New York, Feb. 10, 2023 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Diagnostic And Monitoring Ophthalmic Devices And Equipment Global Market Report 2023" - https://www.reportlinker.com/p06277185/?utm_source=GNW
A, and Ziemer Ophthalmic Systems AG.
The global diagnostic and monitoring ophthalmic devices and equipment market will grow from $2.5 billion in 2022 to $2.72 billion in 2023 at a compound annual growth rate (CAGR) of 8.6%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, surge in commodity prices, and supply chain disruptions, causing inflation across goods and services effecting many markets across the globe. The diagnostic and monitoring ophthalmic devices and equipment market is expected to grow from $3.6 billion in 2027 at a CAGR of 7.3%.
The Diagnostic and monitoring ophthalmic devices and equipment market consist of sales of ultrasound imaging systems ophthalmoscopes, corneal topographers, specular microscopes, slit lamps, fundus cameras, anomaloscope, haploscope, ophthalmic lens gauge, stereopsis measuring Instrument, retinoscopes, stereoscope, and others that are used for diagnosis and monitoring of ophthalmic diseases.Values in this market are ‘factory gate’ values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
Diagnostic and monitoring ophthalmic devices and equipment are used for the diagnosis and monitoring of diseases related to the retina and cornea by measuring affix lenses and refractive errors. These devices also help to identify the intraocular lens (IOLs) and analyze the visual field.
North America was the largest region in the diagnostic and monitoring ophthalmic devices and equipment market in 2022.Asia Pacific was the second largest market in diagnostic and monitoring ophthalmic devices and equipment market.
The regions covered in the diagnostic and monitoring ophthalmic devices and equipment market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The main product types in the diagnostic and monitoring ophthalmic devices and equipment are optical coherence tomographers, ophthalmic ultrasound imaging systems, fundus cameras, ophthalmoscopes, keratometers, specular microscopes., tonometers, slit lamps, retinoscopes, and others (dioptometers, optotype projector, perimeters, and biometers, pachymeters, autorefractors/phoropters, corneal topographers, wavefront aberrometer, wavefront aberrometer). Fundus cameras are used for diagnosing and monitoring and are used in imaging of a rear eye. These are used in various applications such as retinal evaluation, glaucoma detection, and monitoring, surgical evaluation, general examination, intraoperative devices, and refraction equipment. The diagnostic and monitoring ophthalmic devices are used in hospitals, clinics, diagnostic laboratories, and research centres.
The increasing prevalence of eye diseases is expected to drive the demand for diagnostic and monitoring equipment in the ophthalmic devices industry.The rise in surgeries associated with eye disorders like cataracts, diabetic retinopathy, and glaucoma has increased the demand for diagnostic and monitoring ophthalmic devices.
According to a study, 4 out of 10 people have been found to have cataract disease in their early stages of life. The absolute number of cataract blind in 2020 would be 8.25 million, due to a substantial increase in the population above 50 years in India.
Lack of awareness about eye diseases mostly in developing and underdeveloped nations is expected to hinder the growth of the diagnostic and monitoring ophthalmic devices and equipment market.BLack of awareness of eye disorders results in fewer patients going for a routine eye check-up or diagnosis of the disorder, impacting the demand for diagnostic and monitoring ophthalmic equipment.
According to a study conducted by the vision impact institute, 42% of drivers in India have vision-related problems leading to 59% of road accidents. According to WHO, 550 million people in the country need vision correction and to achieve this, companies should increase awareness & provide vision care to people living in rural and semi-urban areas.
Advanced eye care medical devices equipped with artificial intelligence (AI) and machine learning (ML) are the new trends in the ophthalmic diagnostic and monitoring equipment market.AI and ML-equipped medical devices can not only quickly interpret the eyes of the patient with better accuracy but also recommend a suitable treatment for the patient.
Deepmind, a subsidiary of Alphabet Inc. has developed an AI-based system that is capable of analyzing 3D retinal OCT scans for detecting severe diseases like glaucoma, retinopathy, macular degeneration, and 50 different types of eye diseases at their early stage.
The increased regulatory compliance norms by the Food and Drug Administration (FDA) and the Medicines and Healthcare products Regulatory Agency (MHRA) have impacted the market making the approval/regulation process for diagnostic and monitoring ophthalmic devices strenuous.Complex and tedious premarket and postmarket submissions by FDA may increase the product release time and incur heavy costs on device development.
The MHRA considers a medical device to be any equipment used for the diagnosis or treatment of disease, or for monitoring patients and recommends Yellow card reporting for ophthalmic devices and products as well. All the adverse events and the causes for any untoward incidents must be reported in the yellow card, allowing the equipment to be monitored thoroughly for enhanced patient safety.
In July 2020, Topcon, a company manufacturing optical equipment based in Japan acquired Elektron Eye Technology for an undisclosed amount.This acquisition includes the products of the Henson line of perimetry such as Henson 9000 and 7000 that perform suprathreshold glaucoma screening and the product manufacturing will remain in the UK.
Elektron Eye Technology is a company operating in the diagnostic and monitoring of ophthalmic devices based in the UK.
The countries covered in the diagnostic and monitoring ophthalmic devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
The market value is defined as the revenues that enterprises gain from goods and/or services sold within the specified market and geography through sales, grants, or donations in terms of currency (in USD ($) unless otherwise specified).
The revenues for a specified geography are consumption values – that is, they are revenues generated by organizations in the specified geography within the specified market, irrespective of where they are produced. It does not include revenues from resales either further along the supply chain or as part of other products.
The diagnostic and monitoring ophthalmic devices and equipment market research report is one of a series of new reports that provides diagnostic and monitoring ophthalmic devices and equipment market statistics, including diagnostic and monitoring ophthalmic devices and equipment industry global market size, regional shares, competitors with a diagnostic and monitoring ophthalmic devices and equipment market share, detailed diagnostic and monitoring ophthalmic devices and equipment market segments, market trends and opportunities, and any further data you may need to thrive in the diagnostic and monitoring ophthalmic devices and equipment industry. This diagnostic and monitoring ophthalmic devices and equipment market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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