Ophthalmic diagnostic equipmentare used for treatment of eye diseases and include fundus cameras, opticalcoherence tomography scanners, ophthalmic ultrasound imaging systems,tonometers, slit lamps, and corneal topographers. Other devices include refractivedevices, vitreoretinal surgery devices, and cataract and glaucoma devices.
The global OphthalmicDiagnostic Equipment Market is estimated to account for US$ 4,064.5 Mn interms of value by the end of 2027.
Global Ophthalmic DiagnosticEquipment Market: Drivers
Increasing incidence ofrefractive errors, cataract, diabetic retinopathy, and age-related maculardegeneration is expected to propel growth of the global ophthalmic diagnosticequipment market over the forecast period. For instance, according to thestudy, ‘The national and subnational prevalence of cataract and cataractblindness in China: a systematic review and meta-analysis’, published in theJournal of Global Health in June 2018, the prevalence of any cataract rangedfrom 6.71% in people aged 45-49 years to 73.01% in elderly aged 85-89 years inmales.
Global Ophthalmic Diagnostic EquipmentMarket: Opportunities
Increasing initiatives of variousorganizations to raise funding for R&D in eye care is expected to offerlucrative growth opportunities for market players. For instance, in December2019, Orbis International announced the launch of its Silicon Valley OrbisInnovation Fund to raise US$ 8 million for R&D in quality eye care andophthalmological training.
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Global Ophthalmic DiagnosticEquipment Market: Restraints
High cost of swept-source opticalcoherence tomography (OCT) is expected to hinder growth of the global ophthalmicdiagnostic equipment market.
Key Takeaways:
The Optical Coherence Tomography(OCT) segment in the global ophthalmic diagnostic equipment market was valuedat US$ 677.8 Mn in 2018 and is expected to reach US$ 1,138.0 Mn by 2027 at aCAGR of 6.3% during the forecast period. The growth of the segment isattributed to increasing technological advancement for development of newproduct.
The hospitals segment helddominant position in the global ophthalmic diagnostic equipment market in 2018,accounting for 43.2% share in terms of volume, followed by clinicsrespectively. The growth of the segment is attribute to increasing patientpopulation during the forecast period.
Market Trends
The global ophthalmic diagnosticequipment market is witnessing increasing M&A activities. For instance, inOctober 2019, SP Industries, Inc., a Harbour Group company, acquired Irta DosificacioI Technologia S.L. i-Dositecno – a provider of complete sterile filling linesfor pharmaceutical, cosmetic, and ophthalmic applications.
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Key players in the market arefocused on offering free cloud storage for OCT devices. For instance, inDecember 2018, Topcon Medical Systems began offering 20GB of free storage onthe new Topcon Cloud platform for its OCT product line.
Global Ophthalmic DiagnosticEquipment Market: Competitive Landscape
Major players operating in theglobal 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., andKowa Company Ltd.
Global Ophthalmic Diagnostic EquipmentMarket: Key Developments
Key players in the market arefocused on gaining product approval to expand their product portfolio. Forinstance, in October 2019, Avellino Labs’ AvaGen Genetic diagnostic test forkeratoconus and corneal dystrophies received CLIA certification.
Key players in the market arefocused 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 devicesmanufacturer and distributor, for development and FDA approval of a newcombination product for the treatment of keratoconus.
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