SEATTLE, July 30, 2021, (MEDGADGET) — Global Ophthalmic Diagnostic Equipment Market Analysis
Overview
Ophthalmic surgical technology is used to diagnose ocular deformities and defects include haloes, blurred vision, eyelid disorders, glaucoma, retinal disease, and cataract.
By the end of 2027, the global ophthalmic diagnostic equipment market is expected to be worth US$ 4,064.5 million.
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Drivers
Over the forecast period, the global ophthalmic diagnostic equipment market is expected to rise due to the rising prevalence of glaucoma. As per the International Agency for the Prevention of Blindness, by 2020, 80 million people will be affected by glaucoma, up from 20 million in 2010.
Furthermore, falling prices of optical coherence tomography (OCT) devices are expected to boost the market growth. The cost of a novel OCT device developed by the Massachusetts Institute of Technology is less than $10,000.
In terms of value, North America dominated the global ophthalmic diagnostic equipment market in 2018, contributing to 31.1 percent of the overall market share, led by Europe.
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Restraints
The global ophthalmic diagnostic equipment market is expected to be hampered by the lack of ophthalmologists, especially in emerging economies. According to the report ‘Estimated number of ophthalmologists worldwide: will we fulfill the needs?’ there were 232,866 ophthalmologists in 194 countries in 2015, with a low mean density of 3.7 per million people in low-income countries compared to 76.2 in high-income countries.
Furthermore, the growth of the global ophthalmic diagnostic equipment market is projected to be hampered by the emergence of a few organizations that provide case reports of ophthalmic patients that can assist doctors in providing effective and more robust care to patients.
Opportunities
Players in the global ophthalmic diagnostic equipment market should foresee attractive growth opportunities as the world’s geriatric population grows. As per the World Health Organization, the global geriatric population will cross 2 billion by 2050, up from 900 million in 2015.
The demand for the global ophthalmic diagnostic equipment market is expected to expand due to the increasing use of AI in ophthalmology. In November 2019, University of Tennessee researchers announced the creation of an AI-enabled radar that could aid in improved visual functional evaluations of glaucoma patients.
The global ophthalmic diagnostic equipment market’s Optical Coherence Tomography (OCT) segment was worth US$ 677.8 million in 2018 and is projected to grow at a CAGR of 6.3 percent to US$ 1,138.0 million by 2027.
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Key Takeaways
The market’s major players are concentrating their efforts on raising funds in order to broaden their product range. Notal Vision, Inc. raised $25 million in December 2019 to fund the commercial development of its new business, ForeseeHome AMD Monitoring Program.
Clinical trials for the test of novel devices are now on the rise in the industry. Bausch + Lomb began a clinical trial in December 2019 to evaluate the safety and effectiveness of a new cohesive OVD (ophthalmic viscosurgical system).
Competitive Landscape
Key companies contributing in the global ophthalmic diagnostic equipment market are Quantel Medical, ZEISS International, Haag-Streit Group, Topcon Corporation, Coburn Technologies Inc., Notal Vision, Inc., Kowa Company Ltd., Bausch + Lomb, Halma plc., Ellex, Nidek Co., Ltd.,
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Key Developments
To broaden their product range, key industry players are focusing on product acceptance and launch. Notal Vision, Inc., obtained breakthrough product certification from the US Food and Drug Administration in December 2018 for its Notal Vision Home-based Optical Coherence Tomography (OCT) System.
Bausch + Lomb introduced the enVista toric MX60ET hydrophobic acrylic intraocular lens with StableFlex technology for cataract surgery in December 2019.
Table of Contents
- Research Objectives and Assumptions
- Research Objectives
- Assumptions
- Abbreviations
- Market Purview
- Report Description
- Market Definition and Scope
- Executive Summary
- Market Snippet, By Product Type
- Market Snippet, By End User
- Market Snippet, By Region Coherent Opportunity Map (COM)
- Report Description
- Market Dynamics, Regulations, and Trends Analysis
- Market Dynamics
- Drivers
- Restraints
- Market Opportunities
- Impact Analysis
- Technological Advancements
- Key Highlights
- Product launch
- Regulatory Scenario
- PEST Analysis
- Mergers and Acquisitions
- Market Dynamics
- Global Ophthalmic Diagnostic Equipment Market, By Product Type, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Fundus Cameras
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Retinal Ultrasound Imaging Systems
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Refractors
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Slit Lamps
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Perimeters
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Ophthalmoscopes
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Tonometer
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Optical Coherence Tomography (OCT)
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Corneal Topography Systems
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Introduction
- Global Ophthalmic Diagnostic Equipment Market, By End User, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, 2017 – 2027
- Segment Trends
- Hospitals
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Clinics
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Ambulatory Surgical Centers
- Introduction
- Market Size and Forecast, and Y-o-Y Growth, 2016 – 2027, (US$ Million)
- Introduction
- Global Ophthalmic Diagnostic Equipment Market, By Region, 2019 – 2027, (US$ Mn)
- Introduction
- Market Share Analysis, By Region, 2019 and 2027 (%)
- Y-o-Y Growth Analysis, For Regions, 2017–2026
- North America
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- The U.S.
- Canada
- Latin America
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- Brazil
- Mexico
- Argentina
- Rest of Latin America
- Europe
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- Germany
- The U.K.
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- China
- India
- Japan
- Australia
- South Korea
- ASEAN
- Rest of APAC
- Middle East
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- GCC
- Israel
- Rest of the Middle East
- Africa
- Market Size and Forecast, By Product Type, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By End User, 2016 – 2027, (US$ Million)
- Market Size and Forecast, By Country, 2016 – 2027, (US$ Million)
- South Africa
- Central Africa
- North Africa
- Introduction
- Competitive Landscape
- Company Profiles
- Section
- References
- Research Methodology
- About us and Sales Contact
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