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.
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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.
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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.
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.
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The Veterinary Ophthalmic Equipment market report answers important questions which include:
- What does the status of the Veterinary Ophthalmic Equipment market look like after the forecast period?
- Which region has the highest contribution to the global Veterinary Ophthalmic Equipment market and why?
- Which players remain at the top of the global Veterinary Ophthalmic Equipment market?
- What opportunities are available for the Veterinary Ophthalmic Equipment market players to expand their production footprint?
- Which segment has the maximum impact on the global Veterinary Ophthalmic Equipment market?
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