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 Diagnostic Equipment Market Outlook & Key Findings
- Ophthalmic diagnostic equipment market likely to grow at over 5.0% in 2020
- Increasing eye-related ailments will continue to fuel demand for reliable and accurate diagnostics
- Technological advancements in ophthalmic diagnostic equipment to be a key booster
- COVID-19 a blip, but long-term prospects remain bullish
Ophthalmic Diagnostic Equipment Market Witnessing Foray of Technologically Advanced Products
According to the WHO, close to 2.2 Bn people across the globe have vision impairment. It further states that out of these, there are at least 1 Bn people whose impairment could be either prevented or cured.
With technological advancements in ophthalmology, the ophthalmic diagnostic equipment market is expected to make greater strides during the forecast period.
OCT (Optical Coherence Tomography) has come a long way from being only time domain-based to Frequency Domain (FD-OCT), Spectral Domain (SDOCT), and Fourier Domain (FDOCT).
Besides, it’s a known fact that misaligning IOL could result in residual refractive error post toric-lens implantation. As such, the novel anterior segment OCT software has been developed to analyze toric IOL alignment post surgery. The outcomes could be optimized as well as evaluated later.
Of late, the market has also been witnessing the formation of OCT angiography devices that, as the name suggests, serve dual purpose – ocular scan as well and the ones pertaining to heart.
Players like Leica Microsystems, IBM, and Optovue are into development of these equipment, though efforts are being taken in the direction of enhancing resolution, accuracy, scanning speed, and facilitating multimodal imaging. The above-mentioned amalgamation is likely to benefit those suffering from eye troubles and cardiovascular ailments alike.
Plus, equipment like the 300 Series Perimeter is designed such that they facilitate auto eye tracking, low vision testing, and are also embedded with EyeSuite Pro Analysis Software.
Ophthalmic Diagnostic Equipment Market Trends
The ophthalmic diseases prevalent as of now include retinitis pigmentosa, diabetic retinopathy, keratoconus, cataracts, uveitis, AMD, and conjunctivitis. This prevalence calls for POC testing. It helps in precise diagnosis and early detection with respect to ophthalmic diseases. POC testing is bound to upscale the market in the forecast period, as this will increase the demand for ophthalmic diagnostic equipment.
Moreover, manufacturers of ophthalmic diagnostic equipment are emphasizing on software enhancements, and better connectivity. Adaptive optics is another technique tried out by OCT manufacturers. They are reported to enhance ophthalmoscopes’ transverse resolution for fostering in-vivo imaging of retina, that too, at microscopic level.
Recently, Topcon Healthcare announced launching its novel MYAH management tool in Europe. It is meant for ophthalmologists interested in building, growing, and managing dry eye services and myopia within their research institutions or practice. On the similar grounds, Alcon, Inc. has tabled cataract equipment LENSX LASER SYSTEM to simplify cataract surgery.
Rebound after Covid-19
The outbreak of Covid-19 has led to disruption of ophthalmic diagnostic equipment market supply chain. Several manufacturers have decreased their production to be on the safer side (as 100% manpower can’t be applied).
This scenario is likely to continue for around 2 more quarters. However, as unlocking is on its way, the market is likely to rebound as people will also step out for ocular treatments.
Ophthalmic Diagnostic Equipment Market: Region-wise Analysis
North America held the largest share of ophthalmic diagnostic equipment market in 2019, and the status quo is likely to remain unchanged in the forecast period as well. This could be attributed to growing presence of ophthalmic diagnostic equipment manufacturers all across the US coupled with increase in the number of people aged 60 and above (with age comes need of advanced ophthalmic care).
Europe comes second. This could be due to it going “digital” with ophthalmic diagnosis. For instance – In Feb 2018, the Welsh government, as a part of its “A Healthier Wales” vision, committed introduction of an ophthalmic digital system for referring people for quick treatment. This system started functioning since Apr 2019. Also, the reimbursement scenario in Europe is feasible to eye care.
Asia Pacific is expected to grow at the highest rate in the forecast period, especially due to enhancement in medical infrastructure in economies like India and China. For instance – China-based OO Eyetech ophthalmic diagnostic system used AI for diagnosing early stage myopia. Dr. Agarwal’s Eye Hospital in India launched its 10th ophthalmic diagnostic centre in Bengaluru in Nov 2019.
