(PharmaNewsWire.Com, October 19, 2017 ) The ophthalmic diagnostic equipment market is estimated to be one of the fastest growing markets across the globe. The successive implementation of IT in healthcare sectors is the dynamic factor for ophthalmic diagnostic equipment industry. These equipment are used to detect eye related diseases such as cataract, age related macular degeneration.
Market size and forecast
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.
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.
The demand for ophthalmic diagnostic equipment is growing across the globe owing to rise in multi-specialty hospitals and set-up of ophthalmic diagnostic laboratories equipped with high end technology. Rise in aging population and growing prevalence of eye condition and diseases among the population further increases the ophthalmic diagnosis demand in order to take preventive measures.
Technological advancements in ophthalmic equipment and digitalization of diagnosis will shift the conventional diagnosis to a cutting-edge level of diagnosis. Characteristics such as time savings and precise diagnosis are some of the key elements for the growth of ophthalmic diagnostic equipment market.
Moreover, intensification of researches for development of effective and affordable equipment, ophthalmic diagnostic technology is taking a step ahead in the diagnosis and research sectors. Apart from this, automation of diagnosis test reduces time and cost and caters precise outputs, thus gaining trust of ophthalmologists and consumers across the globe.
Market Segmentation
Our in-depth analysis segmented the global ophthalmic diagnostic equipment market in the following segments:
By Product Type
Fundus Camera
Ophthalmoscope
Refractors
Optical Coherence Tomography (OCT)
Corneal topography System
Slit lamp
Tonometer
Perimeter
Retinal Ultrasound Imaging System
By End-User
Eye Hospitals
Eye Clinics
Diagnostic Laboratories
Research Centers
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.
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.
Key Players
The key players of ophthalmic diagnostic equipment market are as follows:
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