Ophthalmology Diagnostics Market - Growth, Trends, and Forecast (2020 - 2025)
NEW YORK, Nov. 18, 2020 /PRNewswire/ --
The Ophthalmic Diagnostics Market studied was anticipated to grow with a CAGR of nearly 5.8% during the forecast period. The major factors driving the growth of the market are the global prevalence of various ophthalmic disorders such as glaucoma, eyestrain, cataract, colorblindness, diabetic retinopathy, etc., necessitating the early-stage diagnosis for efficient treatment. Also, a steep rise in geriatric population resulting in the global burden of avoidable blindness along with the growth of healthcare awareness leading to regular health checkups fuels the market. For instance, according to the study results published by the International Council of Ophthalmology, in 2019, the prevalence of eyes disorders increased in population age over 50 due to high rate of macular degeneration which directly resulted in higher demand for diagnosis such as retinal and surgical evaluations fueling the growth of the global ophthalmology diagnostics market throughout the forecasted period.
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Key Market Trends
The Surgical Evaluation Segment is Expected to Hold the Largest Market Share in the Ophthalmic Diagnostics Market
- The Surgical evaluation segment is expected to witness the largest market revenue share over the forecast period. The dominance is owing to the higher prevalence of cataract and diabetic retinopathy which lead to cataract surgeries resulting in higher demand for surgical evaluation globally. On the other hand, the OCT Optical Coherence Tomography devices segment is anticipated to witness the highest growth over the forecast period owing to the rise in popularity of Point of Care (POC) testing as the standard ophthalmology diagnosis in ocular imaging fueling the market revenue.
- Based on the end-user segment, the hospital segment accounts for the major share of the global ophthalmic diagnostics market during the forecast period due to an increase in new cases and the number of geriatric admissions in eye hospitals owing to eye disorders and rise in the elderly population with avoidable blindness. Also, the presence of a huge patient pool with a preference of treatment at hospitals with high disposable income and a steep rise in the purchasing power of hospitals in the emerging economies likely to drive the growth in this segment during the forecast period.
North America Dominates the Market and Expected to do Same Over the Forecast Period.
North America is expected to dominate the overall ophthalmic diagnostics market throughout the forecast period due to a steep rise in the prevalence of ophthalmic disorders such as cataract and diabetic retinopathy along with the huge growth of geriatric population in the United States. For instance, according to the American Academy of Ophthalmology report published in 2014, about 24.5 million people were affected with the cataract which was identified as the leading cause of blindness in the United States demanding the advanced diagnostics for efficient retinal and surgical evaluation driving for growth of the market. Also, an increase of investments by ophthalmologists in novel technologies with established healthcare infrastructure contributes to the outstanding market share of the region propelling the global ophthalmic diagnostic market revenue.
Competitive Landscape
The ophthalmic diagnostics market is moderately competitive and consists of several major players. Few of the key players are developing novel technologies to compete with the existing blockbuster products trending in the market. Furthermore, critical players in the firm are implementing a combination of direct sales force along with distributors to gain market position globally. For instance, in June 2018, Carl Zeiss launched VISULAS green, the next generation of photocoagulation laser that allows ophthalmologists to focus on the treatment procedure without any interruption thereby enhanced procedural efficiency which driving the market. Also, the company announced that its revenue was increased by 14.5 percent in the fiscal year 2018/19 driven by the laser systems, devices and consumables for cataract surgery indicating lucrative growth of the global ophthalmic diagnostics market throughout the forecast period. Furthermore, few key players are entering into partnerships to develop their market position. Some of the companies which are currently dominating the market are Ziemer Ophthalmic Systems AG, Topcon Corporation, Carl Zeiss AG, Metall Zug Ag and Alcon Inc.
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