Diagnostic Ophthalmic Devices Market - Forecast(2024 - 2030)

Report Code: HCR 0832 Report Format: PDF + Excel

Diagnostic Ophthalmic Devices Market Overview

Diagnostic Ophthalmic Devices Market size is forecasted to reach $3.9 billion in 2027 and is expected to grow at a CAGR of 5.8% during the forecast period 2022-2027. According to WHO the yearly global costs of productivity losses related to vision impairment from untreated myopia and presbyopia alone are estimated to be US$ 244 billion and US$ 25.4 billion, respectively, due to vision impairment. When imaging equipment including optical coherence tomography, aberrometer, topography system and ophthalmic ultrasound have been deployed to capture the picture or video of the eye in high detail, from the front to the back and from the external appearance to the internal appearance, increasing volumes of data can be used for ocular diagnostics. Many technologically advanced devices that were introduced in recent years have dramatically changed like how physicians diagnose and treat eye diseases such as glaucoma, macular degeneration and diabetic retinopathy. In the field of ophthalmology, technological advancements are coming at a breakneck pace, making it particularly challenging to determine when it is preferable to invest in a product or wait for a new version on the horizon. Near or far vision impairment affects at least 2.2 billion individuals worldwide. Vision impairment may have been avoided or managed in at least 1 billion or nearly half of these cases.

Diagnostic Ophthalmic Devices Market Report Coverage

The report: “Diagnostic Ophthalmic Devices Forecast (2022-2027)”, by Industry ARC, covers an in-depth analysis of the following segments of the Diagnostic Ophthalmic Devices Market.

By Product Type: Scan Biometers, Corneal Topography, Fundus Cameras, Ophthalmoscopes, Pachymeters, Perimeters, Refractors, Retinal imaging devices, Slit lamps, Optical coherence tomographs, tonometer and specular microscopes.
By End User: Hospitals, Ophthalmic Clinics and Others
By Geography: North America (U.S, Canada and Mexico), South America (Brazil, Argentina, Colombia, Chile and Rest of South America), Europe (U.K, Germany, Italy France, Spain, Russia and Rest of Europe), Asia Pacific (China, India, Japan, Australia & New Zealand, South Korea and Rest of Asia Pacific), Rest of the World (Middle East and Africa)

Key Takeaways

  • In terms of regional disparities, the prevalence of distant visual impairment is predicted to be four times higher in low- and middle-income countries than in high-income ones. In terms of near vision, it is believed that more than 80% of people in western, eastern and central Sub-Saharan Africa have uncorrected near vision impairment.
  • The reasons for vision impairment in children differ greatly between countries. A congenital cataract is a leading cause in low-income countries, although retinopathy of prematurity is more common in middle-income countries. Uncorrected refractive error is still the largest cause of vision impairment in children in all countries, just as it is in adults.
  • The ageing population is frequently linked to an increase in the prevalence of ocular ailments such as refractive errors, cataracts, glaucoma and macular degeneration, all of which will continue to have a significant impact on the global ophthalmic diagnostic equipment market. Furthermore, ocular problems linked to other widely prevalent diseases such as high blood pressure and diabetes are expected to boost the ophthalmic diagnostic equipment market.

 Diagnostic Ophthalmic Devices Market Share, By Geography (%) in 2021

Diagnostic Ophthalmic Devices Market

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Diagnostic Ophthalmic Devices Market by Product Type

The Global Diagnostic Ophthalmic Devices Market based on product type can be segmented into Scan Biometers, Corneal Topography, Fundus Cameras, Ophthalmoscopes, Pachymeters, Perimeters, Refractors, Retinal imaging devices, Slit lamps, Optical coherence tomographs (OCT), tonometer and specular microscopes. The OCT accounted for the largest share of the market in 2021 and is poised to grow at a CAGR of 4.9% during the forecast period 2022-2027. The invention of optical coherence tomography (OCT) has greatly enhanced the diagnostic efficacy and workflow of retinal illnesses. The availability of cross-sectional, high-resolution pictures is crucial for assessing numerous elements of the retina's structure, ranging from early subtle changes to late severe disruption. Age-related macular degeneration, diabetic retinopathy, vascular occlusions, inflammatory disorders and genetic diseases all benefit from the extensive clinical use of OCT. OCT imaging also provides for precise tracking of disease progression and therapeutic efficacy, such as with anti-vascular endothelial growth factor (VEGF) medication.

However, Ophthalmoscopes are forecasted to be the fastest-growing segment and are forecasted to witness the highest CAGR during the forecast period 2022-2027. This is owing to the multitude of applications for the recognition and diagnosis of endocarditis, disseminated candidemia and HIV. Ophthalmoscopes can also diagnose diabetes and hypertension and are further gaining ground due to the high prevalence of diabetes.

