Medical gadgets used to diagnose or treat eye problems are referred to as ophthalmic equipment. Contact lenses, intraocular lenses, ocular implants, and other associated tools are among these. In today's medicine, ophthalmic equipment has become indispensable. Cataracts, glaucoma, macular degeneration, diabetic retinopathy, and age-related macular degeneration are among the eye issues that can be detected and treated using them (AMD). They're also used to treat problems like keratoconus, corneal ulcers, and dry eyes.
Ophthalmic illnesses have become more common in recent years. As a result, there was a significant need for disease-specific therapeutics. In order to address the expanding healthcare demand, a variety of ophthalmic equipment is available on the market that can be efficiently utilized by healthcare practitioners. The increasing frequency of ophthalmic diseases and eye-related disorders, as well as rising healthcare spending are driving the demand of ophthalmic equipment market.
Global ophthalmic diagnostics equipment market is estimated to be valued at US$ 2,502.6 million in 2022 and is expected to exhibit a CAGR of 6.2% during the forecast period (2022-2030).
Figure 1. Global Ophthalmic Diagnostics Equipment Market Share (%), by End User, 2022
Increase in the prevalence of eye disorders, such as diabetic retinopathy, cataracts, and age-related macular degeneration (AMD), is expected to drive growth of the ophthalmic diagnostics equipment market
Increasing eye related problem like glaucoma is expected to drive market growth over the forecast period. For instance, according to Ministry of Health and Family Welfare (MoHFW), on April 01, 2019, in India, glaucoma is the leading cause of irreversible blindness with at least 12 million people affected and nearly 1.2 million people blind from the disease. More than 90 percent of cases of glaucoma remain undiagnosed.
Figure 2. Global Ophthalmic Diagnostics Equipment Market Share (%), by Region, 2022
Increasing prevalence of diabetes and diabetes related eye illness is expected to drive growth of global ophthalmic diagnostics equipment market for the forecast period.
For instance, according to the World Health Organization (WHO) as on 10 November 2021, Approximately 537 million adults (20-79 years) are living with diabetes. The total number of people living with diabetes is projected to rise to 643 million by 2030 and 783 million by 2045. 3 in 4 adults with diabetes live in low- and middle-income countries.
|Base Year:||2021||Market Size in 2022:||US$ 2,502.6 Mn|
|Historical Data for:||2017 to 2020||Forecast Period:||2022 to 2030|
|Forecast Period 2022 to 2030 CAGR:||6.2 %||2030 Value Projection:||US$ 4,064.5 Mn|
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.
|Restraints & Challenges:||
Global Ophthalmic Diagnostics Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe and the World Health Organization had declared it a public health emergency on January 30, 2020.
COVID-19 has affected the economy in three main ways: by directly affecting production and demand of drugs and vaccines, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries, such as China, India, Saudi Arabia, U.A.E., Egypt, and others, faced problems with regard to the transportation of drugs and vaccines from one place to another.
COVID-19 had a negative impact on the industry of ophthalmic diagnostic equipment due to healthcare professionals’ engagement with COVID-19 related patients and considerable decline in patient visits to clinics as a result of the lockdowns and restrictions put in place to prevent the disease from spreading.
As a result, the number of elective eye procedures performed every week in hospitals and clinics also decreased.
Global Ophthalmic Diagnostics Equipment Market: Key Developments
In 2020, Hoya Corporation, a Japanese company manufacturing optical products such as photomasks, photomask blanks etc. formed joint venture with GeMax, a distributor partner. GeMax is a service provider of IOLs (Intraocular lens), the joint venture is named as HOYA GeMax Medical.
In 2020, Bausch Health Companies Inc., a Canadian multinational specialty pharmaceutical company announced the spin-off of its leading eye health business into an independent publicly traded entity ("Bausch + Lomb - NewCo") from the remainder of Bausch Health (BHC). It will consist of Bausch Health's global vision care, surgical, consumer and ophthalmic Rx businesses.
Global Ophthalmic Diagnostics Equipment Market: Restraint
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.
Major players operating in the global ophthalmic diagnostics 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.
Ophthalmic diagnostic equipment is used for diagnosis of eye disorders such as refractive errors, cataract, and others. Ophthalmic diagnostic equipment constitute of devices such as retinoscopes, visual field analyzers, fundus cameras, ophthalmoscopes, specular microscopes, tonometer, and others. Increasing incidences of eye disease and vision loss have led to introduction of new technologies is anticipated to assist the growth of the market during the forecast period.
Ophthalmic equipment has become crucial in modern medicine. They can be used to diagnose and treat a variety of eye conditions, including cataracts, glaucoma, macular degeneration, diabetic retinopathy, and age-related macular degeneration (AMD). Additionally, they are employed in the management of keratoconus, corneal ulcers, and dry eyes.
In recent years, ophthalmic illnesses have increased in frequency. There was a huge need for disease-specific therapeutics as a result, a variety of ophthalmic equipment is offered on the market and can be effectively used by healthcare professionals to meet the growing demand for healthcare. The market for ophthalmic equipment is growing due to the rising incidence of eye disorders and ophthalmic diseases as well as rising healthcare costs.
Increasing R&D (research and developments) activities for novel device development related to vision error and rise in awareness related to devices used in the field of ophthalmology is expected to propel the growth of the market. Moreover, increase in prevalence of eye disorders, such as diabetic retinopathy, cataracts, and age-related macular degeneration (AMD), increase in elderly population is also expected to provide lucrative growth to the global ophthalmic diagnostics equipment market. For instance, according to the World Health Organization (WHO) as on 4 October 2021, the proportion of the world's population over 60 years will nearly double from 12% to 22%. By 2050, the world’s population of people aged 60 years and older will be 2.1 billion.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section.