Ophthalmic Diagnostic Equipment Market Forecast to 2023 - Global Market By Technology, Size, Share and Revenue
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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 the precise and accurate data to healthcare physicians. Further, rising trend 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 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 ophthalmic diagnostic equipment market. The market of North America region is expected to continue its dominance over the forecast period owing to rising demand for eminence diagnostics and introduction of effective re-imbursement 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. 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 global ophthalmic diagnostic equipment market. The market is majorly driven by technological advancement in diagnostic devices.
The rise in 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 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 Kenneth Research, 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 growing healthcare sector globally is anticipated to boost the demand for ophthalmic diagnostic equipment in 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 Product Offerings
Carl Zeiss AG
Johnson & Johnson Vision Care
Bausch and Lomb Inc.
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Growth Drivers and Challenges:
The growth of the market is driven by rising prevalence of eye diseases. Rising occurrence of eye diseases amongst the global population is a key factor that is likely to fuel the growth of global ophthalmic diagnostic equipment market in future. There is a high prevalence of age-related macular degeneration in population age over 50. Increasing number of elderly people who are living with visual impairment is a major factor that is expected to drive the growth of ophthalmic diagnostic equipment market across all regions in coming years.
Furthermore, advancements such as user friendly design, software enhancements and better connectivity are some of the key trends being followed by 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, inability of products of local technology companies to meet the clinical treatment demands of ophthalmology and rise in equipment cost are expected to curb the growth of ophthalmic diagnostic equipment market over the estimated period.
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About Kenneth Research:
Kenneth Research provides market research reports to different individuals, industries, associations and organizations with an aim of helping them to take prominent decisions. Our research library comprises of more than 10,000 research reports provided by more than 15 market research publishers across different industries. Our collection of market research solutions covers both macro level as well as micro level categories with relevant and suitable market research titles. As a global market research reselling firm, Kenneth Research provides significant analysis on various markets with pure business intelligence and consulting services on different industries across the globe. In addition to that, our internal research team always keep a track on the international and domestic market for any economic changes impacting the products’ demand, growth and opportunities for new and existing players.
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