Ophthalmic Diagnostic Equipment Market to reach USD 3.5 Billion by 2023

The global ophthalmic diagnostic equipment market is predicted to expand significantly at a CAGR of 5.2% over the forecast period i.e. 2016-2023. Moreover, the market of ophthalmic diagnostic equipment is expected to reach USD 3.5 Billion by 2023 from USD 2.2 Billion in 2015.

The market of ophthalmoscope segment is predicted to witness a significant growth in near future, owing to cost-effectiveness and high accuracy of the equipment. Rising preferences by ophthalmologists towards affordable and cost-effective diagnostic equipment is one of the major driving factors for growth of ophthalmoscope equipment.

North America accounted for the largest market share of 32.1% in 2015 in the revenue of ophthalmic diagnostic equipment market globally. 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.

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On the other hand, Asia-Pacific is expected to be the second largest share contributor across the globe in the market of ophthalmic diagnostic equipment. Presence of emerging nations such as India, China, etc., rise in GDP growth and increase in healthcare expenditure are some of the driving factors for the growth of ophthalmic diagnostic equipment market. In addition to this, the market is further predicted to register a CAGR of 6.2% over the forecast period i.e. 2016-2023.

Growth Drivers and challenges

Rise in aging population coupled with higher risk of eye related diseases such as cataract and macular degeneration, owing to adoption of smart electronic devices with high glare technology are some of the major driving factors responsible for the growth of ophthalmic diagnostic equipment market over the forecast period i.e. 2016-2023.

Factors such as ease of use and rising preferences by ophthalmologists; well-organized analysis vision related diseases, high accuracy and precision, efficient cost of ophthalmic diagnostic equipment are predicted to foster the demand for ophthalmic diagnostic equipment across the globe. In addition to this, adoption of ophthalmic diagnostic equipment in research institutes in order to analyze variety of eye related diseases precisely for better care of patients and availability of features such as management and storage of analyzed data for further studies are likely to spur the demand for ophthalmic diagnostic equipment ophthalmology laboratories and eye clinics.

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Apart from this, 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, high cost of ophthalmic diagnostic equipment products which in results increase the cost of diagnosis tests as compared to conventional ophthalmologic tests, requirement of periodic calibration of equipment, lack of skilled eye specialists to operate ophthalmic diagnostic equipment and presence of stringent regulations are some of the factors which is curbing the growth of ophthalmic diagnostic equipment market across the globe.

Moreover, lack of awareness towards eye diseases and high risk linked with eye surgeries, acting as restraints for the growth of ophthalmic diagnostic equipment market.

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