Ophthalmic Imaging Equipment Market Insights, Competitive Landscape and Market Forecast–2027

Ophthalmic Imaging Equipment Market Insights, Competitive Landscape and Market Forecast–2027

Ophthalmic Imaging Equipment Market By Product Type (Optical Coherence Tomography Systems, Ophthalmic Ultrasound Systems, Fundus Cameras, Slit Lamps, Corneal Topography Systems, Specular Microscopes, and Others), By Application (Glaucoma, Cataract, Retinopathies, Age-Related Macular Degeneration, and Others), By End User (Hospitals, Specialty Clinics, and Others), and By Geography is expected to grow at a steady CAGR (forecast period- 2022-2027) owing to increasing prevalence of diabetes and rising geriatric population resulting in rising prevalence of ocular diseases.

Global Ophthalmic Imaging Equipment Market was valued at USD 2.33 billion in 2021, growing at a CAGR of 5.97% during the forecast period from 2022 to 2027 to reach USD 3.29 billion by 2027. The demand for ophthalmic imaging equipment is primarily being boosted by the rising prevalence of diabetes and growing geriatric population base which has resulted in the increased prevalence of ocular diseases of different etiologies, increasing number of image-guided surgeries, and technical innovation in product development which are expected to increase in the product demand thereby contributing in the growth of the ophthalmic imaging equipment market during the forecast period from 2022-2027.

Ophthalmic Imaging Equipment Market Dynamics:

The ophthalmic imaging equipment market is witnessing an increase in product demand due to numerous reasons and one of the major reasons being the rise in the diabetic patient population. According to the data from the International Diabetes Federation (IDF) Diabetes Atlas 2019 Ninth Edition, across the globe, in 2019, there were approximately 463 million adults in the age group (20-79 years). The source further stated the numbers to rise to 700 million by 2045. Diabetes is considered as one of the major risk factors that may lead to the development of diabetic retinopathy in diabetic patients. As per a report published by the World Health Organization in 2020, it was estimated that by 2040, 642 million people will be affected with diabetes, of which 224 million will have some form of diabetic retinopathy, and 70 million may develop sight-threatening retinopathy. The increase in prevalence of diabetic retinopathy would result in the increase in demand for imaging equipment used in the diagnosis of ophthalmic diseases, thereby propelling the growth of the ophthalmic imaging equipment market in the forecast period (2022-2027).

Moreover, another key factor that may be responsible for the ophthalmic imaging equipment market is the rising geriatric population. According to the United Nations, there were about 727 million people over the age of 65 worldwide in 2020. The aforementioned source further mentioned that the elderly population is expected to double to more than 1.5 billion in three decades. The elderly population is prone to the development of various diseases such as various age-related ocular diseases- glaucoma, cataract, age-related macular degeneration among others. This in turn has resulted in the increasing prevalence of age-related ocular diseases. As per the data provided by the World Health Organization, in 2020, 7.7 million people were diagnosed with glaucoma and 4.2 million people were diagnosed with corneal opacities.

The factors mentioned above point towards the growing prevalence of ocular diseases of various etiologies across the globe. Ocular diseases in general are of critical nature and in their progressive forms may lead to vision impairment and vision loss which may severely affect the quality of life of patients. Therefore, in order to facilitate the timely diagnosis of ocular diseases and restrict the disease progression, ophthalmic imaging equipment are witnessing an increase in demand.

Furthermore, technological advancements such as improvements in imaging chips and computer processing power have been instrumental in bringing about major advances in imaging of the eye. The integration of artificial intelligence with the ophthalmic imaging equipment has been another technological advancement that has been beneficial for practitioners in disease diagnoses. For instance, in April 2021, an optical coherence tomography (OCT) imaging system equipped with ImgAssist AI received the breakthrough device designation from the US Food and Drug Administration.

However, limitations associated with specific type of equipment such as the susceptibility of image quality to media opacities, motion artifact and image processing and the presentation of false color along with the limited availability of skilled professionals specifically in emerging economies may prove to be challenging factors for the ophthalmic imaging equipment market growth.

Ophthalmic Imaging Equipment Market Segment Analysis:

Ophthalmic Imaging Equipment Market by Product Type (Optical Coherence Tomography Systems, Ophthalmic Ultrasound Systems, Fundus Cameras, Slit Lamps, Corneal Topography Systems, Specular Microscopes, and Others), by Application (Glaucoma, Cataract, Retinopathies, Age-Related Macular Degeneration, and Others), by End User (Hospitals, Specialty Clinics, and Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

In the product segment of the Ophthalmic Imaging Equipment Market, the Ophthalmic Coherence Tomography-based imaging equipment is expected to hold a significant share in the ophthalmic imaging equipment market in the forecast period. This can be attributed to the advantages of OCT over older methods namely scan speed, non-invasive nature, and the generation of the three-dimensional data. Unlike conventional angiography methods based on fundus photography or scanning laser ophthalmoscopy (SLO), OCT-Angiography techniques provide depth information and allow the isolation of all the vascular layers of the retina and the layers selected choroidal layers.

