Global Ophthalmic Diagnostic Equipment Market
Several products, such as refractometers, ophthalmic ultrasound devices, optical coherence tomography, slit lamp, and ophthalmoscope are highly used for the diagnosis of ophthalmic disorders like glaucoma or cataract. These products provide better results which provide maximum knowledge to the doctor about the condition of the patient and the treatment procedure. Various ophthalmic diagnostic equipment is in high demand due to huge investments in research and development and a high rate of product launches.
Market Size Growth Rate:
According to the research report by DataM Intelligence, the global ophthalmic diagnostic equipment market size was valued at USD 2.1 billion in 2021; it is projected to reach USD 6.4 billion by 2029, with growth at a CAGR of 5.7% over the forecast period 2022-2029.
Ophthalmic diagnostic equipment is utilized for the proper diagnosis and treatment of various ophthalmic conditions such as diabetic macular edema, cataract, age-related macular degeneration (AMD), or glaucoma. These equipment or devices are widely used for diagnostic purposes and to provide a better understanding of the disorder to the doctor or physician. Along with novel product launches and technological advances, the rising demand for ophthalmic diagnostic equipment, owing to rising visual impairments, will further support market trends for ophthalmic diagnostic equipment through 2029.
The market has experienced significant growth, ascribed to the growing incidences of visual impairments globally such as diabetic macular edema and cataract, and rising research and development. The healthcare infrastructure modernization in emerging nations is funded by their governments, which will expand access to healthcare. There is a high need for ophthalmic diagnostic equipment for better diagnosis and treatment of eye disorders and rising need to protect the eyes during surgeries. The global market for ophthalmic diagnostic equipment has attractive potential due to the rise in the frequency of novel product launches and high investment in research and development in emerging nations.
The market for global ophthalmic diagnostic equipment needs to be improved as there are few concerns associated with ophthalmic diagnostic equipment. The high cost and risks involved owing to the sensitivity of the organ in the product may hinder the market’s growth. The unavailability of skilled person for handling the equipment properly and the stringent regulatory rules for the approval of these products restrains the market in the forecast period.
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Research and medical experts are developing advanced approaches to improve the outcomes of ophthalmic diagnostic equipment. The major area of research is the latest technological advancements, such as improved technologies providing better results like improved refractometer or optical coherence tomography or slit lamps and new product launches. Increasing government organization funding in healthcare sectors is boosting the market. Growing investments is helping end-users use novel technologies. Infrastructure development and rising investments are expected to provide huge opportunities for the ophthalmic diagnostic equipment market. This will provide a lucrative opportunity for the growth of the market.
COVID-19 Impact Analysis:
The health system is under extreme strain due to the COVID-19 pandemic. The number of increasing cases due to strict regulations during COVID, such as lockdowns, caused postponed appointments and surgical procedures, leading to huge losses. Prioritizing the treatment of patients with a serious ophthalmic disorder, increasing the use of ophthalmic diagnostic equipment for diagnosis/treatment purposes, and enhancing the number of products with the latest technology for better diagnosis are a few ways that need to be reorganized in terms of priorities.
Recent Developments in the Industry:
- In November 14, 2022, NIDEK CO., LTD., a designer, manufacturer, and distributor of optometric, ophthalmic, and lens edging equipment, announced the launch of its novel non-contact Tono/Pachymeter NT-1p. The NT-1p is an inventive device that fully automates dependable non-contact pachymetry and tonometry.
- In April 20, 2022, ZEISS Medical Technology announced that its QUATERA 700, a phaco technology revolution received clearance from U.S. Food and Drug Administration (FDA). It includes the patented QUATTRO Pump of ZEISS which delivers an exceptional chamber stability level independent of intra-ocular flow or pressure (IOP).
According to the research analysis, the global ophthalmic diagnostic equipment market is segmented by product type as refractometer, optical coherence tomography, ophthalmic ultrasound devices, tonometers, slit lamp, corneal topography systems, ophthalmoscope, fundus cameras, lensometers, and others. Further, it is bifurcated by application into cataracts, glaucoma, age-related macular degeneration, diabetic macular edema, and others. By end-user, the market is divided into hospitals, ophthalmic clinics, ambulatory surgical centers, and others.
