Covid 19 Outbreak Impact Analysis Ophthalmic Diagnostic Equipment Market

TMR

5 years ago

Ophthalmic Diagnostic Devices

Ophthalmology is a branch of medicine related to the structure, functions, and diseases of the eye. Ophthalmic devices can be defined as medical devices utilized in the identification as well as treatment of eye defects or deficiencies and eye-related disorders. The devices have applications such as diagnostics, surgical, and vision correction. These are increasingly gaining importance and have high rate of adoption owing to high prevalence of several ophthalmic disorders such as glaucoma, cataract, and other eye-related issues.
The global ophthalmic diagnostic devices market is anticipated to grow at a rapid pace during the forecast period, owing to increase in incidence and prevalence of eye-related diseases and technological advancements

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Key Drivers of Global Ophthalmic Diagnostic Devices Market

The ophthalmology industry is expanding at a consistent pace due to rise in prevalence of eye disorders that directly influence demand for various ophthalmology platforms. Cataract and glaucoma are the major disorders that hamper the daily lives of patients. According to the Atlantic Analysis, 4.8 billion people across the globe are likely to be nearsighted by 2050. This is expected to drive the global ophthalmic diagnostic devices market during the forecast period.
Technological advancements also augment the global ophthalmic diagnostic devices market. Novel technology platforms offer enhanced imaging reliability, accuracy, safety, and minimal post-operative pain with the adoption of minimally invasive surgeries. Several manufacturers are making significant investments in the development of novel diagnostic and surgical platforms in order to cater to the need and demand among patients. This results in enhanced growth and acceptance of ophthalmology devices. These factors are expected to fuel the growth of the global ophthalmic diagnostic devices market during the forecast period.
Cataract is the clouding of the lens in the eye, which initially prevents clear vision and eventually progresses to blindness, if left untreated. The WHO estimates that more than 22 million people across the world were bilaterally blind from cataract in 2017. The WHO Action Plan for the prevention of blindness from 2014 to 2019 was approved by the World Health Assembly in May, 2013. VISION 2020 is based on the concept of a broad coalition of all international, nongovernmental, and private organizations that collaborated with the WHO in order to prevent blindness. Hence, increase in the number of cataract awareness programs is likely to boost market growth.

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High Price of Hi-tech Ophthalmology Systems to Hamper Market

Demand for efficient diagnostic devices is increasing owing to rapid technological advances. Several device manufacturers are making significant investments in research and development in order to develop novel diagnostic and surgical platforms. This increases the cost of the devices.
Requirements for product approval of regulatory authorities such as the U.S. Food and Drug Administration (FDA), European CE Mark, and Japan FDA have increased. This has led to high pricing of the medical devices. Primary customers of these devices such as hospitals, commercial diagnostic laboratories & research centers, are adversely affected by the high price of the devices. This is likely to restrain the market during the forecast period.

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Asia Pacific to Capture Major Share of Global Ophthalmic Diagnostic Devices Market

Asia Pacific is a leading market for ophthalmic diagnostic devices, followed by North America and Europe. China and India are key markets in the region. In terms of revenues, the two countries account for more than 30% share of the ophthalmic diagnostic devices market in Asia Pacific.
Increase in incidence of eye-related diseases, surge in disposable income, and rise in awareness programs on eye disorders in developing countries in Asia Pacific are likely to drive the market in the region during the forecast period
The ophthalmic diagnostic devices market in Middle East & Africa is projected to expand at a rapid pace during the forecast period. This can be attributed to increase in investments in health care in the region.