PUBLISHER: The Business Research Company | PRODUCT CODE: 1387697
PUBLISHER: The Business Research Company | PRODUCT CODE: 1387697
“Diagnostic And Monitoring Ophthalmic Devices And Equipment Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on diagnostic and monitoring ophthalmic devices and equipment market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for diagnostic and monitoring ophthalmic devices and equipment? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The diagnostic and monitoring ophthalmic devices and equipment market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
The impact of sanctions, supply chain disruptions, and altered demand for goods and services due to the Russian Ukraine war, impacting various macro-economic factors and parameters in the Eastern European region and its subsequent effect on global markets.
The impact of higher inflation in many countries and the resulting spike in interest rates.
The continued but declining impact of COVID-19 on supply chains and consumption patterns.
Diagnostic and monitoring ophthalmic devices and equipment play a crucial role in the diagnosis and ongoing observation of retinal and corneal conditions, aiding in measuring refraction errors, identifying intraocular lenses (IOLs), and assessing the visual field.
Key product types in this segment include a range of equipment such as optical coherence tomographers, ophthalmic ultrasound imaging systems, fundus cameras, ophthalmoscopes, keratometers, specular microscopes, tonometers, slit lamps, retinoscopes, and others (including dioptometers, optotype projectors, perimeters, biometers, pachymeters, autorefractors/phoropters, corneal topographers, wavefront aberrometers). Fundus cameras are instrumental in rear-eye imaging for diagnostic and monitoring purposes, contributing significantly to applications like retinal evaluation, glaucoma detection and monitoring, surgical evaluations, general examinations, intraoperative devices, and refraction equipment. These ophthalmic devices are utilized across various settings, including hospitals, clinics, diagnostic laboratories, and research centers.
The diagnostic and monitoring ophthalmic devices and equipment market research report is one of a series of new reports from The Business Research Company that provides diagnostic and monitoring ophthalmic devices and equipment market statistics, including diagnostic and monitoring ophthalmic devices and equipment industry global market size, regional shares, competitors with a diagnostic and monitoring ophthalmic devices and equipment market share, detailed diagnostic and monitoring ophthalmic devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the diagnostic and monitoring ophthalmic devices and equipment industry. This diagnostic and monitoring ophthalmic devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The diagnostic and monitoring ophthalmic devices and equipment market size has grown rapidly in recent years. It will grow from $2.85 billion in 2023 to $3.18 billion in 2024 at a compound annual growth rate (CAGR) of 11.4%. Historical growth in the field can be credited to several factors, including an aging population, advancements in ophthalmic imaging technologies, increased occurrence of eye diseases, and the rising diabetes epidemic.
The diagnostic and monitoring ophthalmic devices and equipment market size is expected to see rapid growth in the next few years. It will grow to $4.68 billion in 2028 at a compound annual growth rate (CAGR) of 10.2%. Anticipated growth in the upcoming period is expected to stem from various factors such as the expansion of emerging markets, advancements in telemedicine and teleophthalmology, the adoption of value-based healthcare models, supportive regulations, and improved reimbursement schemes. Key trends in the forecast period encompass the integration of artificial intelligence (AI), the development of portable and handheld devices, home monitoring solutions, and the utilization of 3D and wide-field imaging technologies.
The expected rise in diagnostic and monitoring equipment within the ophthalmic devices market is largely fueled by the growing prevalence of diabetes. Diabetes, a persistent health condition affecting insulin regulation and blood sugar levels, is driving the demand for ophthalmic devices equipped with smart contact lenses. These innovative tools facilitate continuous glucose monitoring and address diabetic retinopathy. Notably, these devices wirelessly track glucose levels and provide real-time data to users. For example, according to the National Center for Biotechnology Information, in 2021, over 1.2 million children and adolescents were diagnosed with type 1 diabetes. This upsurge in diabetes cases significantly contributes to the expansion of diagnostic and monitoring equipment in the ophthalmic devices market.
The escalating prevalence of eye diseases is anticipated to propel the demand for diagnostic and monitoring equipment within the ophthalmic devices industry. Surgeries related to various eye disorders such as cataracts, diabetic retinopathy, and glaucoma have led to an increased need for diagnostic and monitoring tools in this sector. For example, according to the World Health Organization's findings in October 2022, over 2.2 billion individuals worldwide suffer from either near or distance vision problems. Of these cases, roughly half, amounting to 1 billion, encompass preventable or untreated vision loss, including various conditions such as untreated presbyopia, distance vision impairment, and cataracts, which stand as a leading cause of blindness. Hence, the expanding occurrence of eye diseases is a significant driver behind the growth of the diagnostic and monitoring ophthalmic devices and equipment market.
