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.
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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.
Key Takeaways:
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.
Market Trends
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.
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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.
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