An Incisive, In-depth Analysis on the Ophthalmic Diagnostic Equipment Market
This study offers a comprehensive, 360 degree analysis on the Ophthalmic Diagnostic Equipment market, bringing to fore insights that can help stakeholders identify the opportunities as well as challenges. It tracks the global Ophthalmic Diagnostic Equipment market across key regions, and offers in-depth commentary and accurate quantitative insights. The study also includes incisive competitive landscape analysis, and provides key recommendations to market players on winning imperatives and successful strategies.
Ophthalmic devices are medical devices used to identify ocular defects or deficiencies and treat eye disorders. As a result of the constant advancements in ophthalmic technology for effective treatment of eye diseases and restoration of vision, increasing number of people are opting for ophthalmic surgeries for rectifying eye-related disorders. As per the World Health Organization (WHO) 2010 estimates, there were 285 Mn visually impaired people across the globe in 2010, which included 39 Mn blind people, of whom around 80% were above the age of 50 years. Ophthalmology is the branch of medical science that deals with the anatomy, physiology and disease of the eye. There are various diagnostic equipment that are used to diagnose a wide range of ophthalmic conditions and provide vision solution. These equipment are simple to use for healthcare professionals.
Market Value and Forecast
The global ophthalmic devices market was valued at US$ 10,400 Mn in 2014. In 2014, the ophthalmic diagnostic equipment segment was valued at US$ 2,080 Mn, accounting for 20% of the global ophthalmic devices market. Revenue contribution by the ophthalmic diagnostic equipment segment to the global ophthalmic devices market is expected to increase to US$ 3,656.0 Mn by the end of 2025, expanding at a CAGR of 5.4% in terms of value during 2015–2025. Increasing prevalence of eye-related disorders, such as refractive errors, glaucoma and diabetic retinopathy, is expected to positively affect growth of the ophthalmic diagnostic equipment market across the globe in the coming years.
Currently, the ophthalmic diagnostic equipment market is driven by various factors, including aging population, technological advancements in the healthcare industry around the globe, rising incidences and prevalence of eye conditions and diseases, higher adoption of retinal implants, technological advancements in handheld devices for detecting glaucoma and macular degeneration, speedy market approvals of these devices, higher awareness about the same through education and increasing research and development activities. However, rising healthcare cost containment pressure and tax reforms, coupled with increased regulatory compliance norms, are major factors that are hampering the market growth currently.
Market Segmentation by Product
Based on the product type, the market has been segmented into nine segments, namely ophthalmoscope, slit lamps, fundus camera, perimeter, retinal ultrasound imaging system, tonometer, refractor, optical coherence tomography and corneal topography system.
Market Segmentation by Regions
The global ophthalmic diagnostic equipment market has been segmented into seven major regions namely North America, Latin America, Eastern Europe, Western Europe, Asia Pacific Excluding Japan (APEJ), Japan and the Middle East & Africa. In terms of value, North America is estimated to dominate the market with 31.0% share of the overall ophthalmic diagnostic equipment market by 2015 end. Latin America and APEJ are estimated to be the fastest growing markets among the emerging regions, while market in Western Europe is expected to expand at a healthy CAGR during the forecast period.
Key market players covered in this report are TOPCON CORPORATION, Carl Zeiss Vision International GmbH, Ellex, Quantel Medical Inc, NIDEK CO., LTD, HAAG-STREIT GROUP, Halma plc, Coburn Technologies Inc. and Kowa Company Ltd. Major players in the ophthalmic diagnostic equipment market focus on enhancing their global and regional presence through strategic acquisitions and mergers, and operational expansion.
In order to treat several eye related disorders, increasing number of population are opting for ophthalmic surgeries. Technology advancements in healthcare sector has revolutionized traditional way of treating disorders. Future Market Insights (FMI) published a 10-year forecast of global ophthalmic diagnostic equipment market for the period 2015-2025 which has crossed a value of US$ 10 Mn in 2014. The prime objective of the report is to offer key insights and new developments fuelling the growth of global ophthalmic diagnostic equipment market.
In the beginning of the FMI report, an overview of the global ophthalmic diagnostic equipment market is provided. For a comprehensive understanding, the report analyses key drivers, restraints, and trends to identify potential growth opportunities of the global ophthalmic diagnostic equipment market. The report includes impact analysis on drivers and trends influencing the ophthalmic diagnostic market which equips the clients with better decision-making insights. Furthermore, it offers market value and detailed taxonomy for the forecast period. The dynamic analysis of the global ophthalmic diagnostic equipment also include market trends and historic as well as current price estimation of the market.
In the following section of the report, segmentation of the global ophthalmic diagnostic equipment market for an extensive understanding. It also covers the market performance in terms of revenue split and key insights into multiple segments, sub-segments, and categories of the market. Major segments of the global ophthalmic diagnostic equipment market demonstrated in the report are product type and region.
On the basis of product type, global ophthalmic diagnostic equipment market is further divided into:
- Fundus Cameras
- Retinal Ultrasound Imaging Systems
- Slit Lamps
- Optical Coherence Tomography (OCT)
- Corneal Topography Systems
To understand relative contribution of individual segment to the growth of global ophthalmic equipment market, the segments are studied in terms of basis point share (BPS). Additionally, the report includes market value share, year-on-year (Y-o-Y) growth rate, trends, and attractiveness analysis of each product type.
In the next section, regional analysis of the global ophthalmic diagnostic equipment is provided. Apart from share value analysis, the report includes analysis of product type in each main region and their respective countries. Furthermore, it mentions the impact analysis on drivers and trends influencing the regional growth of ophthalmic diagnostic equipment market and also highlights the absolute dollar opportunity. Regional segmentation of the global ophthalmic diagnostic equipment market includes:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific Excluding Japan (APEJ)
- Middle East & Africa
All the above section of the market intelligence on global ophthalmic diagnostic equipment market evaluate the current scenario and growth prospects during the forecast period. Overall market size, top products, and top industry players, are estimated through an in-depth secondary research. It is followed by a primary research on the market segmentation, growth projection, and present and future potential of the global ophthalmic diagnostic equipment market.
Revenue generation of the sales of different ophthalmic diagnostic equipment has been considered to calculate the market size. To offer an accurate forecast, historical trend of the global ophthalmic diagnostic equipment market is examined and the total market revenue is assessed by sizing the current market. It is important to note that the 10-year forecast of the global ophthalmic diagnostic equipment market for the period 2015-2025 is not only conducted in terms of CAGR but also explored its key parameters such as y-o-y growth rate to predict the reliable opportunities. Furthermore, market value forecast and share & attractiveness index is developed to understand the key growth segments. Moreover, these factors aid in the accurate prediction of current and future market value potential of global ophthalmic diagnostic equipment market.