The global “ophthalmic diagnostic devices market” is set to gain traction from the ever-increasing awareness programs regarding various ocular disorders and diseases. It is mainly occurring because of the rising initiatives by the government and non-government organizations to educate the masses about ocular health. Besides, the populaces worldwide are utilizing the wide range of available online resources and tools to get to know more about such types of disorders and their diagnosis. Fortune Business Insights™ provided the information mentioned above in a report, titled, “Ophthalmic Diagnostic Devices Market Size, Share & Industry Analysis, By Product Type (Optical Coherence Tomography, Aberrometer & Topography Systems, Fundus Camera, Ophthalmic Ultrasound, and Other Ophthalmic Devices), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2026.” As per the report, the ophthalmic diagnostic devices market size stood at USD 2.41 billion in 2018. It is projected to reach USD 3.86 billion by 2026, thereby exhibiting a CAGR of 6.1% during the forecast period.
An Overview of the Impact of COVID-19 on this Market:
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This Report Answers the Following Questions-
- What are the ophthalmic diagnostic equipment market trends and dynamics?
- How many growth drivers and obstacles is the market set to come across?
- Which strategies are being adopted by key players to increase sales?
- Which region is anticipated to dominate the market during the forthcoming years?
- Will there be any changes in consumer behavior throughout the forecast period?
Optical Coherence Tomography Segment to Grow Significantly Backed by Rising Precision of Diagnosis
In terms of type, the market is fragmented into ophthalmic ultrasound, optical coherence tomography, fundus camera, aberrometer & topography systems, and other ophthalmic devices. Out of these, the optical coherence tomography segment held 29.1% ophthalmology diagnostic equipment market share in 2018 and is expected to showcase a high CAGR throughout the forecast period.
This growth is attributable to the rising precision and efficiency in the diagnosis of ocular disorders. It can be coupled with ongoing technological developments. The ophthalmic ultrasound segment is set to grow by exhibiting the highest CAGR because of the adoption of to A-scan ocular ultrasound devices for the diagnosis of lens opacification, vitreous hemorrhage, and periorbital trauma. Lastly, the aberrometer & topography systems and the fundus camera segments would experience significant growth on account of the rising cases of ocular disorders and refractive errors.
Rising Demand for Novel Ocular Diagnostic Technology to Boost Growth
Companies operating in the market are persistently striving to introduce unique products to aid people in diagnosing ocular diseases, namely, glaucoma, macular degeneration, cataracts, and refractive errors. Hence, they are engaging in extensive research and development activities. In addition to this, the demand for state-of-the-art ocular diagnostic technology is upsurging day by day on account of the increasing awareness regarding these disorders amongst the younger generation.
At present, several pipeline products are at the stage of development. All these factors are likely to propel the ophthalmology diagnostic devices market growth in the coming years.
Verily Teams Up with Santen While Topcon Unveils Novel Slit Lamp
The market consists of numerous enterprises that are persistently adopting the strategy of collaboration and new product launches to widen their geographic presence and boost sales. Below are a couple of the latest key industry developments:
- February 2020: Verily Life Sciences, a research organization, headquartered in South San Francisco, partnered up with Santen Pharmaceutical, a Japanese pharmaceutical company, to apply scalable digital technologies and microelectronics to ophthalmology. Their main aim is to enhance eye health across the world.
- December 2019: Topcon Medical Systems, Inc., a developer and supplier of diagnostic equipment for the ophthalmic community based in Oakland, announced the launch of its SL-D4 LED slit lamp with LED illumination. The new product is a more homogeneous source of illumination than the traditional halogen bulbs.
Fortune Business Insights™ lists out some of the most renowned companies present in the ophthalmic diagnostic devices market. They are as follows:
- Optovue, Incorporated
- ZEISS International
- AMETEK, Inc.
- NIDEK CO., LTD.
- HAAG-STREIT GROUP
- Other prominent players
Increasing Prevalence of Refractive Error Disorders to Favor Growth in North America
Geographically, the market is grouped into Latin America, Europe, the Middle East and Africa, Asia Pacific, and North America. Amongst these, North America generated USD 907.2 million in 2018 in terms of ophthalmic diagnostic devices market revenue. This growth is attributable to the rising incidence of refractive error disorders, an increasing number of awareness campaigns about ocular disorders, and surging adoption of advanced diagnostic equipment.
Asia Pacific, on the other hand, is expected to grow at the fastest rate in terms of revenue generation. It would occur because of the increasing prevalence of cataract surgeries and the rising geriatric population in countries such as India, China, and Japan. In Europe, countries, namely, Germany, France, and the U.K., would contribute majorly to the growth of the market. It is likely to occur because of the increasing usage of superior ophthalmology diagnostic instruments.