Press release
Global Ophthalmic Diagnostic Devices Market Size to Attain a Market Value of Around USD 7 Billion by 2028
Ophthalmic Diagnostic Devices Market Size, Share, Trends, Industry Report, Key Player, Major Segments, and Forecast
The key highlights of the report include:
Market Overview (2018-2028)
• Historical Market Size (2022): USD 5.25 billion
• Forecast CAGR (2023-2028): 4.90%
• Forecast Market Size (2028): USD 7 billion
The expanding initiatives by various governments and investments to upgrade healthcare infrastructure in various nations are anticipated to boost the global ophthalmic diagnostic devices market growth. The market demand is projected to be increased by governments in various regions raising awareness of various ocular ailments and diseases and increasing research and development efforts.
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In the upcoming years, there will likely be a significant increase in the number of persons who are blind or have vision impairment. The demand for precision disease treatment is projected to rise as a result of the increased prevalence of eye illnesses, resulting in a rise in disability-adjusted life years (DALYs). As a result, there will be an increase in demand for ophthalmic diagnostic devices worldwide. Currently, among the most prevalent eye conditions are amblyopia, glaucoma, cataracts, and diabetic retinopathy.
The expansion of the ophthalmic diagnostic devices market is predicted to be driven by an increase in the adoption of cutting-edge technology in hospitals and an increase in the number of people seeking treatment for eye illnesses. With the use of ophthalmic diagnostic devices, eye conditions can be diagnosed with greater accuracy and at an earlier stage, improving the overall outcomes.
Ophthalmic Diagnostic Devices Industry Definition and Major Segments
An instrument that aids in the diagnosis of eye conditions is known as an ophthalmic diagnostic device. It is employed in ophthalmology and optometry diagnosis, and can also be used for vision correction and surgery. The medical specialty of optometry involves examining the eyes and other related components for abnormalities or deficiencies. The study of eye-related medical disorders is known as ophthalmology.
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Based on product, the market is segmented into:
• Fundus Cameras
• Retinal Ultrasound Imaging Systems
• Refractors
• Slit Lamps
• Perimetres
• Ophthalmoscopes
• Tonometre
• Optical Coherence Tomography (OCT)
• Corneal Topography Systems
The market on the basis of end user is divided into:
• Hospitals
• Clinics
• Ambulatory Surgical Centres
On the basis of region, the market is segmented into:
• North America
• Europe
• Asia Pacific
• Latin America
• Middle East and Africa
Ophthalmic Diagnostic Devices Market Trends
Due to its higher effectiveness in the diagnosis of ocular illnesses, the optical coherence tomography (oct) segment commands a significant market share for ophthalmic diagnostic devices. Over the course of the forecast period, there will likely be a rise in demand for optical coherence tomography (oct) due to improved diagnosis accuracy and quick technological improvements in the product. Additionally, OCT technology has made tremendous strides in terms of image quality, acquisition speed, and practical applications like OCT angiography. These developments will support the expansion of the global ophthalmic diagnostic devices market.
Geographically, the North American region is anticipated to accelerate the market development for ophthalmic diagnostic devices due to the rising awareness of ocular ailments. The market for ophthalmic diagnostic devices is anticipated to develop across the area as a result of the rising adoption of ophthalmology diagnostic tools and the rising prevalence of refractive error disorders.
The Asia Pacific region is anticipated to witness significant development in the ophthalmic diagnostic devices market as a result of the region's growing elderly population and the high prevalence of cataract procedures in nations like China, India, and Japan. The Asia Pacific region's increasing use of eye surgery to address ophthalmic disorders is anticipated to increase demand for ophthalmic diagnostic devices.
Key Market Players
The major players in the global ophthalmic diagnostic devices market report are
• Nidek Co., Ltd.
• Quantel Medical
• Halma plc
• Coburn Technologies, Inc
• Bausch & Lomb Incorporated
• Others
The report covers the market shares, capacities, plant turnarounds, expansions, investments and mergers and acquisitions, among other latest developments of these market players.
The report studies the latest updates in the market, along with their impact across the market. It also analysis the market demand, together with its price and demand indicators. The report also tracks the market on the bases of SWOT and Porter's Five Forces Models.
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