- Based on the application, the cataract segment accounted for the largest market share of around YY% in 2021 and is expected to grow at a CAGR of YY% during the forecast period (2022-2029). Cataracts are formed due to protein buildup in the eye’s lens and then make it cloudy hence keeping light from passing clearly. Depending on its location and size, it can hinder normal vision. Cataracts usually develop slowly and may affect both eyes. According to the Centers for Disease Control and Prevention, approximately 20.5 million Americans aged 40 years or above have cataracts and 6.1 million have operatively had their lens removed. The total number of people with cataracts is evaluated to be 30.1 million by 2020. The increasing incidence of cataracts is the major factor in the growth of the market. Major Key players are researching and developing several advanced novel technologies and product launches. Additionally, it is anticipated that rising chronic ophthalmic conditions incidences and rising FDA product approvals will fuel the global market expansion.
The global ophthalmic diagnostic equipment market is segmented into major regions: North America, South America, Europe, Asia Pacific, and the Middle East & Africa.
North America Ophthalmic Diagnostic Equipment Market:
This large revenue share is mainly due to the rising investments in research and development and the abundance of highly qualified surgeons, among other things. North America is one of the biggest markets for ophthalmic diagnostic equipment. This region showcases a significant CAGR owing to the rising adoption and awareness regarding devices or equipment used for diagnosis, the increasing prevalence of several ophthalmic diseases such as diabetic macular edema, age-related macular degeneration or glaucoma and the growing geriatric population combined with the increasing demand for ophthalmic diagnostic equipment. The significant market share is attributable to the high disorder knowledge in the area and the numerous programs initiated to increase awareness about the ophthalmic diagnostic equipment along with ophthalmic conditions that can help physicians with a better assessment of the condition of patients which have expanded the market for these novels and advanced ophthalmic diagnostic equipment.
The region’s growing geriatric population and chronic ophthalmic disorders such as cataract, which is driving up demand for ophthalmic diagnostic equipment in patients as it needs proper diagnosis and assessment for proper treatment. Various other disorders like glaucoma and AMD are also increasing in this region. Asia Pacific is predicted to have the quickest increase throughout the analyzed period. By 2029, Japan’s market for ophthalmic diagnostic equipment is anticipated to be worth over YY million dollars. Due to numerous aspiring industry players in the area, the China ophthalmic diagnostic equipment market is predicted to provide a CAGR of around YY percent, accounting for revenue generation of over USD YY billion by the conclusion of the projected year.
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However, it is expected to grow rapidly in the next couple of years with intense competition among the players and a rising number of cases. A few key players are already being observed adopting strategies, such as collaboration for developing novel technologically advanced products, which may make the market crowded with new products in the next couple of years.
Major companies contributing to the market’s growth include Halma Plc, Coburn Technologies, Inc., Ellex, Nidek Co., Ltd., Kowa American Corporation, Quantel Medical, Topcon Corporation, ZEISS Group, Haag-Streit Group, and Ziemer Ophthalmic Systems AG.
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The Full Report has the following insights:
- The report comprehensively evaluates the market in terms of Market Value (US $) and Y-o-Y Growth Rates (%). It does so via in-depth qualitative insights, historical data (2020-2021), and verifiable projections about market size during the forecast period (2022-2029).
- Visualize the composition of the global ophthalmic diagnostic equipment market segmentation by product type, application, end-user, and region, highlighting the key commercial assets and players.
- By Product Type: Refractometer, Optical Coherence Tomography, Ophthalmic Ultrasound Devices, Tonometers, Slit Lamp, Corneal Topography Systems, Ophthalmoscope, Fundus Camera, Lensometers, and Others
- By Application: Glaucoma, Cataract, Age-related Macular Degeneration, Diabetic Macular Edema, and Others
- By End-user: Hospitals, Ophthalmic Clinics, Ambulatory Surgical Centers, and Other
- By Region: North America, South America, Europe, Asia Pacific, and the Middle East & Africa
- Identify global ophthalmic diagnostic equipment market commercial opportunities by analyzing trends and co-development deals.
- The report also covers data insights on various industry forces such as porter’s five forces analysis, supply chain analysis, and pricing analysis.
- Excel data sheet with thousands of global ophthalmic diagnostic equipment market-level 4/5 segmentation data points.
- PDF report with the most relevant analysis cogently put together after exhaustive qualitative interviews and in-depth market study.
- Product mapping in excel for the key product of all major market players
- The report will provide access to approximately 61 market data tables, 64 figures, and close to 180 pages.
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