Optical Biometry Devices Market Size 2024-2028

The global optical biometry devices market size is estimated to grow by USD 91.8 million at a CAGR of 5.1% between 2023 and 2028. The market is experiencing significant growth due to the rising prevalence of cataracts among the geriatric population. With an increasing aging population worldwide, the demand for cataract surgery is on the rise, leading to greater adoption of optical biometry devices for accurate measurement of lens dimensions. Additionally, advancements in technology within the global optical biometry devices market are driving innovation and improving the precision and accuracy of diagnostic procedures. However, the scarcity of skilled professionals in ophthalmology and the high costs associated with these devices pose challenges to market growth. Despite these obstacles, the market is expected to witness strong growth driven by the increasing demand for minimally invasive and precise surgical procedures in ophthalmology, particularly in cataract surgery.

What will be the Size of the Market During the Forecast Period?

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Market Segmentation

End-User Segment Analysis

The market share growth by the hospitals segment will be significant during the forecast period. Due to the factors such as easy accessibility and availability of optical biometers and their technologies in hospitals, this segment is expected to hold the highest market share in terms of revenue. Optical biometry devices play an important role in the clear assessment of the eye for surgical interventions like cataract surgery.

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The hospitals segment was valued at USD 127.80 million in 2018. The increase in the number of eye diseases such as age-related macular degeneration, cataracts, diabetic retinopathy, and glaucoma in the world is one of the driving factors of the global market. As healthcare infrastructure improves in different regions, more emphasis is placed on the adoption of advanced medical technologies, including optical biometric devices, to improve patient care. Due to the increasing number of eye surgeries in the hospital, the demand for optical biometers is also increasing, which is driving the growth of the global market during the forecast period.

Regional Analysis

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North America is estimated to contribute 30% to the growth of the global market during the forecast period. Technavio's analysts have elaborately explained the regional trends and drivers that will shape the market during the forecast period. The US is the main revenue-contributing market in North America. According to the Centers for Disease Control and Prevention (CDC), the number of people over the age of 65 years in the US is estimated to more than double by 2030, reaching about 71 million. As a result, the rate of cataract surgery in the country is expected to increase.

Furthermore, the high concentration of the regional market players resulted in a strong income stream. The growing Food and Drug Administration (FDA) approval of optical biometric devices and the growing export of these devices to developing countries in APAC and the Middle East is boosting the development of the market. In addition, the availability of modern infrastructure and quality of care attracts patients. Hence, the market growth in North America can be attributed to the presence of a well-established healthcare system that provides good-quality ophthalmic treatments.

Key Market Players 

Companies are implementing various strategies, such as strategic alliances, partnerships, mergers and acquisitions, geographical expansion, and product/service launches, to enhance their presence in the market. The report also includes detailed analyses of the competitive landscape of the market and information about 20 market companies, including:

AMETEK Inc.: The company offers optical biometry devices through its division Reichert Inc.

• Bausch Lomb Corp.
• Baxter International Inc.
• Carl Zeiss AG
• Danaher Corp.
• HEINE Optotechnik GmbH and Co. KG
• HOYA Corp.
• MEDA Co. Ltd.
• Metall Zug AG
• NIDEK Co. Ltd.
• OCULUS Optikgerate GmbH
• Revenio Group Corp.
• Santec Corp.
• The Cooper Companies Inc.
• Tianjin Sower Electronic Technology Co. Ltd.
• Tomey Corp.
• Topcon Corp.
• US Ophthalmic LLC
• Visionix USA Inc.
• Ziemer Ophthalmic Systems AG

Qualitative and quantitative analysis of companies has been conducted to help clients understand the wider business environment as well as the strengths and weaknesses of key market players. Data is qualitatively analyzed to categorize companies as pure play, category-focused, industry-focused, and diversified; it is quantitatively analyzed to categorize companies as dominant, leading, strong, tentative, and weak.

Market Dynamics and Customer Landscape

The optical biometry devices market is influenced by several factors, including the threat of substitution from alternative diagnostic tools. The market is dynamic, with emerging trends focusing on cost-effective solutions for eye diseases like cataracts and refractive errors. The market is experiencing significant growth, driven by advancements in technologies such as partial coherence interferometry (PCI), enhancing the accuracy of cataract surgeries. As projections indicate a rising demand for these procedures, the concentration ratio within the market is evolving, with key influencers shaping trends and accessibility. Organizations like Prevent Blindness advocate for improved vision care, which is pivotal in overcoming barriers to entry for new players in this field. Additionally, changes in business practices and supply chains are facilitating market entry, enabling innovative solutions to address the increasing need for precise optical measurements. Overall, the synergy of these factors positions the optical biometry devices market for vigorous expansion in the coming years.

