Veterinary Ophthalmic Equipment Market
Veterinary Ophthalmic Equipment Market By Product (Diagnostic Devices, Fundus Cameras, Portable ERG Devices), By End User (Veterinary Hospitals, Veterinary Clinics) & By Region - Global Market Insights 2023 to 2033
Analysis of Veterinary Ophthalmic Equipment Market Covering 30+ Countries Including Analysis of US, Canada, UK, Germany, France, Nordics, GCC countries, Japan, Korea and many more
Veterinary Ophthalmic Equipment Market Outlook (2023 to 2033)
Global demand for veterinary ophthalmic equipment is valued at US$ 494.3 million in 2023 and is forecasted to increase at 4.1% CAGR from 2023 to 2033. As such, by the end of 2033, the global veterinary ophthalmic equipment market is expected to reach a valuation of US$ 739.8 million.
The rising number of companion animals owing to an increasing number of people requiring mental and physical companionship in their times of loneliness, especially elderly people is slated to benefit market development through 2033. Growing pet ownership around the world is also anticipated to stimulate sales of veterinary ophthalmic equipment over the next ten years.
- As per statistics listed on the Global Animal Health Association website, there are over 1 million pets in the world.
Owning a pet has several health benefits such as low anxiety, better heart health, low levels of depression, etc., and surging awareness about these benefits is expected to act as a catalyst for pet ownership and thus benefit veterinary ophthalmic equipment demand throughout the forecast period.
Rising per capita disposable income, the prevalence of the trend of having children late in millennials, relaxation of pet ownership laws in several countries, growing humanization of animals, increasing availability of pet insurance, surging incidence of ophthalmic diseases in animals, and increasing awareness regarding these diseases are other aspects that alter shipments of veterinary ophthalmic equipment in the future.
The COVID-19 pandemic hurt veterinary ophthalmic equipment demand in 2020 but resulted in increased pet ownership in the following years and hence created a lucrative setting for veterinary ophthalmic equipment manufacturers in the long run.
On the flip side, high costs of veterinary ophthalmic instruments and lack of awareness regarding veterinary ophthalmic conditions such as corneal abrasions/ulcers, cataracts, Dry Eye Syndrome, etc. are also predicted to obstruct veterinary ophthalmic equipment sales over the coming years.
Veterinary Ophthalmic Equipment Market Size (2023)
US$ 494.3 Million
Projected Market Value (2033F)
US$ 739.8 Million
Global Market Growth Rate (2023 to 2033)
Market Share of Veterinary Clinics (2022)
Key Companies Profiled
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How are Start-ups Revolutionizing the Pet Care Space?
“New Companies Raising Capital to Make Pet Care Services Accessible for Owners Globally”
Veterinary care has been an overlooked aspect of an animal’s life for quite a while now but this trend is changing and is writing a new book of opportunities for upcoming veterinary ophthalmic equipment providers and aspiring veterinary care providers around the world. Start-ups are working on making veterinary care more accessible either by providing veterinary ophthalmic instruments at an affordable price or reducing overall surgical costs by supply chain management of veterinary services and solutions.
Incoming veterinary ophthalmic equipment vendors are focusing on raising new finance to fund their expansion and scaling efforts that allow them to serve a larger patient base and grow to their fullest potential.
- In January 2023, Digitail, a pet technology start-up headquartered in the United States and founded in 2018, announced that it had raised more than US$ 10 million in a Series A round. The company aims to revolutionize the way veterinarians work and free up more of their time by automating tasks via cloud-based software that is also pet owner-friendly.
- In November 2022, Vetic, a pet care company, announced that it had raised US$ 3.7 million in a seed round to expand and launch new 15 veterinary clinics in Delhi and Bengaluru located in India. The launch of these new clinics was estimated to bolster veterinary ophthalmic equipment sales in the country.
A detailed account of directly-related new developments by veterinary ophthalmic equipment start-up companies and their impact on local supply, product standards, supply chain management, safety regulations, and other factors has been mentioned in this recently revised veterinary ophthalmic equipment market research analysis by Fact.MR, a market research and competitive intelligence provider.
Which Country Should Veterinary Ophthalmic Equipment Suppliers Target in North America?
“United States to Emerge as Highly Remunerative Market”
The presence of a robust veterinary healthcare infrastructure in the United States makes it a highly opportune market for veterinary medical supplies and pet care services in the future. The presence of several veterinary practitioners, high spending on pets, rising ownership of pets, and increasing awareness regarding veterinary care are other factors that are anticipated to augment shipments of veterinary ophthalmic devices in the country through 2033.
- As per a National Pet Owners Survey conducted by the American Pet Products Association (APPA), nearly 70% of households in the United States owned a pet as recorded for 2021 to 2022. This was up from a previously recorded 67% in 2019.
- As per statistics listed on the Petkeen website, spending on pets in the United States amounted to an estimated US$ 109 million in 2021.