The lack of awareness regarding eye diseases, particularly prevalent in developing and underdeveloped nations, is expected to impede the growth of the diagnostic and monitoring ophthalmic devices and equipment market. Insufficient awareness about eye disorders often results in fewer individuals seeking routine eye check-ups or diagnoses, thereby influencing the demand for diagnostic and monitoring ophthalmic equipment. An instance of this is illustrated in a study by the Vision Impact Institute, which indicated that 42% of drivers in India experience vision-related issues, contributing to 59% of road accidents. According to the World Health Organization (WHO), approximately 550 million individuals in the country require vision correction. To address this issue, companies should concentrate on raising awareness and providing vision care services to residents living in rural and semi-urban areas.
Major companies within the diagnostic and monitoring equipment segment of the ophthalmic devices market are focused on developing innovative solutions, such as the utilization of Smart contact lenses employing smart soft contact lens technology to enhance patient care. The use of smart soft contact lens technology is a recent advancement that allows for continuous monitoring of intraocular pressure (IOP) over a 24-hour period, particularly beneficial in glaucoma care. In January 2023, BVS Sight Inc., a US-based company, introduced Smart contact lenses using smart soft contact lens technology. These smart soft contact lenses are integrated with various existing commercial soft contact lens brands, preserving their essential properties, including lens power, biocompatibility, softness, transparency, wettability, oxygen transmissibility, and the ability for overnight wear.
Cutting-edge ophthalmic diagnostic and monitoring equipment, integrating artificial intelligence (AI) and machine learning (ML), represent the latest trends in advanced eye care medical devices. These technologies are designed to swiftly and accurately interpret patient eye conditions and recommend suitable treatments. For instance, Deepmind, a subsidiary of Alphabet Inc., has devised an AI-based system proficient in analyzing 3D retinal OCT scans. This system has demonstrated capabilities in detecting severe conditions such as glaucoma, retinopathy, macular degeneration, and around 50 different eye diseases at their early stages.
In November 2022, Alcon, a Swiss-based ophthalmology company, successfully finalized the acquisition of Aerie Pharmaceuticals for an undisclosed sum. This acquisition allows Alcon to expand its portfolio with commercial products like Rocklatan and Rhopressa, alongside a range of potential ophthalmic pharmaceutical products in the development pipeline. Aerie Pharmaceuticals, based in the United States, specializes in the field of ophthalmic pharmaceuticals.
Major companies operating in the diagnostic and monitoring ophthalmic devices and equipment market include Carl Zeiss Meditec, Alcon Inc., Bausch + Lomb, Haag-Streit, Topcon Corporation, Nidek Co. Ltd., Abbott Medical Optics, Johnson and Johnson Vision Care, Essilor International S.A, Ziemer Ophthalmic Systems AG, STAAR Surgical Company, Ellex, Quantel Medical Inc, Optovue, Canon Inc., Halma plc, Coburn Technologies Inc., Kowa Company Ltd., AMETEK Inc., AbbVie Inc., Hoya Corporation, Ridex Corporation, CIBA Vision Corporation, CooperVision, Gulden Ophthalmics, Glaukos Corporation, FCI Ophthalmics, Matronix India Corporation, HEINE Optotechnik, Visionix Ltd., Neo Vision, Clear Lab, Appasamy Associates, Ophtec BV, Lumenis, Intuvision Labs, Ocular Instruments, Ophthalmic Instruments Company, Keeler Ltd., Oculus, Reichert Technologies, Tomey Corporation, US Ophthalmic
North America was the largest region in the global diagnostic and monitoring ophthalmic devices and equipment market in 2023. Asia-Pacific was the second-largest region in diagnostic and monitoring ophthalmic devices and equipment market. The regions covered in the diagnostic and monitoring ophthalmic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The countries covered in the diagnostic and monitoring ophthalmic devices and equipment market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Italy, Spain, Canada.
The Diagnostic and monitoring ophthalmic devices and equipment market consist of sales of ultrasound imaging systems ophthalmoscopes, corneal topographers, specular microscopes, slit lamps, fundus cameras, anomaloscope, haploscope, ophthalmic lens gauge, stereopsis measuring Instrument, retinoscopes, stereoscope, and others that are used for diagnosis and monitoring of ophthalmic diseases. Values in this market are factory gate values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.