Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Ophthalmic Diagnostic Equipment Market – Insights
Ophthalmic diagnostic equipment is used in the diagnosis of ocular deformities and deficiencies of the eyes such as haloes, distorted vision, eyelid abnormalities, glaucoma, retinal disease, and cataract.
The global ophthalmic diagnostic equipment market is estimated to account for US$ 4,064.5 Mn in terms of value by the end of 2027.
Global Ophthalmic Diagnostic Equipment Market: Drivers
Increasing prevalence of glaucoma is expected to boost growth of the global ophthalmic diagnostic equipment market over the forecast period. For instance, according to The International Agency for the Prevention of Blindness, 80 million people are expected to suffer from glaucoma by 2020 compared to 20 million since 2010.
Moreover, decreasing prices of optical coherence topography (OCT) devices is also expected to propel growth of the market. For instance, the cost of a novel OCT system by Massachusetts Institute of Technology is less than US$ 10,000.
North America region held dominant position in the global ophthalmic diagnostic equipment market in 2018, accounting for 31.1% share in terms of volume, followed by Europe.
Figure 1. Global Ophthalmic Diagnostic Equipment Market Value (US$ Mn), by Region, 2018
Global Ophthalmic Diagnostic Equipment Market: Restraints
Low presence of ophthalmologists, especially in the emerging economies is expected to hamper growth of the global ophthalmic diagnostic equipment market. For instance, in July 2019, the study, ‘Estimated number of ophthalmologists worldwide (International Council of Ophthalmology update): will we meet the needs?’ revealed that in 2015, there were an estimated 232,866 ophthalmologists in 194 countries, with a low mean density of 3.7 per million population in low-income countries compared to 76.2 in high-income countries.
Moreover, presence of few organizations offering case studies of ophthalmic patients that can help doctors to offer better and robust treatment to patients is also expected to hamper the market growth.
Global Ophthalmic Diagnostic Equipment Market: Opportunities
Increasing geriatric population is expected to offer lucrative growth opportunities for players in the global ophthalmic diagnostic equipment market. For instance, according to the World Health Organization, geriatric population is expected to reach 2 billion by 2050, up from 900 million in 2015.
Increasing use of AI in ophthalmology is expected to boost growth of the market. For instance, in November 2019, researchers from University of Tennessee reported development of an AI-enabled radar that may help provide better visual functional assessments of people with glaucoma.
Optical Coherence Tomography (OCT) segment in the global ophthalmic diagnostic equipment market was valued at US$ 677.8 Mn in 2018 and is expected to reach US$ 1,138.0 Mn by 2027 at a CAGR of 6.3% during the forecast period.
Market Trends/Key Takeaways
Key players in the market are focused on raising funds to expand their product portfolio. For instance, in December 2019, Notal Vision, Inc. raised US$ 25 million to support the commercial growth of the company’s current service, ForeseeHome AMD Monitoring Program.
The market is also witnessing increasing number of clinical trials for evaluation of novel devices. For instance, in December 2019, Bausch + Lomb initiated a clinical trial to assess the safety and efficacy of a new cohesive ophthalmic viscosurgical device (OVD).
Global Ophthalmic Diagnostic Equipment Market: Competitive Landscape
Major players operating in the global ophthalmic diagnostic equipment market include, Notal Vision, Inc., Topcon Corporation, Bausch + Lomb, ZEISS International, Ellex, Quantel Medical, Nidek Co., Ltd., Haag-Streit Group, Halma plc., Coburn Technologies Inc., and Kowa Company Ltd.
Global Ophthalmic Diagnostic Equipment Market: Key Developments
Key players in the market are focused on product approval and launch to expand their product portfolio. For instance, in December 2018, Notal Vision, Inc. received breakthrough device designation for Notal Vision Home-based Optical Coherence Tomography (OCT) System from the U.S. Food and Drug Administration (FDA).
In December 2019, Bausch + Lomb launched enVista toric MX60ET hydrophobic acrylic intraocular lens with StableFlex technology for cataract surgery.