Leading Players in Ophthalmic Diagnostic Equipment Market
The ophthalmic diagnostic equipment market is highly concentrated. The major players like Nikon Corp., IRIDEX Corp., Danaher Corp., Topcon Corp, and Optovue Inc. hold more than 40% of market share due to technological advancements and market expansion strategies.
For instance – IRIDEX’s MicroPulse P3 Device facilitates non-incisional and versatile glaucoma treatment with transscleral laser therapy. As of now, market expansion has been made conducive with treating 120K patients in 60 countries.
As far as technological advancements are concerned, Nikon Corp. has come up with new Fundus camera that supports eye diagnosis via acquiring retina images with high definition and wide field. The retina images help in realizing discovery of chronic diseases like diabetes at an early stage.
The other players in the ophthalmic diagnostic equipment market include:
- Essilor Int’l
- Bausch and Lomb Inc.
- Carl Zeiss AG
- Topcon Corp.
*The list is not exhaustive, and only for representational purposes. Full competitive intelligence with SWOT analysis available in the report
Ophthalmic Diagnostic Equipment: The Way Forward
The long-term outlook regarding the ophthalmic diagnostic equipment market remains promising, with FMI estimating it too grow at over 5% Y-o-Y.
Though Covid-19 has compelled the market to take a back seat for the time being, technological advancements across the entire ophthalmology are expected to hold the flag high for ophthalmic diagnostic equipment market in the forecast period.
The manufacturers of ophthalmic diagnostic equipment need to emphasize on expanding their reach beyond their specific geographies, so that numerous solutions could be explored by the patients all across.
A recent market study published by Future Market Insights (FMI) on the ophthalmic diagnostic equipment market offers global industry analysis for 2015-2019 & opportunity assessment for 2020-2030. The report consists of a comprehensive assessment of the most important market dynamics. On conducting thorough research on the historical as well as current growth parameters of the market, growth prospects of the market are obtained with utmost precision.
The report features unique and salient factors that may make a huge impact on the development of the ophthalmic diagnostic equipment market during the forecast period. It can help market players modify their manufacturing and marketing strategies to envisage maximum growth in the market in the upcoming period. The report provides detailed information about the current and future growth prospects of the ophthalmic diagnostic equipment market in the most comprehensive way for better understanding of readers.
FMI’s study on the ophthalmic diagnostic equipment market offers information divided into four important segments— product type, End User, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Chapter 1 – Executive Summary
The report commences with the executive summary of the ophthalmic diagnostic equipment market report, which includes the snapshot of key findings and statistics. It also includes the market value (US$ million) estimates of the leading segments of the market as well as the key trends impacting the market.
Chapter 2 – Market Overview
Readers can find detailed taxonomy and product definition of the ophthalmic diagnostic equipment market in this chapter, which will help readers understand about the basics of ophthalmic diagnostic equipment.
Chapter 3 – Key Market Trends
This section highlights the key trends impacting the market, which will help readers understand the current trends and their impact on market growth.
Chapter 04 – Global Ophthalmic Diagnostic Equipment Volume Analysis 2015-2019 & Opportunity Assessment 2020-2030
This section explains the global market volume analysis and forecast for the ophthalmic diagnostic equipment during the forecast period. It includes a detailed analysis of the historical ophthalmic diagnostic equipment market.
Chapter 05 – Global Ophthalmic Diagnostic Equipment Market Value (US$) Analysis 2015-2019 and Forecast 2020-2030
This section explains the global market value analysis and forecast for the ophthalmic diagnostic equipment market during the forecast period along with the historical market and opportunity analysis of the future. Readers can also find the absolute $ opportunity for the current year (2020), and an incremental $ opportunity for the forecast period (2020–2030).
Chapter 06 – Market Background
This chapter explains the key macroeconomic factors that are expected to influence the growth of the market during the forecast period. It also highlights the major forecast factors that will shape market growth. This section also gives the value chain analysis of the market. Besides, it provides key dynamics of the market, which include the drivers, restraints, and opportunities.
