The existence of major market players along with surging number of cataract procedures are expected to foster the growth of the global optical biometry devices market over the forecast period of 2019 to 2025.
Optical Biometry Devices Market Highlight
Market Research Future (MRFR) announces the publication of its research report – Global Optical Biometry Devices Market, 2019–2025. The global optical biometry devices market size accounted for USD 275.0 million in 2018 and is projected to grow at a CAGR of 5.6% over the forecast period. Optical biometry or ophthalmic biometry is a more accurate, non-invasive automated method used to measure the anatomical characteristics of the eye. This method is used for intraocular lens (IOL) power calculations in clinical procedure. Drivers for the optical biometry devices market are rising elder population, increased efficiency of optical biometry over ultrasound A-scans (A-scan ultrasound biometry), technology developments in the devices, growing awareness about eye care, and increase in the number of cataract and refractive surgeries.
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Currently, the global optical biometry devices market is majorly driven by several prominent companies. The major market players are implementing various growth strategies including new product launches, operational & geographical expansions, strategic partnerships & collaborations, mergers & acquisitions (M&As), joint ventures (JVs), and divestitures to grasp the superior business position. For instance, in March 2018, Carl Zeiss has introduced PCI technology to improve its product portfolio and launched IOL master 700 with total keratometry, which is the state-of-the-art next generation optical biometry device for higher accuracy.
Optical Biometry Devices Market Regional Analysis
The global optical biometry devices market has been categorized on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. On a regional basis, the Americas would showcase dominance over other regions throughout the forecast period. This is attributed to the existence of key market participants (Welch Allyn, Inc., AMETEK, Inc., and Optovue, Incorporated), increasing sedentary lifestyle and associated diseases, rising spending on healthcare, and surging cataract surgeries. The major market players include Welch Allyn, Inc., AMETEK, Inc., and Optovue, Incorporated. are headquartered in the US, thereby facilitating early market initiation as well as prompt product supply. For instance, according to the World Health Organization (WHO), about 3.6 million cataract procedures were performed in the US, which rose to 3.8 million in 2018.
Europe would be the second-largest geography in terms of revenue from 2019 to 2025 attributed to rising older population in the region. The WHO projected that the number of people older than 65 years would more than double worldwide. The WHO reported that in 2014, 4.3 million cataract operations took place in the European Union Member States.
The market in Asia-Pacific would register the fastest market growth over next seven years owing to the presence of Asia-Pacific Association of cataract and refractive surgeons (APACRS), growing aging population, increasing awareness about technologies, and developing healthcare infrastructure.
The Middle East & Africa are projected to demonstrate a modest growth in the global Optical Biometry Devices Market over the forecast period. Moreover, the major market share of the region would be grabbed by the Middle Eastern region due to recent activity from governments in the region approaching investors to expand the private sector in healthcare which continues to be encouraging.
Optical Biometry Devices Market Segmentation
The global optical biometry devices market has been segmented into product and end user.
By product, the market has been segmented into swept-source optical coherence tomography (SSOCT)-based biometers, partial coherence interferometry (PCI)-based biometers, and optical low coherence reflectometry (OLCR)-based biometers.
Based on end user, the market has been classified into hospitals, ophthalmic clinics, and others.
Some of the foremost players in the global optical biometry devices market are Haag-Streit AG, Carl Zeiss AG, Topcon Corporation, Welch Allyn, Inc., Bausch & Lomb Incorporated, NIDEK CO., LTD., Heine Optotechnik GmbH & Co. KG, Tomey Corporation, AMETEK, Inc., Optovue, Incorporated, Leica Microsystems GmbH, and CENTERVUE S.p.A.
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