Ophthalmic Diagnostic Devices Market by Product and Geography - Forecast and Analysis 2020-2024

  • Published: Apr 2020
  • Pages: 120
  • SKU: IRTNTR40920
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The ophthalmic diagnostic devices market size has the potential to grow by USD 0.98 billion during 2020-2024, and the market’s growth momentum will accelerate during the forecast period.

This report provides a detailed analysis of the market by product (OCT, fundus camera, perimeters, biometers, and other ophthalmic diagnostic devices) and geography (APAC, Europe, MEA, North America, and South America). Also, the report analyzes the market’s competitive landscape and offers information on several market vendors, including Alcon Inc., AMETEK Inc., ARC Laser GmbH, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Danaher Corp., IRIDEX Corp., Nikon Corp., Optovue Inc., and Topcon Corp.

Market Overview

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Market Competitive Analysis

The market is concentrated. The level of competition among the companies is intense, and critical vendors compete based on factors such as technological advances, market expansion strategies, investments in growth initiatives, and widening of distribution networks. Key vendors also face stiff competition from the regional vendors who offer products at relatively lower prices. Danaher Corp., IRIDEX Corp., Nikon Corp., Optovue Inc., and Topcon Corp are some of the major market participants. Although the increasing prevalence of ophthalmic diseases and ocular defects will offer immense growth opportunities, the high cost of ophthalmic diagnostic devices will challenge the growth of the market participants. To make the most of the opportunities, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.

To help clients improve their market position, this ophthalmic diagnostic devices market forecast report provides a detailed analysis of the market leaders and offers information on the competencies and capacities of these companies. The report also covers details on the market’s competitive landscape and provides information on the products offered by various companies. Moreover, this ophthalmic diagnostic devices market analysis report also includes information on the upcoming trends and challenges that will influence market growth. This will help companies create strategies to make the most of future growth opportunities.

This report provides information on the production, sustainability, and prospects of several leading companies, including:

  • Alcon Inc.
  • AMETEK Inc.
  • ARC Laser GmbH
  • Bausch Health Companies, Inc.
  • Carl Zeiss Meditec AG
  • Danaher Corp.
  • IRIDEX Corp.
  • Nikon Corp.
  • Optovue Inc.
  • Topcon Corp

Ophthalmic Diagnostic Devices Market: Segmentation by Region

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North America accounted for the largest ophthalmic diagnostic devices market share in 2019, and the region will offer several growth opportunities to market vendors during the forecast period. The increasing per capita public expenditure on healthcare, rising adoption of advanced ophthalmic diagnostic devices, the growing presence of global manufacturers of ophthalmic diagnostic devices, and a rapidly growing aging population that needs advanced ophthalmic care and higher disposable incomes will significantly influence ophthalmic diagnostic devices market growth in this region.

35% of the market’s growth will originate from North America during the forecast period. The US is one of the critical markets for ophthalmic diagnostic devices in North America. Market growth in this region will be slower than the growth of the market in APAC.

Ophthalmic Diagnostic Devices Market: Segmentation by Product

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Factors such as increasing incidence of ocular diseases, market expansion with new product differentiation, the growing focus on real-time imaging OCT, and rising adoption of hand-held and integrated OCT devices are expected to drive OCT ophthalmic diagnostic devices market growth.

Market growth in this segment will be faster than the growth of the market in the other segments. This report provides an accurate prediction of the contribution of all the segments to the growth of the ophthalmic diagnostic devices market size.

Ophthalmic Diagnostic Devices Market: Key Drivers and Trends

There is a growing prevalence of ophthalmic diseases such as diabetic retinopathy, retinitis pigmentosa, AMD, uveitis, cataracts, keratoconus, and conjunctivitis. This is increasing the adoption of POC testing in ophthalmology as it allows ophthalmologists to obtain immediate results. As a result, there is an increase in the popularity of POC testing for ophthalmology diagnosis, which will be one of the critical factors that will propel ophthalmic diagnostic devices market growth. POC testing is used for the early detection and accurate diagnosis of ophthalmic diseases. It is less time-consuming and affordable in comparison to traditional methods. With the growing prevalence of ocular defects and ophthalmic diseases, the need for POC diagnosis of ophthalmic diseases will increase. This is will drive ophthalmic diagnostic devices market growth at a CAGR of over 6% during the forecast period.

