americans over the age of 40 are partially sighted. Age-related macular degeneration is one of the most common diseases among the elderly in America. AMD has affected 1.8 million Americans who are 60 years of age or older.
Y-O-Y growth in the number of people who have diabetes and eye-related disorders, and the growing incidence of eye examinations further promote the market growth in this region. Diabetic retinopathy is a common disorder for diabetes patients and is the reason for blindness in American adults. According to the Centres for Disease Control, Type 2 diabetes affects 90% of adult Americans who have the disease.
Rising awareness of eyecare is another significant factor fuelling the market's growth rate. In addition, awareness of eye diseases and related issues boosts the eye examination equipment market. Examination plays a vital role in getting out of these issues. Increasing cases of people suffering from glaucoma are also expected to favor the market growth during the forecast period. Another common cause of blindness is glaucoma. More than three million people live with glaucoma in America, and most are above 45 years of age. Unfortunately, there is no cure for glaucoma disease. However, early diagnosis of the disease allows for effective management before vision loss or blindness. New advancements in optometric instrumentation and devices will drive the market in the coming years.
On the other hand, the ignorance of eye-related diseases among people, lack of skilled professionals in the examination centers, high costs associated with the equipment and related treatments, increasing adoption of refurbished eye exam equipment, lack of insurance coverage, and ignorance of the necessity of routine eye exams are some of the factors hampering the growth of the North American eye exam equipment market.
This research report on the North America Eye Exam Equipment Market has been segmented and sub-segmented into the following categories:
By Type:
By End User:
By Country:
Geographically, North America led the eye exam equipment market worldwide in 2021, owing to the increasing number of eye care hospitals and the availability of advanced equipment for treatment. American Academy of Ophthalmology has an EyeCare America program to reduce blindness and severe visual impairment by raising awareness of eye disease and its treatment, providing free eye health educational materials, and making access to medical eye care simpler to lessen blindness and severe visual impairment. The most common eye diseases in the United States are refractive errors such as myopia, hyperopia, and astigmatism. These people face issues with reading letters in newspapers, books, phones, etc. As a result, these people require eye exam equipment to check their eyes to locate which eye disease they are suffering from, which results in the market growth in this region. The National Eye Institute stated that refractive correction in these people would improve vision.
The U.S. is anticipated to account for a significant share of the North American market during the forecast period. Eye examinations are increased with age, awareness, income, and education. Unfortunately, these eye examinations are more taken by people working with laptops, people working in dangerous gas companies, and people who cannot read or see the images and letters in newspapers. This eye disease will reduce the quality of life. In the United States, 61 million adults have a high risk of developing significant vision loss.
On the other hand, the Canadian market is estimated to register a healthy CAGR during the forecast period. The Canada Health Act governs health insurance and includes healthcare expenses for eye problems and several eye disorders, including cataracts, glaucoma, and diabetic retinopathy. Additional insurance coverage is provided for eye exams, contact lenses, eyeglasses, and, in some cases, a part of the costs associated with elective laser vision correction surgery. In addition, Canada is launching new equipment for eye examinations.
KEY MARKET PLAYERS:
Carl Zeiss, Haag-Streit, Topcon, NIDEK, Heidelberg Engineering, Escalon, Novartis, Valent, Canon, and Luneau Technology are some of the notable players in the North American eye exam equipment market.
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