Press release
Ophthalmic Diagnostic Equipment Market: Growth Drivers, Renewable Resource, Market Research, Strategic Management, Recent Changes and Developments in the Market, 2016-2023
Further, for the in-depth analysis, the report encompasses the industry growth drivers, restraints, supply and demand risk, market attractiveness, BPS analysis and Porter's five force model.
Based on product type, the global ophthalmic diagnostic equipment market has been segmented into fundus camera, ophthalmoscope, refractors, slit lamp, tonometer, aberrometer, corneal topographer, automated perimeter and optical coherence tomography.
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Among these segments, the optical coherence tomography (OCT) has dominated the market in 2016 and is expected to expand at satisfactory CAGR over the forecast period.
The OCT allows quantification, deeper visualization with high-resolution and is time and space saving among other benefits resulting in greater diagnostic certainty. This factor is envisioned to strengthen the growth of the ophthalmic diagnostic equipment market globally.
The global market for ophthalmic diagnostic equipment 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. Factors such as advancement in ophthalmic diagnostic equipment and growing healthcare sector are anticipated to boost the demand for ophthalmic diagnostic equipment globally.
In the regional segment, North America 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. Further, with 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 is anticipated to contribute a market share of 22.1% in global ophthalmic diagnostic equipment market.
Growing Geriatric Population
Increasing number of elderly people who are living with visual impairment is a major factor that is expected to drive the growth of the market across all regions in future. Further, rising occurrence of diabetic retinopathy and other eye disorders amongst geriatric population is fuelling the need for ophthalmic diagnostic and testing which in turn is expected to bolster the growth of global ophthalmic diagnostic equipment market in upcoming years.
Technological Advancements to Impel Opportunities
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 forecast period.
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This report also provides the existing competitive scenario of some of the key players of the global ophthalmic diagnostic equipment market which includes company profiling of Essilor Instruments, Haag-Streit AG, Carl Zeiss AG, Johnson & Johnson Vision Care, Alcon, Bausch and Lomb Inc. and Canon Inc.
The profiling enfolds key information of the companies which encompasses business overview, products and services, key financials and recent news and developments. On the whole, the report depicts detailed overview of the global ophthalmic diagnostic equipment market that will help industry consultants, equipment manufacturers, existing players searching for expansion opportunities, new players searching possibilities and other stakeholders to align their market centric strategies according to the ongoing and expected trends in the future.
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