Veterinary Ophthalmic Equipment Market to Be Valued at US$ 785 Mn by 2030; COVID-19 Pandemic Stunting Market Growth in Near Term
Published : 28 Oct 2020 Industry: Healthcare
Demand for veterinary care has exponentially increased in recent times, due to which, demand for veterinaries and clinics has also increased. People spend more on veterinary services than on medicines. Since the advent of the Internet, knowledge sharing has helped people realize the importance of regular checkups for animals. Moreover, veterinary medical device manufacturers are emphasizing on collaborative manufacturing with regional manufacturing presence to grab a greater share in high potential untapped regions in the veterinary ophthalmic equipment market.
Moreover, growing veterinary healthcare spending and R&D investments, and increasing production of veterinary medical devices are some of the factors propelling the growth of the veterinary ophthalmic equipment market. For instance, in 2016, animal health manufacturers invested around US$ 46 Bn, whereas, non-IP-intensive industries invested around US$ 3.9 Bn in R&D. Workers in the animal health industry earned nearly 25% premium. The export per worker in the animal health industry is around two times that of the non-IP-intensive industry.
As per Fact.MR, the global veterinary ophthalmic equipment market is estimated to reach a valuation of US$ 785 Mn by the end of 2030.
Key Takeaways from Veterinary Ophthalmic Equipment Market Study
- By product, diagnostic devices accounted for a prominent market value share in the veterinary ophthalmic equipment market, due to growing usage of these devices for various disease diagnosis applications.
- North America and Europe collectively hold over 60% of the global veterinary ophthalmic equipment market share, owing to growing research and production activities in veterinary medical equipment manufacturing industries.
- Based on end user, veterinary clinics accounted for more than half of the market value share in the global veterinary ophthalmic equipment market. However, the veterinary hospitals segment is expected to expand at a higher growth rate.
- Demand for veterinary medical equipment in Europe and East Asia is also projected to surge at a significant rate during the forecast period. Rising adoption of pets and increasing consumer spending on veterinary care are playing a crucial role in adoption of veterinary medical equipment in hospitals and clinics across the region.
- The COVID-19 pandemic will have a short-term adverse effect on the expansion of the global veterinary ophthalmic equipment market.
“Rising adoption of pets and increasing consumer spending on veterinary care & funding are some of the factors anticipated to favor the growth of the global veterinary ophthalmic equipment market,” says a Fact.MR analyst.
Product Portfolio Expansion and Partnerships Key Strategies by Market Players
Icare Finland Oy, AMETEK, Inc. (Reichert, Inc.), HAAG-STREIT GROUP, and Nanjing Redsun Optical Co., Ltd. contributed a higher market value share in the global veterinary ophthalmic equipment market. Veterinary ophthalmic equipment manufacturers are focusing on expansion of product portfolios. For instance, in April 2019, Revenio Group acquired centerVeu to strengthen its position as a global market leader in devices for diagnostics and monitoring of eyes. Manufacturers are also focusing on partnerships and agreements with other manufacturers to expand product sales. For instance, in April 2019, LKC Technologies announced Brazilian Health Regulatory Agency Approval for the RETeval® Device and Associated Sensor Strip Electrodes, which is another step in making functional diagnostics accessible to all clinicians, leading to faster diagnosis of complex eye diseases.
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The research study on the veterinary ophthalmic equipment market by Fact.MR incorporates an unbiased assessment of key demand-driving factors and trends that have shaped the landscape of the veterinary ophthalmic equipment market over 2015 – 2019, and includes detailed assessment of key parameters that are anticipated to exert influence during 2020 – 2030. Market statistics have been presented on the basis of product type (diagnostic devices [tonometers, fundus cameras, portable ERG devices, ophthalmoscopes, and slit lamps] and surgical equipment [operating microscopes, phacoemulsification devices, opthalmic surgical instruments, bandage contact lenses, viscoelastics, and intraocular lenses]) and end user (veterinary medical centers and colleges, veterinary hospitals, and veterinary clinics), across seven major regions.
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