Global 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) 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), as highlighted in a new report published by Coherent Market Insights.
The increasing adoption of organic growth strategies such as technological advancements such as incorporation of Optical Coherence Tomography (OCT) with artificial intelligence (AI) by the key players in the market is expected to drive the market growth over the forecast period. For instance, in August 2021, Abbott's latest OCT imaging platform, driven by the Ultreon Software, has been approved by the U.S. Food and Drug Administration (FDA). This cutting-edge imaging software combines OCT with artificial intelligence (AI) to give physicians a more complete picture of coronary blood flow and blockages, assisting in decision-making and determining the optimum treatment approach.
Global Ophthalmic Diagnostics Equipment Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
Due to healthcare professionals' involvement with COVID-19-related patients and the significant drop in clinic visits as a result of the lockdowns and restrictions implemented to stop the disease from spreading, COVID-19 had a negative impact on the industry of ophthalmic diagnostic equipment.
As a result, fewer hospitals and clinics performed fewer elective eye surgeries each week.
Global Ophthalmic Diagnostics Equipment Market: Key Developments
In 2022, Alcon, an American Swiss medical company specializing in eye care products, announced that they have acquired Ivantis Inc., a company involved in expanding patient treatment and improving outcomes through innovative minimally invasive glaucoma surgical (MIGS) solutions, to help ensure continuity of the business and relationships with existing customers and allowing Alcon to begin its future growth plans to bring Hydrus Microstent, a surgical therapy for mild to moderate open-angle glaucoma, to more international markets.