Ophthalmic Diagnostic Equipment Market: Current and Projected industry size and Recent Industry Trends by 2025
Ophthalmic diagnostic equipment is used to detect eye related problems, such as cataract, refractive errors, diabetic retinopathy and age related macular degeneration. In 2014, the ophthalmic diagnostic equipment segment accounted for 20% value share of the global ophthalmology devices market. As per the World Health Organization (WHO) 2010 estimates, there were 285 Mn visually impaired people across the globe in 2010, which included 39 Mn blind people, of whom around 80% were above the age of 50 years. Currently, factors such as aging population, technological advancements in the healthcare industry around the globe, rising incidences and prevalence of eye conditions and diseases, higher adoption of retinal implants, technological advancements in handheld devices for detecting glaucoma and macular degeneration, speedy market approvals of such devices, higher awareness about the equipment through education and increasing research and development activities are fuelling growth of the ophthalmic diagnostic equipment market globally.
The ophthalmic diagnostic equipment market is segmented as follows:
- Ophthalmic diagnostic equipment, by product
- Ophthalmic diagnostic equipment, by region
This report covers the global ophthalmic diagnostic equipment market performance in terms of revenue contribution. This section also includes FMI’s analysis of key trends, drivers, restraints and opportunities, which are influencing the global ophthalmic diagnostic equipment market currently. Impact analysis of key growth drivers and restraints is included in this report to better equip clients with crystal clear decision-making insights. The report also offers global company share analysis for 2014.
By product, the global ophthalmic diagnostic equipment market is segmented into ophthalmoscope, optical coherence tomography, refractor, tonometer, perimeter, corneal topography system, slit lamp, fundus camera and retinal ultrasound imaging system. The Optical Coherence Tomography (OCT) product segment accounts for majority of the market share currently and is expected to remain the leading segment in terms of value during the forecast period. The OCT segment is followed by the perimeter segment.
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The ophthalmoscope product segment is expected to expand at a higher CAGR in terms of value and volume over the forecast period as compared to other products. The fundus camera segment is expected to expand at a lower CAGR in terms of value and volume over the forecast period as compared to other products. Over the past few years, vast technology advancements have taken place in the ophthalmic diagnostic equipment market. Besides, companies are now manufacturing hand held retinal ultrasound imaging equipment with a view to increase their sales. Major players in the market are manufacturing ophthalmic diagnostic equipment with multiple applications. Incorporation of one equipment in another is a strategy followed by various companies presently, in order to improve their product functionality.
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By region, North America is expected to remain the market leader in the ophthalmic diagnostic equipment market mainly due to availability of sufficient funds to pursue the concerned research work and increasing investment in R&D activities by various ophthalmology diagnostic device companies in the region. APAC is projected to expand at a significant pace mainly due to large population base and increasing awareness about the need for early detection of refractive errors amongst physicians. In terms of value, North America is expected to expand at the highest CAGR in the ophthalmic diagnostic equipment market during the forecast period, followed by the Western Europe and APAC region. Market in the MEA is still untapped; thus, companies have substantial growth opportunities in this region. High price of products and availability of advanced technology is an issue in certain regions. Dearth of ophthalmologists and lack of associations capable of understanding the needs of the ophthalmologists are among the major factors restraining growth of the ophthalmic diagnostic equipment market currently.
Key market players covered in this report are TOPCON CORPORATION, Carl Zeiss Vision International GmbH, Ellex, Quantel Medical Inc, NIDEK CO., LTD, HAAG-STREIT GROUP, Halma plc, Coburn Technologies Inc. and Kowa Company Ltd. Major players in the ophthalmic diagnostic equipment market are focusing on enhancing their global and regional presence through strategic acquisitions and mergers, and operational expansion.