USD 2.41 billion
Report ID:
SQMIG35A2725 |
Region:
Global |
Published Date: February, 2024
Pages:
157
|Tables:
64
|Figures:
77
Ophthalmic Diagnostic Devices Market size was valued at USD 2.56 billion in 2022 and is poised to grow from USD 2.71 billion in 2023 to USD 4.40 billion by 2031, at a CAGR of 6.2% during the forecast period (2024-2031)
There has been an advance in knowledge of ocular illnesses and diseases. This is mostly attributable to the rise in the use of online tools and resources that inform the general public about various kinds of ocular problems and methods of diagnosis.
Active activities by ocular health-focused governmental and non-governmental organizations would additionally favorably affect market expansion over the course of the projection year. Currently, both big-name companies and small businesses provide a variety of ophthalmic devices for diagnostic use.
The market for ophthalmic diagnostic devices is anticipated to grow significantly over the next few years as a result of the increasing adoption of advanced diagnostic tools in developed nations like the U.S., Japan, Germany, and France.
Ocular diseases, particularly cataracts and glaucoma, are becoming more common on a global scale. Around 20 million people worldwide are estimated to have cataract-related blindness, according to estimates from the World Health Organization (WHO).
Key companies are projected to continuously innovate by creating cutting-edge diagnostic tools for the diagnosis of ocular disorders. The demand for ocular diagnostic devices is also anticipated to expand in emerging nations during the forecast period as a result of changing healthcare infrastructure and a rise in the availability of ophthalmology gadgets.
Global Market Size
USD 2.41 billion
Largest Segment
Hospitals
Fastest Growth
Hospitals
Growth Rate
6.2% CAGR
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The global ophthalmic diagnostic devices market is segmented on the product Type, end user and region. By type, the market is segmented into optical coherence tomography, aberrometer & topography systems, fundus camera, ophthalmic ultrasound. By end user, the market is segmented into hospitals, ophthalmic clinics, and others. By region, the market is segmented into North America, Europe, Asia Pacific, Middle East and Africa, and Latin America.
Analysis by Product
The optical coherence tomography category, which accounted for the largest share of this market in 2022, is anticipated to expand at a strong CAGR throughout the forecast period. This market trend for ophthalmic diagnostic devices is attributable to elements like the product's quick technological development, improved eye disorder diagnosis effectiveness, and improved device type diagnosis precision. Growing awareness of cataract and glaucoma in the Asia-Pacific region is anticipated to present considerable prospects for the expansion of the optical coherence tomography sector.
During the projection period, the ophthalmic ultrasound segment is anticipated to grow at the greatest CAGR. This is attributable to the development of fresh, cutting-edge ophthalmic surgical tools on the market. Increased use of A-scan ocular ultrasonography devices to diagnose ocular conditions such periorbital trauma, vitreous hemorrhage, and lens opacification is anticipated to drive market expansion. Regionally, the ultrasound market is expanding due to Asian nations like China and India. Due to the rising prevalence of refractive errors and ocular disorders worldwide, it is anticipated that the fundus camera and aberrometer & topography systems segments would grow at a stable CAGR.
Analysis by End User
In terms of revenue and market share, the hospital sector dominated the ophthalmic diagnostic devices market in 2022. This is due to the fact that more people choose hospitals for their ophthalmic diagnoses than clinics or other facilities. Two of the key drivers driving the growth of the hospital segment are the rising prevalence of refractive defects and the rising frequency of cataract and glaucoma surgeries in hospitals. By the end of the forecast period, this trend is anticipated to be followed. Hospital demand for ophthalmic diagnostic instruments is projected to be fuelled by other key factors, including changing healthcare infrastructure in developing nations and an increase in high-tech medical facilities.
The ophthalmic clinics segment is the fastest growing end-user segment of the global ophthalmic diagnostic devices market. This is due to the increasing number of ophthalmic clinics worldwide and the rising awareness about eye care. The increasing demand for advanced ophthalmic diagnostic devices in ophthalmic clinics is also expected to drive the growth of this segment during the forecast period.
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It is expected that North America would hold the largest share of this market, with revenue of USD 907.2 million in 2022. The market for ophthalmic diagnostic devices in the area is anticipated to be driven by high adoption of cutting-edge ophthalmology diagnostic tools, growing awareness of ocular ailments, and rising prevalence of refractive error disorders. Approximately 35.1% of Americans under 50 are myopic, according to a Journal of Current Ophthalmology report. In the upcoming years, it is predicted that the market in this region will grow because of the increased frequency of cataract and myopia.
The market for ophthalmic diagnostic devices is anticipated to be fastest growing in Asia-Pacific. This is explained by the rising elderly population and the high rate of cataract operations in nations like Japan, China, and India. Ophthalmology diagnostic devices market growth in the region is being fueled by a number of important reasons, including increased accessibility of ophthalmic devices and rising awareness of ocular ailments. As an alternative, increased use of technologically advanced ophthalmic equipment is anticipated to drive up market revenue in European nations including the U.K., France, and Germany. A comparably lesser portion of the market was occupied by Latin America, the Middle East, and Africa. The ophthalmic diagnostic equipment market, however, is predicted to rise steadily in Latin America during the next few years.
