In the recent years, constant developments in ophthalmic technology have been able to deliver effective treatment of eye diseases and even restoration of vision. According to the market intelligence published by Future Market Insights (FMI), the global ophthalmic diagnostic equipment market represented a value of US$ 2 Bn in 2015. The market is expected to witness a significant CAGR of 5.4% during the forecast period – 2015-2025.
Geriatric Population and Associated Ophthalmic Disorders to Push Ophthalmic Diagnostic Equipment Market Scenario
As indicated in the report, the global ophthalmic diagnostic equipment market will be primarily driven by increasing aging population and more number of people opting for ophthalmic surgeries to treat eye related disorders. Over the past few years, there has been an impressive improvement in the healthcare expenditure, which will continue to offer new opportunities to key players participating in the global market for ophthalmic diagnostic equipment.
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The aging population is often associated with growing prevalence of ophthalmic disorders such as refractive errors, cataract, glaucoma, and macular degeneration, which will remain highly influential in the progress of global ophthalmic diagnostic equipment market. Additionally, ophthalmic disorders associated with other largely prevalent diseases such as high blood pressure and diabetes are estimated to further contribute to the ophthalmic diagnostic equipment market growth.
The FMI report also indicates that growing awareness about ophthalmic diseases, coupled with various government policies offering reimbursement for treatment of chronic diseases, will possibly accelerate the overall growth of global ophthalmic diagnostic equipment market.
Optical Coherence Tomography (OCT) Products to Continue Dominance in Global Ophthalmic Diagnostic Equipment Market
More than 50% of the global ophthalmic diagnostic equipment market is collectively shared by OCT, corneal topography system, and retinal ultrasound imagining system products. The FMI market intelligence estimates that the OCT products will dominate other product types during the forecast period, exhibiting a CAGR of 4.8%. They are of high value and priced higher than other products. In developing countries, high demand for OCT products created an intense competitive landscape. It influenced the key players to reach out to larger mass at lower price and sequentially increased the adoption of the ophthalmic diagnostic equipment in these countries.
North America to Remain the Largest Revenue Shareholder in Ophthalmic Diagnostic Equipment Market
Regionally, North America hold over 31% value share in 2014 and will possibly continue to be dominant over the forecast period, owing to rising ophthalmic ambulatory surgical centers. The ophthalmic diagnostic equipment in this region is expected to witness a healthy CAGR 5.4% during the forecast period. In terms of both value and volume, the U.S. is expected to lead over other region in North America’s market for ophthalmic diagnostic equipment.
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The FMI report concludes that technological innovations, launching of newer products, and new patent approvals will accelerate the growth of global ophthalmic diagnostic equipment market in the near future. However, lack of association to meet the needs of the ophthalmologists and shortage of high-skilled ophthalmologists in the developing countries will be major factors currently limiting the growth of global ophthalmic diagnostic equipment market.