Ophthalmic Diagnostic Devices Market Size, Share & Industry Analysis, By Product Type (Optical Coherence Tomography, Aberrometer & Topography Systems, Fundus Camera, Ophthalmic Ultrasound, and Other Ophthalmic Devices), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2032

The global ophthalmic diagnostic devices market size stood at USD 2.42 billion in 2018 and is projected to reach USD 5.69 billion by 2032, exhibiting a CAGR of 6.3% during the forecast period.

In the current world-wide market scenario, there is an increase in the awareness regarding ocular disorders and diseases. This is predominantly attributed to the increase in the usage of online tools and resources that educate the general public regarding different types of ophthalmic disorders and ways of diagnosis. Active initiatives by the government and non-government organizations that focus on ocular health would also positively impact the market growth during the forecast period. There is currently, a wide range of ophthalmic devices available for diagnostic purposes offered by major and local players. These devices include slit lamps, optical coherence tomography, ophthalmic ultrasound, aberrometer, topography systems, fundus camera, perimeters, tonometer, and others. The high adoption of advanced diagnostic devices in developed countries such as the U.S., Japan, Germany, and France is estimated to drive the ophthalmic diagnostic devices market in the foreseen years. On a global scale, there is an increase in the prevalence of ocular disorders, specifically cataracts and glaucoma. According to the estimates by the World Health Organization (WHO), around 20 million individuals across the globe suffer from blindness due to cataracts.

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Moreover, constant innovations in developing advanced diagnostic equipment for diagnosis of ocular disorder by key players are anticipated to drive the market. Additionally, in the developing countries, evolving healthcare infrastructure and an increase in the availability of ophthalmology devices are projected to fuel the demand for ophthalmic diagnostic devices during the forecast period.

MARKET DRIVERS

“Rising Awareness and Prevalence of Eye Disorders to Augment Growth”

Globally, there is a rising awareness regarding different ocular diseases. Active government initiatives and programs to educate citizens regarding various ocular disorders is estimated to drive the market growth during the forecast period. For example, in 2017, the Ministry of Health division of the government of India planned to invest an estimated USD 105.8 million, focusing on liberating India from cataract by 2022. Additionally, in 2017, the National Eye Institute planned to conduct an ‘Eye Health Awareness Program’ to increase the awareness of ocular health specifically among African Americans in the U.S. Increasing online research tools and support groups that provide information regarding various kinds of eye disease is further estimated to bolster the market growth. In addition to this, the advancing healthcare infrastructure and incorporation of government initiatives are anticipated to surge the acceptance of ophthalmic diagnostic equipment during the forecast period.

“Increasing Technological Advancement in Ophthalmology Diagnostic Devices to Drive the Market”

Major players operating in the ophthalmic diagnostic devices industry are constantly attempting to develop and introduce novel diagnostic products to diagnose ocular diseases such as refractive errors, cataracts, macular degeneration, and glaucoma. There is also an increase in the demand for advanced ocular diagnostic technology owing to the rising awareness regarding eye disease among the younger generation. For instance, in December 2019, Topcon Medical Systems, Inc. launched the company’s latest SL-D4 LED Slit Lamp with LED illumination. The LED-illumination is expected to provide better visualization of the eye during diagnosis. Additionally, there are pipeline products under development by major players for improving the diagnosis of ophthalmic disease. These active innovations, product launches, and pipeline of products are estimated to augment the ophthalmic diagnostic devices market demand during the forecast period.

SEGMENTATION

By Product Type Analysis

 “Optical Coherence Tomography Segment to Capture the Highest Share in the Global Market”

In terms of product type, the market can be segmented into optical coherence tomography, aberrometer & topography systems, fundus camera, ophthalmic ultrasound, and other ophthalmic devices.

The optical coherence tomography segment held the major share in this market in 2018 and is projected to grow at a healthy CAGR during the forecast period. This ophthalmic diagnostic devices market trend is credited to factors such as rapid technological advancements in the product, increased efficiency in the diagnosis of ocular disorders, and higher precision of diagnosis of the device type. In the countries of Asia-Pacific, an ever-growing awareness of cataract and glaucoma is expected to offer significant opportunities for the growth of the optical coherence tomography segment.

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Additionally, the ophthalmic ultrasound segment is anticipated to witness the highest CAGR during the forecast period. This is credited to the introduction to new innovative ophthalmic surgical devices in the category. Higher adoption of A-scan ocular ultrasound devices for the diagnosis of ocular disorders such as periorbital trauma, vitreous hemorrhage, and lens opacification, is expected to surge the market growth. Regionally, Asian countries such as China and India are driving the ultrasound segment growth. The fundus camera and aberrometer & topography systems segments are estimated to experience a stable CAGR owing to the increasing number of refractive errors and ocular diseases globally.

