Ophthalmic diagnostics equipment market

Ophthalmic Diagnostics Equipment Market, by Product Type (Fundus Cameras, Retinal Ultrasound Imaging Systems, Refractors, Slit Lamps, Perimeters, Ophthalmoscopes, Tonometer, Optical Coherence Tomography (OCT), Corneal Topography Systems), by End User (Hospitals, Clinics, Ambulatory Surgical Centers), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) Size, Share, Outlook, and Opportunity Analysis, 2022 - 2030

Request Free Sample

Sep 2022
CMI3207
203 Pages
Excel & Pdf
Medical Devices

Summary

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.

Ophthalmic Diagnostics Equipment Market Report Coverage

Report Coverage	Details
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
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC Countries, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Fundus Cameras, Retinal Ultrasound Imaging Systems, Refractors, Slit Lamps, Perimeters, Ophthalmoscopes, Tonometer, Optical Coherence Tomography (OCT), Corneal Topography Systems By End User: Hospitals, Clinics, Ambulatory Surgical Centers
Companies covered:	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.
Growth Drivers:	Increasing prevalence of eye related problem like glaucoma, diabetic retinopathy, cataracts, and age-related macular degeneration (AMD) Increasing R&D (research and developments) activities for novel device development related to vision error
Restraints & Challenges:	High cost of ophthalmic diagnostics equipment Lack of availability of ophthalmologist

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.

Key Players

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.

Table of Content

Table of Contents

*Browse 42 market data tables and 44 figures on "Global Ophthalmic Diagnostics Equipment Market” - forecast to 2030

Segmentation

Detailed Segmentation:

- Frequently Asked Questions -

What is the current market size and compound annual growth rate (CAGR) of the global ophthalmic diagnostics equipment market during the forecast period (2022-2030)?

Global Ophthalmic Diagnostics Equipment market size is estimated to be valued at US$ 2,502.6 million in 2022 and is expected to exhibit a CAGR of 6.2 % between 2022 and 2030.

What are the major factors driving the market growth?

Factors such as increasing prevalence of eye related problem like glaucoma, diabetic retinopathy, cataracts, and age-related macular degeneration (AMD) and Increasing R&D (research and developments) activities for novel device development related to vision error is expected to drive the market growth.

Which is the leading product segment in the market?

Optical Coherence Tomography (OCT) is the leading product type in the market.

What are the key factors hampering growth of the market?

The major factors hampering growth of the market include high cost of ophthalmic diagnostics equipment and low presence of ophthalmologists

Which are the major players operating in the market?

Major players operating in the 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.