Global Veterinary Ophthalmic Equipment Market Overview
Increasing urbanization and growing affluence level have been driving the adoption of pets, and, in turn, bolstering the demand for veterinary healthcare. However, it is interesting to note that, with rising urbanization and aging of pets, there has been increasing prevalence of diseases such as cataract, glaucoma, age-related macular degeneration, and diabetic retinopathy, especially in livestock animals and dogs & cats. Prevalence of these diseases is expected to drive demand for innovative diagnostic techniques among end-use facilities that offer these products at a reasonable price.
Rising awareness of pet health and increasing incidence of infectious diseases among pets are expected to fuel revenue of the veterinary ophthalmic equipment market. Also, increased humanization and adoption of pets in developed countries and rising influx of medical information over the Internet are factors boosting the veterinary diagnosis market across the globe. However, the COVID-19 pandemic is having a negative impact on the expansion of the veterinary ophthalmic equipment market size, due to shutdowns, especially affecting portable veterinary ophthalmic equipment, which is hampering the revenue of key players in this space.
Veterinary Ophthalmic Equipment Market Insights by Product
The veterinary ophthalmic equipment market is segmented into two product types - diagnostic devices and surgical equipment and disposables. The diagnostic devices segment accounts for more than 50% of the global market, owing to rise in demand from veterinary hospitals. On the other hand, the surgical equipment and disposables segment is forecast to experience higher growth due to increasing awareness in pet owners about surgical procedures. Furthermore, advancements in technology in portable veterinary ophthalmic equipment are fueling growth of the segment, making this a valuable pocket in the veterinary ophthalmic equipment market.
For more valuable information on the contribution of each product and end user to the global veterinary ophthalmic equipment market value, ask an expert analyst
Veterinary Ophthalmic Equipment Market Insights by End User
Veterinary ophthalmic equipment has various end users such as veterinary hospitals, veterinary clinics, and veterinary medical centers and colleges. Veterinary clinics account for a leading position (over 50%) in the market when it comes to demand, due to increasing need of veterinary ophthalmic disease diagnosis and surgeries. This is also the fastest-growing segment in the veterinary ophthalmic equipment market. Based on recent interests in research & development related to veterinary ophthalmic equipment, research institutes also comprise a considerable position in the veterinary ophthalmic equipment market space.
Regional Outlook of Veterinary Ophthalmic Equipment Market
The veterinary ophthalmic equipment is segmented into the following regions - North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa. Europe is a dominant region that occupies over 45% of the global veterinary ophthalmic equipment market share, based on factors such as cost effective diagnosis, favorable reimbursement policies, and rising incidence of diseases such as cataract, glaucoma, and others. These factors act as strong drivers for the market in this region. East Asia occupies most of the market after Europe, with a 20% share. The veterinary ophthalmic equipment market in the North American region is likely to witness significant growth due to increase in population and rising number of cases in the region.
Veterinary Ophthalmic Equipment Market: Key Players
The veterinary ophthalmic equipment market is moderately consolidated in nature. It has several key players operating in the market, out of which, leading companies are Icare Finland Oy, AMETEK, Inc. (Reichert, Inc.), and HAAG-STREIT GROUP. Tier 2 players in the market are Nanjing Redsun Optical Co., Ltd., Welch Allyn, HEINE Optotechnik GmbH & Co. KG, LKC Technologies, Inc, and Bausch & Lomb Incorporated.
These key players have adopted various strategies such as collaboration with healthcare institutes for the research & development of products, facilitating advanced technologies and increased competition in the veterinary ophthalmic equipment market.
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The Analyst’s Viewpoint
“Key players need more R&D investments in order to come up with advanced technologies, which could prove to be a crucial driver for the market, besides allowing them to gain more profits.”
COVID-19 Impact on Veterinary Ophthalmic Equipment Market
The COVID-19 pandemic has had a significant negative impact on the veterinary ophthalmic equipment market, globally, from a business standpoint. However, the market has also been hampered due to short-term shut downs of manufacturing plants as well as veterinary medical facilities across the world. Furthermore, due to the threat caused by the pandemic, there has been considerable decrease in the demand for these products, especially for use in opthalmic diseases at veterinary hospitals, worldwide. Veterinary clinics have also shown significant decrease in demand for veterinary ophthalmic equipment.
Veterinary Ophthalmic Equipment Market: About the Report
Fact.MR published an exclusive forecast report on the veterinary ophthalmic equipment market for 2020 and 2030. The foremost objective of this report on the veterinary ophthalmic equipment market is to pitch spearhead insights on the market scenario, demand generators, and technological advancements in the veterinary ophthalmic equipment market. Also, the study addresses key dynamics that are expected to diversify the sales and future prominence of veterinary ophthalmic equipment.
The report on the veterinary ophthalmic equipment market begins with an executive overview, in which, product definition has been provided. The report further proceeds with the taxonomy of the veterinary ophthalmic equipment market, elaborating on key segments. Also, the report outlines visionary insights on the dynamics of the veterinary ophthalmic equipment market, including the drivers, restraints, opportunities, trends, and pricing analysis, along with the key buying factors for veterinary ophthalmic equipment. Supply chain analysis and pricing analysis of the veterinary ophthalmic equipment market, along with the difference between veterinary ophthalmic equipment used as per application have also been included in the report, to help readers clearly understand the product framework map in the global veterinary ophthalmic equipment market.
Veterinary Ophthalmic Equipment Market - Scope of the Report
Fact.MR recently published a market study on the global market for veterinary ophthalmic equipment. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the veterinary ophthalmic equipment market structure. The market study presents exclusive information about how the veterinary ophthalmic equipment market will grow during the forecast period (2020-2030).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market, and compounded annual growth rate (CAGR) are explained in Fact.MR’s study in a comprehensive manner. This information can help readers understand the quantitative growth prospects of the veterinary ophthalmic equipment market during the forecast period.
The study is relevant for stakeholders in the veterinary ophthalmic equipment market, including veterinary ophthalmic equipment manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Stakeholders in the veterinary ophthalmic equipment market, investors, industry experts, researchers, and journalists, as well as business researchers can leverage the information and data presented in Fact.MR’s study.
The study also includes statistics as well as facts related to the macro- as well as micro-economic factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the veterinary ophthalmic equipment market. Furthermore, small businesses and new entrants in the veterinary ophthalmic equipment market too can make use of the information presented in this study, based on which, they can make appropriate business decisions to gain momentum in the market.
Key Segments of Veterinary Ophthalmic Equipment Market
Fact.MR’s study on the veterinary ophthalmic equipment market offers information divided into three important segments— product, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Fact.MR’s Veterinary Ophthalmic Equipment Market Report
- Which regions will continue to remain the most profitable regional markets for veterinary ophthalmic equipment market players?
- Which factors will induce a change in the demand for veterinary ophthalmic equipment devices during the assessment period?
- How will changing trends impact the veterinary ophthalmic equipment market?
- Which companies are leading the veterinary ophthalmic equipment market?
- What are the winning strategies of stakeholders in the veterinary ophthalmic equipment market to upscale their position in this landscape?
Veterinary Ophthalmic Equipment Market: Research Methodology
In Fact.MR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the veterinary ophthalmic equipment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the veterinary ophthalmic equipment market study include statistics from government organizations, trade journals, white papers, and internal and external proprietary databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the veterinary ophthalmic equipment market, and makes Fact.MR’s projections on the growth prospects of the veterinary ophthalmic equipment market more accurate and reliable.
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