This chapter is expected to enable readers understand the factors that are propelling the growth of the ophthalmic diagnostic equipment market, as well as those likely to hamper the growth of the market. The opportunity analysis for the ophthalmic diagnostic equipment will help readers understand the market opportunities, based on which they can plan their strategies.
In addition this section also provides the current and expected impact of Covid-19 on the market.
Chapter 07 – Global Ophthalmic Diagnostic Equipment Market Analysis (2015-2019) & Opportunity Assessment (2020-2030), By Product Type
Based on product type, the market is segmented into Fundus Cameras, Retinal Ultrasound Imaging Systems, Refractors, Slit Lamps, Perimeters, Ophthalmoscopes, Tonometer, Optical Coherence Tomography (OCT), and Corneal Topography Systems.
Chapter 08 – Global Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment, 2020-2030, By End User
Based on End User, the market spans Hospitals, Clinics and Ambulatory Surgical Centers. In this chapter, readers can find information on market attractive analysis based on End User.
Chapter 09 – Global Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment 2020-2030, By Region
This chapter explains how the market will grow across various regions such as North America, Latin America, Europe, East Asia, South Asia, Oceania, and the Middle East & Africa (MEA).
Chapter 10 – North America Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter includes a detailed analysis of the growth of North America’s ophthalmic diagnostic equipment market along with the country-wise assessment including the U.S. and Canada.
Chapter 11 – Latin America Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter includes the growth prospects of the market in leading countries such as Brazil, Mexico, and the rest of Latin America. Readers can find thorough information about the growth parameters of Latin America’s ophthalmic diagnostic equipment market during 2020-2030.
Chapter 12 –Europe Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
Important growth prospects of the market based on product type, End User, and country in several European countries such as the U.K., Germany, France, Italy, Spain, Russia, BENELUX, and Rest of Europe are included in this chapter.
Chapter 13 – East Asia Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 and Forecast 2020-2030
Detailed information about factors such as incremental opportunity, Y-O-Y growth, and regional trends that are impacting the growth of the East Asia’s ophthalmic diagnostic equipment market are included in this chapter. It also includes the growth prospects of the market in leading East Asian countries such as China, Japan, and South Korea.
Chapter 14– South Asia Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 and Forecast 2020-2030
India, Indonesia, Malaysia, Thailand, and the rest of South Asia are the leading regions in South Asia that are the prime subjects of assessment to obtain the growth prospects of the ophthalmic diagnostic equipment market. In this chapter, readers can find thorough information about the growth parameters of the South Asia’s ophthalmic diagnostic equipment market between 2020 and 2030.
Chapter 15 – Oceania Ophthalmic Diagnostic Equipment Market Analysis 2014–2018 and Forecast 2020–2030
This chapter consists of important parameters that have a huge impact on the growth of the market in Oceania, based on market segmentation, during the forecast period. The chapter also provides an overview of the drivers, restraints, and trends in the Oceania’s ophthalmic diagnostic equipment market.
Chapter 16 – MEA Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter provides information on how the market will grow in the major countries in MEA region, such as GCC Countries, South Africa, Northern Africa, Turkey and Rest of MEA during 2020-2030.
Chapter 17 – Emerging & Key Countries Ophthalmic Diagnostic Equipment Market Analysis 2015-2019 & Opportunity Assessment 2020-2030
This chapter provides information on how the market will grow in the major countries across the world during 2020-2030.
Chapter 18 – Market Structure Analysis
This chapter covers the market analysis of competitors based on revenue tiers, single point view of portfolio across industry segments, and their relative market position.
Chapter 19 – Competition Analysis
In this chapter, readers can find a comprehensive list of all the leading stakeholders in the market, along with detailed information about each company, including company overview, revenue shares, strategic overview, and recent company developments. Players featured in the ophthalmic diagnostic equipment market report include Topcon Corporation, ZEISS International, and Ellex among others.
Chapter 20 – Assumptions and Acronyms Used
This chapter includes a list of acronyms and assumptions that provide a base to the information and statistics included in the report.
Chapter 21 – Research Methodology
This chapter helps readers understand the research methodology followed to obtain various conclusions, important qualitative information, and quantitative information about the market.
Sources and Primary Research Splits (%)