Key Market Drivers

The optical biometry devices market is experiencing growth driven by the increased efficiency of optical biometry over ultrasound A-scans. Optical biometry improves measurement accuracy by eliminating variations due to corneal compression since it does not require contact with the cornea. It measures the center of the macula, producing a refractive length instead of an anatomical length obtained by ultrasound biometry. Additionally, optical biometry measures the fovea because the patient is fixed to a target during measurement, unlike ultrasound which measures the longest part of the eye, the posterior pole. Another advantage of optical biometry is that it considers the thickness of the retina, which is, on average, 200 micrometers.

However, the high cost of optical biometry devices, along with product design and cost constraints, are challenges that the market faces. Despite these challenges, emerging market trends, such as the digitalization of solutions and the increasing prevalence of eye diseases like cataracts and refractive errors, are expected to drive market growth. The competitive rivalry in the optical biometry devices market is intense, with companies competing for market share. The threat of new entrants is also a factor to consider, as the market continues to attract new players. To stay competitive, companies are focusing on product innovation and strategic partnerships. Overall, the optical biometry devices market is dynamic, with a strong outlook for growth driven by technological advancements and increasing demand for eye care services.

Significant Market Trends

Shift toward ASCs for eye care is the primary trend in the market. ASCs perform surgeries that don't require hospitalization. These centers provide quality, cost-effective treatment for people with eye disorders. ASCs are a healthcare facility that provides same-day surgery care, including both diagnostic and preventive procedures. The US introduced the Ambulatory Surgical Centers Access Act in 2009 to promote the growth of these centers.

Moreover, as ophthalmic ASCs provide a significant return on investment (ROI) for hospitals, these devices are of strategic importance to the hospital. ASCs presence will also lead to an increase in the number of people undergoing surgery, reduce costs and facilitate wider access to healthcare, which will drive the growth of the market during the forecast period. 

Major Market Challenges

Intense competition among manufacturers of optical biometry devices is the challenge that affects the growth of the market. Manufacturers and suppliers price their products to achieve the highest possible profit margin. However, intense competition in the market leads to a price war, whereby global suppliers are forced to lower the average selling price (ASP) of their offerings to ensure high consumption, resulting in a low-profit margin. In addition, manufacturers are under pressure to provide optical biometers at an affordable cost to keep them on the market. Thus, such factors will impede the growth of the market during the forecast period.

Key Market Customer Landscape

The market report includes the adoption lifecycle of the market, covering from the innovator's stage to the laggard's stage. It focuses on adoption rates in different regions based on penetration. Furthermore, the report also includes key purchase criteria and drivers of price sensitivity to help companies evaluate and develop their growth strategies.

Global Market Customer Landscape

Segment Overview

The market research report provides comprehensive data (region wise segment analysis), with forecasts and estimates in "USD Million" for the period 2024 to 2028, as well as historical data from 2018 to 2022 for the following segments.

• End-user Outlook 
  • Hospitals
  • ASCs
  • Others

• Product Outlook 
  • SS-OCT-based optical biometers
  • OLCR-based optical biometers
  • PCI-based optical biometers

• Region Outlook 
  • North America
    • The U.S.
    • Canada
  • Europe
    • The U.K.
    • Germany
    • France
    • Rest of Europe
  • Asia
    • China
    • India
  • Rest of the World (ROW)
    • Brazil 
    • Australia
    • Argentina

Market Analyst Overview

The market is witnessing emerging market trends and strategic developments by front runners like Accutome and Synemed. With swept-source optical coherent technology, these devices offer digitalized solutions for axial length and anterior chamber depth measurements. Factors such as retinal thickness and pupil size are crucial for refractive errors diagnosis. However, high cost remains a barrier to entry, impacting buyer bargaining power. The market's competitive rivalry is influenced by IOL master 500 and IOL master 700 offerings, with capacity and production value being key considerations for business strategists and consultants.

Furthermore, the market offers significant growth factors and opportunity for eye care clinics and ophthalmology clinics. With swept-source optical coherent based biometry devices and ultrasound devices, the market ensures accurate measurements of the thickness of the lens and other micro details. Automated versions of these devices are enhancing efficiency and reducing probe infections. Raw materials for these devices are crucial, impacting cost constraints and supplier bargaining power. Entry strategies and countermeasures are key considerations due to the threat of new entry and substitution. Investors and stakeholders are closely monitoring the market's revenue share and SWOT analysis to capitalize on its macro overview and international angle.

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What are the Key Data Covered in this Market Forecasting Report?

• CAGR of the market during the forecast period
• Detailed information on factors that will drive the market growth and forecasting of the market between 2024 and 2028
• Precise estimation of the size of the market size and its contribution to the parent market
• Accurate predictions about upcoming market trends and analysis and changes in consumer behavior
• Growth of the market industry across Europe, North America, APAC, South America, and Middle East and Africa
• Thorough market growth analysis of the market's competitive landscape and detailed information about companies
• Comprehensive market analysis and report on the factors that will challenge the market research and growth of market companies

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