Ophthalmic diagnostic equipment are used for treatment of eye diseases and include fundus cameras, optical coherence tomography scanners, ophthalmic ultrasound imaging systems, tonometers, slit lamps, and corneal topographers. Other devices include refractive devices, vitreoretinal surgery devices, and cataract and glaucoma devices.
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 incidence of refractive errors, cataract, diabetic retinopathy, and age-related macular degeneration is expected to propel growth of the global ophthalmic diagnostic equipment market over the forecast period. For instance, according to the study, ‘The national and subnational prevalence of cataract and cataract blindness in China: a systematic review and meta-analysis’, published in the Journal of Global Health in June 2018, the prevalence of any cataract ranged from 6.71% in people aged 45-49 years to 73.01% in elderly aged 85-89 years in males.
Global Ophthalmic Diagnostic Equipment Market: Opportunities
Increasing initiatives of various organizations to raise funding for R&D in eye care is expected to offer lucrative growth opportunities for market players. For instance, in December 2019, Orbis International announced the launch of its Silicon Valley Orbis Innovation Fund to raise US$ 8 million for R&D in quality eye care and ophthalmological training.
Global Ophthalmic Diagnostic Equipment Market: Restraints
High cost of swept-source optical coherence tomography (OCT) is expected to hinder growth of the global ophthalmic diagnostic equipment market.
The 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. The growth of the segment is attributed to increasing technological advancement for development of new product.
The hospitals segment held dominant position in the global ophthalmic diagnostic equipment market in 2018, accounting for 43.2% share in terms of volume, followed by clinics respectively. The growth of the segment is attribute to increasing patient population during the forecast period.
The global ophthalmic diagnostic equipment market is witnessing increasing M&A activities. For instance, in October 2019, SP Industries, Inc., a Harbour Group company, acquired Irta Dosificacio I Technologia S.L. i-Dositecno – a provider of complete sterile filling lines for pharmaceutical, cosmetic, and ophthalmic applications.
Key players in the market are focused on offering free cloud storage for OCT devices. For instance, in December 2018, Topcon Medical Systems began offering 20GB of free storage on the new Topcon Cloud platform for its OCT product line.
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 gaining product approval to expand their product portfolio. For instance, in October 2019, Avellino Labs’ AvaGen Genetic diagnostic test for keratoconus and corneal dystrophies received CLIA certification.
Key players in the market are focused on adopting partnership strategies to expand their product portfolio. For instance, in October 2019, TECLens, a medical device manufacturer, partnered with SERVImed Industrial Spa, an ophthalmic medical devices manufacturer and distributor, for development and FDA approval of a new combination product for the treatment of keratoconus.
Scope of the report
“*” marked represents similar segmentation in other categories in the respective section.