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Drivers
Increasing Healthcare Expenditure
Restraints
Limited Awareness and Infrastructure
In some regions, particularly low- and middle-income countries, there may be limited awareness about eye health and the importance of regular eye examinations. Lack of awareness can lead to a delay in seeking eye care services and low demand for ophthalmic diagnostic devices. Additionally, inadequate healthcare infrastructure, including eye care facilities and equipment, can hamper the adoption and usage of these devices, further hindering market growth.
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The competitive landscape of the ophthalmic diagnostic devices market is characterized by the presence of several key players who offer a wide range of technologically advanced products. These companies strive to develop innovative devices that provide accurate and efficient diagnosis, enabling better patient care.
Top Player’s Company Profiles
Recent Developments
Integration of Big Data and Analytics
SkyQuest’s ABIRAW (Advanced Business Intelligence, Research & Analysis Wing) is our Business Information Services team that Collects, Collates, Correlates, and Analyzes the Data collected by means of Primary Exploratory Research backed by robust Secondary Desk research.
According to our analyses, the ophthalmic diagnostic devices market has experienced significant growth and advancement in recent years, driven by factors such as an aging population, increasing prevalence of eye diseases, and technological advancements. Ophthalmic diagnostic devices play a crucial role in the early detection, diagnosis, and monitoring of various eye conditions, including cataracts, glaucoma, macular degeneration, and diabetic retinopathy. The market encompasses a wide range of devices, including optical coherence tomography (OCT), fundus cameras, slit lamps, and tonometers, among others. These devices provide non-invasive and accurate imaging and measurement of the eye, enabling healthcare professionals to make informed decisions regarding patient care. Moreover, the integration of artificial intelligence and machine learning technologies into these devices has further enhanced their capabilities, enabled automated analysis and improved diagnostic accuracy.
Report Metric | Details |
---|---|
Market size value in 2022 | USD 2.56 billion |
Market size value in 2031 | USD 4.40 billion |
Growth Rate | 6.2% |
Base year | 2023 |
Forecast period | 2024-2031 |
Forecast Unit (Value) | USD Billion |
Segments covered |
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Regions covered | North America (US, Canada), Europe (Germany, France, United Kingdom, Italy, Spain, Rest of Europe), Asia Pacific (China, India, Japan, Rest of Asia-Pacific), Latin America (Brazil, Rest of Latin America), Middle East & Africa (South Africa, GCC Countries, Rest of MEA) |
Companies covered |
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Customization scope | Free report customization with purchase. Customization includes:-
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Executive Summary
Market overview
Parent Market Analysis
Market overview
Market size
KEY MARKET INSIGHTS
COVID IMPACT
MARKET DYNAMICS & OUTLOOK
Market Size by Region
KEY COMPANY PROFILES
For the Ophthalmic Diagnostic Devices Market, our research methodology involved a mixture of primary and secondary data sources. Key steps involved in the research process are listed below:
1. Information Procurement: This stage involved the procurement of Market data or related information via primary and secondary sources. The various secondary sources used included various company websites, annual reports, trade databases, and paid databases such as Hoover's, Bloomberg Business, Factiva, and Avention. Our team did 45 primary interactions Globally which included several stakeholders such as manufacturers, customers, key opinion leaders, etc. Overall, information procurement was one of the most extensive stages in our research process.
2. Information Analysis: This step involved triangulation of data through bottom-up and top-down approaches to estimate and validate the total size and future estimate of the Ophthalmic Diagnostic Devices Market.
3. Report Formulation: The final step entailed the placement of data points in appropriate Market spaces in an attempt to deduce viable conclusions.
4. Validation & Publishing: Validation is the most important step in the process. Validation & re-validation via an intricately designed process helped us finalize data points to be used for final calculations. The final Market estimates and forecasts were then aligned and sent to our panel of industry experts for validation of data. Once the validation was done the report was sent to our Quality Assurance team to ensure adherence to style guides, consistency & design.
Customization Options
With the given market data, our dedicated team of analysts can offer you the following customization options are available for the Ophthalmic Diagnostic Devices Market:
Product Analysis: Product matrix, which offers a detailed comparison of the product portfolio of companies.
Regional Analysis: Further analysis of the Ophthalmic Diagnostic Devices Market for additional countries.
Competitive Analysis: Detailed analysis and profiling of additional Market players & comparative analysis of competitive products.
Go to Market Strategy: Find the high-growth channels to invest your marketing efforts and increase your customer base.
Innovation Mapping: Identify racial solutions and innovation, connected to deep ecosystems of innovators, start-ups, academics, and strategic partners.
Category Intelligence: Customized intelligence that is relevant to their supply Markets will enable them to make smarter sourcing decisions and improve their category management.
Public Company Transcript Analysis: To improve the investment performance by generating new alpha and making better-informed decisions.
Social Media Listening: To analyze the conversations and trends happening not just around your brand, but around your industry as a whole, and use those insights to make better Marketing decisions.
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Report ID: SQMIG35A2725