By End-user Analysis

“Hospitals to Capture a Predominant Share in the Ophthalmology Diagnostic Equipment Market”

Among end-user, the market is grouped into hospital, ophthalmic clinics, and others.

The hospital segment generated the highest revenue and captured the largest ophthalmic diagnostic devices market share in 2018. This is owed to a higher number of patients opting for ophthalmic diagnosis in hospitals as compared to clinics and others. Rising prevalence of refractive errors and an increasing number of cataract and glaucoma surgeries in hospitals are two of the major factors surging the growth of hospitals segment. This trend is projected to be followed by the end of the forecast period. Other predominant aspects, such as evolving healthcare infrastructure in the developing countries and increasing number of advanced healthcare facilities, are likely to fuel the demand for ophthalmic diagnostic devices in hospitals.

REGIONAL ANALYSIS

North America generated a revenue of USD 907.2 million in 2018 and is anticipated to hold the highest share in this market. High adoption of advanced ophthalmology diagnostic instruments, rising awareness regarding ocular disorders, and increasing prevalence of refractive error disorders are estimated to drive the ophthalmic diagnostic devices market in the region. An article published in the Journal of Current Ophthalmology estimated that around 35.1% of individuals in the U.S. below 50 years have myopia. Additionally, the rising prevalence of cataract and myopia is estimated to augment the market in this region in the forthcoming years.

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On the other hand, as of 2018, Asia-Pacific is projected to grow at the highest rate in terms of ophthalmic diagnostic devices market sales. This is attributed to the increasing geriatric population and a high prevalence of cataract surgeries in countries such as Japan, China, and India. Increasing awareness regarding ocular disorders and rising accessibility of ophthalmic devices are some of the predominant factors augmenting the ophthalmology diagnostic devices market growth in the region. Alternatively, in the European countries such as the U.K., France, and Germany, increasing adoption of technologically advanced ophthalmic devices is projected to surge the market revenue. Latin America and the Middle East and Africa held a comparatively smaller share in the market. Conversely, Latin America is anticipated to exhibit steady growth in the ophthalmic diagnostic equipment market during the forecast period.

INDUSTRY KEY PLAYERS

“Top Players Introduce Innovative Products to Gain Competitive Edge”

Many predominant players are operating in the global market. The major ones include AMETEK, Inc., ZEISS International, and NIDEK CO., LTD. These companies are estimated to hold the major share in the market. Persistent technological innovations in the field of ophthalmic diagnostics is one of the major market strategies adopted by these players to capture more market share. Other companies, namely, Alcon and Johnson and Johnson Services, Inc. have actively entered into the strategy of mergers and acquisitions to maintain their position in the market.

List Of Key Companies Profiled:

• AMETEK, Inc.


• ZEISS International


• HAAG-STREIT GROUP


• NIDEK CO., LTD.


• Optovue, Incorporated


• TOPCON


• Essilor


• Alcon


• Other prominent players

KEY INDUSTRY DEVELOPMENTS:

• February 2021 - Reichert Technologies, a business unit of AMETEK Inc., announced the launch of the Tono-Vera Vet Tonometer with ActiView Positioning System in North America. It features the advanced, patent-pending ActiView Positioning System that displays a full-color view of the eye that guides the user to the apex of the cornea.


• November 2020 - NIDEK CO., LTD., an international leader in the design and distribution of ophthalmic and lens edging equipment, announced the launch of the Mirante SLO (Scanning Laser Ophthalmoscope) model, which is an add on to the Mirante portfolio of diagnostic multimodal imaging devices.


• August 2020 - Topcon Healthcare announced the launch of the Aladdin-M instrument for measuring and monitoring Axial Length Metrics. It merges corneal topography, pupillometry, and optical biometry to allow objective measurement of corneal curvature, pupil dynamics, and axial length metrics.

REPORT COVERAGE

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The ophthalmic diagnostic devices market report provides detailed information regarding various insights of the market. Some of them are growth drivers, restraints, competitive landscape, regional analysis, and challenges. It further offers an analytical depiction of the market trends and estimations to illustrate the forthcoming investment pockets. The market is quantitatively analyzed from 2019 to 2025 to provide the financial competency of the market. The information gathered in the report has been taken from several primary and secondary sources. The report can further help stakeholders to gain valuable insights into the ophthalmology diagnostic devices market. The report offers a detailed competitive landscape by presenting information on key players, along with their strategies in the market.

The report presents a comprehensive assessment of this market by offering valuable insights, facts, industry-related information, and historical data. These include key insights such as pipeline analysis, introduction of new products/approvals (by major players), key industry developments - mergers, acquisitions, and partnerships, technological advancements in ophthalmic surgery, among others.

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