The number of multispeciality ophthalmic clinics and eye care hospitals has been increasing significantly, owing to rising age-related eye disorders such as cataract and glaucoma. Various government and private organizations are investing in the establishment of eye care facilities as demand grows for minimally-invasive surgeries and advanced diagnostic services. The Royal College of Ophthalmologists predicted 40% increase in demand for eye services from 2018 to 2038. Growing number of eye care facilities will boost the expansion of the ophthalmic imaging equipment market size through 2030.
Ophthalmic Imaging Equipment Market Trends
Increasing Prevalence of Digital Eye Strain among Teenagers & Adults: Prevalence of eye diseases such as vision impairment is increasing among teenagers. Excess usage of computers and mobile phones leads to digital eye strain, and is majorly responsible for vision impairment among teenagers. According to the Centers for Disease Control and Prevention, around 6.8% of children younger than 18 years have been diagnosed with eye and vision condition in the United States.
According to the Vision Council, around 80% of American adults report the usage of digital technologies for above 2 hours per day; approximately 59% are facing indications of digital eye strain. Increasing number of cases will flourish the growth of the ophthalmic imaging equipment market over the forecast period of 2020 to 2030.
Increasing Cases of Diabetic Retinopathy and Macular Degeneration: Diabetic retinopathy and macular degeneration are common disorders among the geriatric population. These patients demand proper diagnosis technology to detect vision abnormality and signs of injury. According to the World Health Organization, an estimated 196 Mn people are affected by age-related macular degeneration globally, among which, 5.3% have a moderate or severe distance vision impairment or blindness. Moreover, approximately 64 Mn people are suffering from glaucoma, of which, 10.9% are reported to have moderate or severe distance vision impairment.
Focus on Introduction of Advanced Ophthalmic Imaging Equipment: Advanced ophthalmic imaging equipment is expected to gain high demand over the forecast period as an excellent outcome. Therefore, manufacturers are focusing on the introduction of new ophthalmic diagnostic devices for the diagnosis of different diseases. Manufacturers are focusing on the expansion of their product line in the ophthalmic imaging equipment division. For instance, in September 2019, Topcon launched the Maestro2 Automated OCT/Fundus Camera with OCT angiography.
Competitive Landscape of Ophthalmic Imaging Equipment Market
The global ophthalmic imaging equipment market is fragmented in nature, with an enormous number of manufacturers present in the market space. Key players operating in the ophthalmic imaging equipment market across the globe include Carl Zeiss Meditec AG, Topcon Corporation, Nidek Co., Ltd, Haag-Streit AG, Alcon, Halma plc., and others.
Manufacturers in the optometry device market space are concentrating on acquisitions & partnerships to expand their product portfolio and establish a footprint in different geographies. For instance, in March 2017, Canon Inc. acquired Toshiba Medical Systems Corp., a manufacturer and seller of medical imaging devices. In June 2020, Quantel Medical acquired Ellex, including the company’s laser and ultrasound technology solutions.
COVID-19 Impact on Ophthalmic Imaging Equipment Market
Due to COVID-19-related lockdowns in many countries and disruptions in the supply chain of medical devices, the ophthalmic imaging equipment market is expected to experience a slight drop in sales in 2020, which is reflected by the drop in year on year growth rate by 2.6% from 2019 to 2020. Additionally, during the pandemic period, all non-essential services have faced a significant drop in demand. The ophthalmic medical service industry has also experienced a similar downfall in demand in 2020. However, the market is expected to bounce back to normal by the end of 2021. All procedures that were postponed in late 2019 and 2020 are expected to resume in 2021. Delayed shipments and sales are expected to resume in 2021, creating a surge in market value during the year.
The research report on the ophthalmic imaging equipment market provides a recommendation, overview of market, and estimation of market growth over the next decade. Growing prevalence of diabetic retinopathy, glaucoma, vision impairment, and cataract is responsible for the growth of the global ophthalmic imaging equipment market. North America and Europe hold a substantial ophthalmic imaging equipment market share. Increasing advanced product launches and ongoing research & development activities for new ophthalmic technologies will favour the growth of the global ophthalmic imaging equipment market over the coming years.
Ophthalmic Imaging Equipment Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global ophthalmic imaging equipment market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities, restraints, and detailed information about the ophthalmic imaging equipment market structure. The market study presents exclusive information about how the ophthalmic imaging equipment market will grow during the forecast period of 2020-2030.
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compounded annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes pricing analysis by region and by product type, which helps in deep understanding of the pricing details by researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the ophthalmic imaging equipment market during the forecast period.
The study is relevant for manufacturers, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researcher, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to the macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the ophthalmic imaging equipment market. Furthermore, small businesses and new entrants in the ophthalmic imaging equipment market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
Key Segments of Ophthalmic Imaging Equipment Market
PMR’s study on the ophthalmic imaging equipment market offers information divided into three 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.
Key Questions Answered in PMR’s Ophthalmic Imaging Equipment Market Report
Ophthalmic Imaging Equipment Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the ophthalmic imaging equipment market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analysts ensure the accuracy and reliability of the conclusions.
Secondary resources referred to by analysts during the production of the ophthalmic imaging equipment market study include statistics from government healthcare organizations, medicines journals, research journals, press releases, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary and secondary resources acts as a validation from companies in the ophthalmic imaging equipment market, and makes PMR’s projections on the growth prospects of the ophthalmic imaging equipment market more accurate and reliable.