Why is Japan a Profitable Market for Veterinary Ophthalmic Equipment Companies?
“Increasing Willingness to Spend More on Pets Driving Growth”
Pet ownership in Japan has increased after the pandemic but has been witnessing an overall decrease in ownership in the long run for the past years. One of the key reasons for declination of pet owner numbers in the past has been the rising costs of pet food products and this is estimated to be a major challenge for the pet industry in the country going forward as well.
- As per statistics listed on the PetFoodNation website, the number of pet households increased by 10% in 2022 as compared to the pre-pandemic levels in Japan, which was seen as a trend that was directly related to the country’s economic recovery from the pandemic.
Despite the unpredictable nature of the Japanese pet scene, the country might emerge as a highly attractive market for veterinary ophthalmic equipment vendors over the next ten years as prospects indicate increasing spending on pets. Plummeting birth rates, rising use of companion animals by the elderly, and surging senescent population could be key factors slated to uplift the demand for veterinary ophthalmic equipment and other veterinary services in the long run.
- ipet Insurance conducted a survey in Japan targeting 1,018 cat and dog owners to enquire about their pet expenditures in the year 2021. Around 40% of pet owners in Japan, confessed to having spent US$ 732 (¥100,000) or more on their pets in 2021.
Why Should Veterinary Ophthalmic Equipment Manufacturers Focus on Europe?
“Increasing Pet Ownership to Bolster Use of Veterinary Ophthalmic Equipment”
Pet ownership has been showing a bright outlook in European countries over the past few years and this trend is projected to primarily influence demand for veterinary ophthalmic equipment in European countries.
- As per the facts stated in a report released by the European Pet Food Industry Federation (FEDIAF), around 46% of European households had at least one companion animal in 2021.
Russia, Germany, France, and Romania are projected to offer highly rewarding business opportunities for veterinary ophthalmic equipment producers owing to the rising number of pets and pet owners. The presence of key pet food manufacturers, rising disposable income, and changing living standards are some other factors that could crucially modify future demand for veterinary ophthalmic surgical instruments in the aforementioned European economies over the coming years.
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Which Products Lead Revenue Generation for Market Players?
“Diagnostic Devices Account for Authoritative Revenue Share”
Based on product, the veterinary ophthalmic equipment market is segmented into diagnostic devices and surgical equipment & disposables.
- Diagnostic devices held more than half of the global market share in 2022 and dominated in terms of product type.
The advent of new animal diseases and growing awareness regarding the same is projected to uplift the demand for veterinary ophthalmic diagnostic devices over the next ten years. However, an increase in the number of veterinary surgical procedures being performed is also expected to bolster sales of surgical equipment and disposable across the forecast period.
The diagnostic devices segment is further bifurcated into tonometers, fundus cameras, portable erg devices, ophthalmoscopes, and slit lamps.
Leading veterinary ophthalmic equipment manufacturers are focusing on launching novel products that help advance pet care and help in the treatment of animals affected by ophthalmic conditions.
- In October 2022, Bausch + Lomb Corporation, a renowned name in the eye care industry, announced the launch of Project Watson to create healthcare products for dogs. The new range of products was formulated especially for dogs’ ears, eyes, etc. with high-quality natural ingredients.
- In May 2021, Senju Pharmaceutical Co. Ltd., a leading manufacturer of animal drugs and prescription drugs, announced the launch of new eye drops for feline herpesvirus disease in Japan called ‘IDU Senju (R)’ through DS Pharma Animal Health.
Know thy Competitors
Competitive landscape highlights only certain players
Complete list available upon request
Veterinary Ophthalmic Equipment Industry Research Segmentation
By Product :
- Diagnostic Devices
- Applanation Tonometers
- Rebound Tonometers
- Fundus Cameras
- Portable ERG Devices
- Slit Lamps
- Surgical Equipment & Disposables
- Operating Microscopes
- Phacoemulsification Devices
- Ophthalmic Surgical Instruments
- Bandage Contact Lenses
- Intraocular Lenses
- Diagnostic Devices
By End User :
- Veterinary Medical Centers & Colleges
- Veterinary Hospitals
- Veterinary Clinics
- Small Animal Clinics
- Large Animal Clinics
- Exotic Animal Clinics
By Region :
- North America
- Latin America
- FAQs -
The global veterinary ophthalmic equipment market stands at a value of US$ 494.3 million in 2023.
By 2033-end, veterinary ophthalmic equipment sales are anticipated to reach US$ 739.8 million.
Over the next ten years, shipments of veterinary ophthalmic equipment are forecasted to increase at 4.1% CAGR.
Diagnostic devices accounted for more than 50% of the global veterinary ophthalmic equipment market share in 2022.
Ocularvision Inc., Nanjing Redsun Optical Co. Ltd., Welch Allyn, and LKC Technologies Inc. are leading producers of veterinary ophthalmic systems.