Diagnostic Ophthalmic Devices Market by Application

The Global Diagnostic Ophthalmic Devices Market based on Application can be segmented into Retinal Evaluation, Glaucoma detection, Surgical Evaluation, Refraction Assessment and others. The Retinal Evaluation accounted for the largest share of the market in 2021 and is poised to grow at a CAGR of 5.2% during the forecast period 2022-2027. This is owing to the rising instances of retinal problems globally, owing to lifestyle changes which cause prolonged stress to the Retina.

However, Glaucoma detection is expected to be the fastest-growing segment during the forecast period 2022-2027. This is owing to the rising worldwide prevalence of Glaucoma and related vision loss. A study by the Glaucoma Research Foundation reveals that over 20 million patients will suffer from Glaucoma within 2040. This has further cemented the necessity of Glaucoma tests.

Diagnostic Ophthalmic Devices Market by Geography

The Global Diagnostic Ophthalmic Devices Market based on Geography can be segmented into North America, South America, Europe, Asia-Pacific and Rest of the World. North American Diagnostic Ophthalmic Devices Market held the maximum share of 28% in 2021. Demographic shifts, the impact of the frequency of eye disease, technical breakthroughs in the field of ophthalmology and the expanding elderly population are some of the reasons driving the market's growth. Roughly 12 million persons aged 40 and up in the United States suffer from vision impairment, with about a million of them blind. Globally, the figures are comparable, with the World Health Organization reporting that over 2.2 billion individuals suffer from eyesight impairments. The rising prevalence of eye diseases is expected to drive market growth during the forecast period.

However, Asia Pacific is expected to be the fastest-growing segment during the forecast period 2022-2027. The aging population, rising frequency of ocular disorders like as cataracts and glaucoma, technical improvements in handheld devices for detecting glaucoma and macular degeneration and increased R&D efforts are all driving the Asia-Pacific ophthalmic diagnostic instruments market.

Diagnostic Ophthalmic Devices Market Drivers

Emerging Technologies are Driving Growth Opportunities in Ophthalmic Diagnostics

By boosting operational efficiency, technologies such as AI, IoT and telemedicine, as well as portable devices, contribute to the handling of the predicted overwhelming need for eye screening. A study by Startup Health reveals that Global funding on Health based technology surpassed $9 billion in 2020, an increase of almost 20% from 2019. Moreover, the prevalence of eye disorders is expected to climb in the next years as a result of an aging population, changing lifestyles and an increase in the frequency of chronic diseases. These factors will drive the demand for ophthalmic diagnosis and monitoring equipment. Launching new, dependable handheld devices with improved image quality and digital solution features to expand access to ophthalmology care in developing countries' remote regions.

The global ophthalmology diagnostics market is predicted to rise due to an increasing prevalence of ocular illnesses.

More than 800 million people worldwide have distance vision impairment (myopia and hypermetropia) or near vision impairment (presbyopia) that could be corrected with early diagnosis and with a suitable pair of spectacles. An estimated 100 million people have moderate-to-severe distance vision impairment or blindness that could be corrected with early diagnosis and cataract surgery. Diabetes, particularly Type 2, is becoming more common and if not detected and treated, it can have a negative impact on vision. Routine eye exams and proper diabetes management can help protect people's vision from this condition.

Diagnostic Ophthalmic Devices Market Challenges

Shortage of Experienced Ophthalmic Staff is Impeding Market Growth

The lack of experienced ophthalmic staff appears to be the bane of practices across the developing nations. The U.S. faces a projected shortage of between 37,800 and 124,000 physicians within 12 years, according to The Complexities of Physician Supply and Demand: Projections From 2019 to 2034, a report released by the Association of American Medical Colleges (AAMC). The pool of staff and experienced ophthalmic technicians are quite small, owing to a combination of low unemployment rates and a lack of awareness of the job. With the rapid spread of new types of ophthalmic diseases, there is an increased demand for more knowledgeable healthcare professionals.

Diagnostic Ophthalmic Devices Industry Outlook

Product launches, mergers and acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Diagnostic Ophthalmic Devices Market. In 2021, the Diagnostic Ophthalmic Devices share is fragmented by the top ten players present in the market. The Diagnostic Ophthalmic Devices, top 10 companies are:

  1. Alcon Inc.
  2. Lumenis Ltd
  3. Ametek inc
  4. Zeiss International
  5. Nidek Co LTD
  6. Essilor
  7. Metall Zug Group
  8. Lumibird Group
  9. Marco Ophthalmic Inc.
  10. Topcon Corporation

