Ophthalmic Diagnostic Equipment Market Analysis 2016 by Technology, Global Trends, Leading Companies, Future Growth Outlook, and Demand Forecast To 2023

Global Ophthalmic Diagnostic Equipment Market

Ophthalmic diagnosis is done for various eye diseases such as eyestrain, red eyes, night blindness, lazy eye, colorblindness among others. Eyes are a very complex organ of a human body and eye diseases can cause numerous vision problems. Such diseases should be taken very seriously and the best way to prevent any further vision problems is through regular professional eye examinations. Ophthalmic diagnosis and treatment include a range of equipment such as fundus camera, ophthalmoscope, refractors, corneal topography system, and others. Since the occurrence rate of eye-related problems is increasing across the globe due to unhealthy lifestyle and other causes, the demand for ophthalmic diagnostic equipment is expected to rise in upcoming years.

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Robust research and development are going on in healthcare technology to manufacture advanced and cost-effective diagnostic ophthalmic equipment. The technologically advanced ophthalmic diagnostic equipment further provides precise and accurate data to healthcare physicians. Further, rising trends to gain a competitive edge by different manufacturers of medical equipment to come up with various technologies to effectively aid the diagnostic procedures is likely to foster the growth of the global ophthalmic diagnostic equipment market in the near future.

Market Size and Forecast

Geographically, North America has accounted for the largest market share of 32.7% in 2016 in the revenue of the ophthalmic diagnostic equipment market. The market of the North America region is expected to continue its dominance over the forecast period owing to the rising demand for eminence diagnostics and the introduction of effective reimbursement policies across the region. Moreover, the adoption of advanced and high-end diagnostic equipment is rising in developing regions such as India, China, Japan, and others. With the increasing focus of people on healthcare, the Asia-Pacific ophthalmic diagnostic equipment market is expected to witness rapid growth throughout the forecast period. The Asia-Pacific market is expected to expand at a CAGR of 4.2% over the forecast period and estimated to contribute a market share of 22.1% in the global ophthalmic diagnostic equipment market.

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The market is majorly driven by technological advancement in diagnostic devices. The rise in the aging population across the globe along with the prevalence of eye disorders is expected to increase the number of patients in eye hospitals and eye clinics. The medical equipment technology is changing at a rapid pace on the back of rising investment in research and development for an advanced and accurate diagnosis. These factors are expected to bolster the demand for ophthalmic diagnostic equipment in the near future.

According to a recent study conducted by Research Nester, the global market of ophthalmic diagnostic equipment reached USD 1294.0 Million in 2016 and is expected to reach USD 1623.5 Million by the end of 2023, expanding at a CAGR of 3.4% over the period of 2017-2023. The advancement in ophthalmic diagnostic equipment and the growing healthcare sector globally is anticipated to boost the demand for ophthalmic diagnostic equipment in the future. Based on end-users, the global ophthalmic diagnostic equipment market is segmented into hospitals, clinics, diagnostic laboratories, and research centers. The hospital segment is expected to dominate the overall ophthalmic diagnostic equipment market during the forecast period.

Key Players

Essilor Instruments
Haag-Streit AG
Carl Zeiss AG
Johnson & Johnson Vision Care
Alcon
Bausch and Lomb Inc.
Canon Inc.
and other notable key players

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Key Answers Captured in Report?

  • Which geography would have better demand for products/services?
  • What are the strategies adopted by big players in the regional market?
  • Which country would see the steep rise in CAGR & year-on-year (Y-O-Y) growth?
  • What is the current & expected market size in the next five years?
  • What is the market feasibility for long term investment?
  • What opportunity the country would offer for existing and new players in the market?
  • What is the risk involved for suppliers in the geography?
  • What factors would drive the demand for the product/service in the near future?
  • What is the impact analysis of various factors in market growth?

Growth Drivers and Challenges:

The growth of the market is driven by the rising prevalence of eye diseases. The rising occurrence of eye diseases amongst the global population is a key factor that is likely to fuel the growth of the global ophthalmic diagnostic equipment market in the future. There is a high prevalence of age-related macular degeneration in the population age over 50. The Increasing number of elderly people who are living with visual impairment is a major factor that is expected to drive the growth of the ophthalmic diagnostic equipment market across all regions in the coming years. Furthermore, advancements such as user-friendly design, software enhancements, and better connectivity are some of the key trends being followed by the number of manufacturers of ophthalmic diagnostic equipment across the globe.

Introduction of advanced ophthalmic diagnostic equipment, reduction of human error, rising awareness towards diagnosis and increasing health expenditure are some of the elements which are expected to bolster the market growth of ophthalmic diagnostic equipment over the forecast period. However, the inability of products of local technology companies to meet the clinical treatment demands of ophthalmology and rise in equipment costs are expected to curb the growth of the ophthalmic diagnostic equipment market over the estimated period.

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