Optical Biometry Devices Market Analysis North America,Europe,Asia,Rest of World (ROW) - US,Canada,Germany,UK,China - Size and Forecast 2023-2027

Optical Biometry Devices Market Forecast 2023-2027

The global optical biometry devices market size is estimated to grow by USD 93.26 million at a CAGR of 5.44% between 2022 and 2027. The rise in the prevalence of cataracts among the geriatric population is driving the demand for more efficient and accurate diagnostic tools. Optical biometry has shown increased efficiency over traditional ultrasound A-scans, leading to its widespread adoption in cataract surgery planning. Additionally, favorable reimbursement conditions are further supporting the use of optical biometry, as healthcare providers seek cost-effective solutions without compromising on quality. It also includes an in-depth analysis of drivers, trends, and challenges. Our report examines historic data from 2017 to 2021, besides analyzing the current market scenario. 

Cataract surgery is one of the most frequently performed surgeries that provide significant, long-lasting improvements in quality of life for all patients, regardless of age. Technological advancements in cataract surgery have resulted in better surgical outcomes and improved patient safety, leading to a significant change in the frequency of these surgeries. The number of cataract surgeries is increasing among people between the ages of 50 and 90. Older people are ready to lead more active lives and care about their health and vision, which is leading them to opt for cataract surgery. Hence, the increase in the incidence of cataracts is expected to boost the growth of the global market.

What will be the Size of the Optical Biometry Devices Market During the Forecast Period?

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Market Segmentation 

The report extensively covers optical biometry devices market segmentation by product (SS-OCT-based optical biometers, OLCR-based optical biometers, and PCI-based optical biometers), end-user (hospitals, ASCs, and others), and geography (North America, Europe, Asia, and ROW).

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 122.52 million in 2017. 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 

Product Segment Analysis

SS-OCT-based optical biometers

The high image rate is a major advantage of SS-OCT, as it enables high-resolution imaging while reducing the negative impact of patient eye movements on scan quality. The use of an invisible light source in the SS-OCT reduces patient inconvenience. Several market players offer optical biometers with SS-OCT technology. In addition, market players are launching new products to sustain the market and thus drive growth. For example, in November 2020, NIDEK Co. Ltd. (NIDEK) launched the Mirante SLO model, a complement to the Mirante SLO/OCT model, launched in August 2019 as a multimodal fundus photography platform. Hence, such product developments will drive the growth of the market during the forecast period.

OLCR-based optical biometers

Optical low coherence reflectance (OLCR) is an interferometry-based technique designed to detect and locate reflective objects. The OLCR technique uses a standard Michelson interferometer configuration equipped with a patient eye line and an internal reference line. OLCR biometrics also provide AL based on group refractive index. In addition, the device also measures the curvature of the cornea and the distance between white and white (WTW). Therefore, with additional features such as comprehensive, highly accurate ophthalmometry and WTW corneal curvature and diameter measurements, the OLCR-based optical biometrics segment is driving the growth of the market during the forecast period.

Regional Analysis

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North America is estimated to contribute 31% 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. 

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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. Suppliers in this market wield bargaining power due to the high cost of these devices, which impacts the buyer bargaining power. Companies like Topcon and Ziemer Ophthalmic Systems are key players, offering digitalized solutions and innovative product designs to meet market demands. The market is dynamic, with emerging trends focusing on cost-effective solutions for eye diseases like cataracts and refractive errors. As eye care clinics seek efficient tools, suppliers like Accutome and DGH Technology are leveraging SS-OCT-based optical biometers to meet demand. Our researchers analyzed the data with 2022 as the base year, along with the key drivers, trends, and challenges. 

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. These advantages drive the global market, with key players like Topcon and Ziemer Ophthalmic Systems leading the way. 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 like Accutome, DGH Technology, and Synemed 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.

Major 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. 

Significant Market Challenges

Intense competition among manufacturers of optical biometry devices is the challenge that affects the growth of the market. The market is dominated by global players such as Carl Zeiss Meditec, Menicon, Metall Zug, NIDEK, Santec, and Topcon, who offer optical measurement instruments at competitive prices. Other market players include Ziemer Ophthalmic Systems AG and Optovue Inc. 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.

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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 report forecasts market growth by revenue at global, regional & country levels and provides an analysis of the latest trends and growth opportunities from 2017 to 2027. 

• 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 thickness of 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.

Optical Biometry Devices Market Scope
Report Coverage	Details
Page number	163
Base year	2022
Historic period	2017-2021
Forecast period	2023-2027
Growth momentum & CAGR	Accelerate at a CAGR of 5.44%
Market growth 2023-2027	USD 93.26 million
Market structure	Fragmented
YoY growth 2022-2023(%)	4.65
Regional analysis	North America, Europe, Asia, and Rest of World (ROW)
Performing market contribution	North America at 31%
Key countries	US, Canada, Germany, UK, and China
Competitive landscape	Leading Vendors, Market Positioning of Vendors, Competitive Strategies, and Industry Risks
Key companies profiled	AMETEK 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., and Ziemer Ophthalmic Systems AG
Market dynamics	Parent market analysis, Market  Forecasting, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID-19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period.
Customization purview	If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized.

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What are the Key Data Covered in this Market Research 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 2023 and 2027
• 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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