Recent Developments

  • In February 2022, Reichert Technologies a business unit of AMETEK Inc. and a global leader in designing, engineering and manufacturing high-quality diagnostic instruments and equipment for ophthalmologists, optometrists and eye care professionals has announced the launch of the Tono-Vera Vet Tonometer with ActiView Positioning System
  • In November 2020, NIDEK CO., LTD., a global leader in the design, manufacture and distribution of ophthalmic, optometric and lens edging equipment, has announced the launch of the Mirante SLO model, an addition to the Mirante portfolio of diagnostic multimodal imaging devices.
  • In October 2020, Tomey launched a new product. The Tomey TOP-1000 Non-Contact Tonometer is their latest product release and combines soft air-puff tonometry with central corneal thickness (CCT) for correct intraocular pressure (IOP)

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1. Diagnostic Ophthalmic Devices Market- Overview
    1.1 Definitions and Scope
2. Diagnostic Ophthalmic Devices Market- Executive Summary
3. Diagnostic Ophthalmic Devices Market – Landscape
    3.1 Company Benchmarking-Key Companies
    3.2 Market Share Analysis – Key Companies
    3.3 Patent Analysis – Key Companies
    3.4 Financial Analysis – Key Companies
    3.5 Pricing Analysis
4. Diagnostic Ophthalmic Devices Market- Startup Companies Scenario Premium
    4.1 Investment
    4.2 Revenue
    4.3 Venture Capital and Funding Scenario
5. Diagnostic Ophthalmic Devices Market– Industry Market Entry Scenario Premium Premium
    5.1 Regulatory Framework Overview
    5.2 New Business and Ease of Doing business index
    5.3 Case Studies of Successful Ventures
6. Diagnostic Ophthalmic Devices Market Forces
    6.1 Market Drivers
    6.2 Market Constraints & Challenges
    6.3 Porters five force model
        6.3.1 Bargaining power of suppliers
        6.3.2 Threat of substitutes
        6.3.3 Threat of new entrants
        6.3.4 Bargaining powers of Buyers
        6.3.5 Degree of Competition
7. Diagnostic Ophthalmic Devices Market– Strategic Analysis
    7.1 Value Chain Analysis
    7.2 Opportunities Analysis
    7.3 Market Life Cycle Analysis
8. Diagnostic Ophthalmic Devices Market – By Product Type (Market Size –$Million/$Billion)
    8.1 Scan Biometers
    8.2 Corneal Topography
    8.3 Fundus Cameras
    8.4 Ophthalmoscopes
    8.5 Pachymeters
    8.6 Perimeters
    8.7 Refractors
    8.8 Retinal imaging devices
    8.9 Slit lamps
    8.10 Optical coherence tomographs
    8.11 Tonometer
    8.12 Specular microscopes
9. Diagnostic Ophthalmic Devices Market- By Application (Market Size –$Million/$Billion)
    9.1 Retinal Evaluation
    9.2 Glaucoma detection
    9.3 Surgical Evaluation
    9.4 Refraction Assessment
    9.5 Others
10. Diagnostic Ophthalmic Devices Market- By End Users (Market Size –$Million/$Billion)
    10.1 Hospitals
    10.2 Ophthalmic Clinics
    10.3 Others
11. Diagnostic Ophthalmic Devices Market- By Geography (Market Size –$Million/$Billion)
    11.1 North America
        11.1.1 U.S.
        11.1.2 Canada
        11.1.3 Mexico
    11.2 South America
        11.2.1 Brazil
        11.2.2 Argentina
        11.2.3 Colombia
        11.2.4 Chile
        11.2.5 Rest of South America
    11.3 Europe.
        11.3.1 Germany
        11.3.2 France
        11.3.3 U.K
        11.3.4 Italy
        11.3.5 Spain
        11.3.6 Russia
        11.3.7 Rest of Europe
    11.4 Asia Pacific
        11.4.1 China
        11.4.2 Japan
        11.4.3 South Korea
        11.4.4 India
        11.4.5 Australia & New Zealand
        11.4.6 Rest of APAC
    11.5 Rest of the World
        11.5.1 Africa
        11.5.2 Middle East
12. Diagnostic Ophthalmic Devices Market- Entropy
13. Diagnostic Ophthalmic Devices Market– Industry/Segment Competition Landscape Premium 
    13.1 Market Share Analysis
        13.1.1 Global Market Share – Key Companies
        13.1.2 Market Share by Region – Key companies
        13.1.3 Market Share by Countries – Key Companies
    13.2 Competition Matrix
    13.3 Best Practices for Companies
14. Diagnostic Ophthalmic Devices Market– Key Company List by Country Premium Premium
15. Diagnostic Ophthalmic Devices Market Company Analysis
    15.1 Company 1
    15.2 Company 2
    15.3 Company 3
    15.4 Company 4
    15.5 Company 5
    15.6 Company 6
    15.7 Company 7
    15.8 Company 8
    15.9 Company 9
    15.10 Company 10
"*Financials for private companies would be provided on a best efforts basis*”.