The latest and advanced technologies incorporated in ophthalmological diagnostic devices provide healthcare physicians with precise and accurate data, thereby aiding in improving diagnostic rates. Furthermore, ophthalmic diagnostic equipment manufacturers focus on advancements, such as user-friendly designs, software enhancements, and better connectivity. This will help in reducing human error significantly. Also, increased R&D efforts have led to technological advances in all significant categories of ophthalmology devices. Additionally, OCT manufacturers are also focusing on developing OCT for adaptive optics as they improve the transverse resolution of ophthalmoscopes to foster in-vivo imaging of the retina at the microscopic level. Technological advances in OCT technology, one of the critical ophthalmic diagnostic devices market trends, create new scopes to expand its usability, especially in the field of ophthalmology.

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Ophthalmic Diagnostic Devices Market: Key Highlights of the Report for the Forecast Period 2020-2024

  • CAGR of the market during the forecast period 2020-2024
  • Detailed information on factors that will drive ophthalmic diagnostic devices market growth during the next five years
  • Precise estimation of the ophthalmic diagnostic devices market size and its contribution to the parent market
  • Accurate predictions on upcoming trends and changes in consumer behavior
  • The growth of the ophthalmic diagnostic devices market industry across APAC, Europe, MEA, North America, and South America
  • A thorough analysis of the market’s competitive landscape and detailed information on vendors
  • Comprehensive details of factors that will challenge the growth of ophthalmic diagnostic devices market vendors

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Research Framework

Technavio presents a detailed picture of the market by way of study, synthesis, and summation of data from multiple sources. The analysts have presented the various facets of the market with a particular focus on identifying the key industry influencers. The data thus presented is comprehensive, reliable, and the result of extensive research, both primary and secondary.

TechnavioINFORMATION SOURCES

Primary sources

  • Manufacturers and suppliers
  • Channel partners
  • Industry experts
  • Strategic decision makers

Secondary sources

  • Industry journals and periodicals
  • Government data
  • Financial reports of key industry players
  • Historical data
  • Press releases
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TechnavioDATA ANALYSIS

Data Synthesis

  • Collation of data
  • Estimation of key figures
  • Analysis of derived insights

Data Validation

  • Triangulation with data models
  • Reference against proprietary databases
  • Corroboration with industry experts
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TechnavioREPORT WRITING

Qualitative

  • Market drivers
  • Market challenges
  • Market trends
  • Five forces analysis

Quantitative

  • Market size and forecast
  • Market segmentation
  • Geographical insights
  • Competitive landscape
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The ophthalmic diagnostic devices market growth will increase by $0.98 billion during 2019-2024.
The ophthalmic diagnostic devices market is expected to grow at a CAGR of 6.43% during 2019-2024.
Technavio has segmented the ophthalmic diagnostic devices market by product (OCT, Fundus camera, Perimeters, Biometers, and Other ophthalmic diagnostic devices) and geographic (North America, Europe, APAC, and South America).
Alcon Inc., AMETEK Inc., ARC Laser GmbH, Bausch Health Companies Inc., Carl Zeiss Meditec AG, Danaher Corp., IRIDEX Corp., Nikon Corp., Optovue Inc., Topcon Corp. are a few of the key vendors in the ophthalmic diagnostic devices market.
North America will register the highest growth rate of 36.56% among the other regions. Therefore, the ophthalmic diagnostic devices market in North America is expected to garner significant business opportunities for the vendors during the forecast period.
The key factors driving the ophthalmic diagnostic devices market growth are:
  • Increasing prevalence of ophthalmic diseases and ocular defects
  • Growing popularity of smart alternators
The ophthalmic diagnostic devices market vendors should focus on grabbing business opportunities from the oct segment as it accounted for the largest market share in the base year.
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