Major competitors in the ophthalmic diagnostic equipment market are concentrating their efforts on expanding their worldwide and regional footprints through strategic acquisitions and mergers, as well as operational growth.
It is anticipated that the worldwide Ophthalmic Diagnostic Equipment Market will offer an opulent growth opportunity, rising at a CAGR of 6.7% from a valuation of US$ 3.0 billion in 2022 to US$ 5.1 billion by 2030.
The market for ophthalmic devices, which was projected to be worth approximately USD 55.0 billion in 2021, received more than 5.5% of its market share from the worldwide ophthalmic diagnostic equipment market.
According to an FMI assessment, the market for ophthalmic diagnostic tools is predicted to grow by 44 basis points (BPS) between H1-2021 and H1-2022(O). However, a comparison of the projected and outlook growth rates for the H1-2022 timeframe revealed a 10 BPS decrease in growth rate.
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Key Takeaways
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Competitive Landscape
TOPCON CORPORATION, ZEISS International, Ellex, Quantel Medical, NIDEK CO., LTD., HAAG-STREIT GROUP, Halma plc, Coburn Technologies Inc., Kowa Company Ltd. are some of the key companies profiled in the full version of the report.
Major competitors in the ophthalmic diagnostic equipment market are concentrating their efforts on expanding their worldwide and regional footprints through strategic acquisitions and mergers, as well as operational growth.
Companies in the ophthalmic diagnostic equipment market are following new product innovations and launches, regulatory approvals, and acquisitions as the key strategies. Key players are focusing on the development of advanced and cost-effective products and establishing distribution agreements to increase geographic reach, especially in the Asia Pacific region. Moreover, companies are targeting Asia region by establishing manufacturing units in order to reduce manufacturing costs.
More Insights into Ophthalmic Diagnostic Equipment Market
The United States is anticipated to rule the ophthalmic diagnostic equipment market accounting for over 89.2% of the North American region. Owing to the increased prevalence of refractive error disorders, the increased number of eye condition awareness programs, and the increased use of superior diagnostic technology are all contributing to this increase.
Germany accounted for approximately 28.6% of the Western Europe market in 2021. According to Eurostat one of the most common surgical procedures in Europe is cataract surgery. The rising number of cataract operations has had a significant influence on the ophthalmic industry, resulting in increased demand for cataract surgery equipment and medications.
China accounted for about 40.4% of the APEJ region in 2021. Factors such as the increasing number of people belonging to the older population that suffer primarily from poor eyesight and other eye-related diseases such as glaucoma and cataract contributed to market growth in this region.
India accounted for a 13.1% market share of APEJ in 2021 and is expected to show a similar trend in the coming years also. In India, ophthalmology-related disorders are on the rise. In India, almost 5 million cataract procedures are conducted every year. The bulk of these operations includes the implantation of intraocular lenses.
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Ophthalmic Diagnostic Equipment Market by Category
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Future Market Insights, Inc. (ESOMAR certified, Stevie Award - recipient market research organization and a member of Greater New York Chamber of Commerce) provides in-depth insights into governing factors elevating the demand in the market.
May 16, 2023