Additionally, the development of newer OCT devices- such as spectral-domain OCT, tens of thousands of A-scans can be acquired each second, which enables true 3-D imaging a routine practice. Consequently, 3-D OCT is now in wide clinical use and has become the standard of care.

Therefore, the constant technological advancements coupled with added advantages of the OCT imaging equipment among other product types is expected to boost the growth of the ophthalmic imaging equipment market.

Asia-Pacific is expected to register fastest growth in the overall Ophthalmic Imaging Equipment Market:

Among all the regions, Asia-Pacific is expected to account for the significant market share in the ophthalmic imaging equipment market. APAC is predicted to register the fastest growth the ophthalmic imaging equipment market because of the high prevalence of diabetes, presence of large patient population suffering from ocular diseases, and increasing focus on the improvement of healthcare infrastructure in various countries among in the region.

According to the data cited by the World Health Organization, in 2020, an estimated 596 million people worldwide had distant visual impairment, of which 43 million were blind. The majority of those affected (90%) live in low- and middle-income countries (LMIC). The study further mentioned that South Asia had the highest overall age-standardized prevalence of moderate to severe vision impairment. It was reported that the highest number of cases associated with blindness was observed in South Asia (11.9 million) followed by East Asia (9.1 million), and Southeast Asia (5.9 million) which was attributed to the presence of large population in the region, in general.

Moreover, as per the estimates provided by the World Economic Forum, the gross domestic product in the APAC region has increased from USD 15,133.08 billion to the projected GDP of 30,280.20 billion by 2024. The increase in GDP is representative of the rising disposable income in the region, which will improve the spending power of customers, including healthcare services. Furthermore, due to the presence of large patient population of ocular diseases in the APAC countries, VISION 2020, an initiative by the World Health Organization and the International Agency for the Prevention of Blindness was launched in 1999. Under this initiative, which was spread over the years, many countries devised national plans in order to deal with the disease burden associated with ocular diseases. In China, for example, in addition to the three-tier eye care network of the provincial municipality, the county-township-village three-tier eye care network is also being established to ensure access to eye care at the basic level.

Therefore, the points mentioned above will collectively contribute in the growing demand for ophthalmic imaging equipment in the region which in turn will motivate key market players in widening their market reach in the APAC region.

Ophthalmic Imaging Equipment Market Key Players:

Some of the key market players operating in the ophthalmic imaging equipment market includes ZEISS Group, Leica Microsystems, CANON MEDICAL SYSTEMS EUROPE B.V., Optovue, Incorporated, Heidelberg Engineering Inc, NIDEK CO., LTD, Luneau Technology Group, OPTOPOL Technology Sp. z o.o., Sonomed Escalon, Keeler, Konan Medical USA, Inc., TOMEY CORPORATION, Rexxam Co. Ltd., HAAG-STREIT GROUP, Essilor Instruments USA Ltd, Ziemer Ophthalmic Systems, Costruzione Strumenti Oftalmici, Topcon Corporation, HAI Laboratories, Inc., Centervue SpA and others.

Recent Developmental Activities in Ophthalmic Imaging Equipment Market:

• In October 2021, NIDEK CO LTD. launched the Retina Scan Duo 2, a combined OCT and fundus camera system. The system comes equipped with new features designed to enhance screening and clinical efficiency, in addition to user-friendly features that were incorporated from the previous model.
• In October 2021, iCare USA received the 510k approval from the US Food and Drug Administration for their EIDON Ultra-Widefield Lens module which is capable of capturing 120 degrees images of the retina in a single shot or in mosaic function mode, images up to 200 degrees.
• In June 2021, Konan Medical Inc. received the 510k approval from the US FDA for their CellCheck 20 rc software program which is intended to be used with the specular microscope XVII.

Key Takeaways from the Ophthalmic Imaging Equipment Market Report Study

• Market size analysis for current ophthalmic imaging equipment market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the ophthalmic imaging equipment market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global Ophthalmic Imaging Equipment Market.
• Various opportunities available for the other competitor in the Ophthalmic Imaging Equipment Market space.
• What are the top performing segments in 2021? How these segments will perform in 2027.
• Which is the top-performing regions and countries in the current ophthalmic imaging equipment market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for ophthalmic imaging equipment market growth in the coming future?

Target Audience who can be benefited from this Ophthalmic Imaging Equipment Market Report Study

• Ophthalmic Imaging Equipment products providers
• Research organizations and consulting companies
• Ophthalmic Imaging Equipment-related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders dealing in ophthalmic imaging equipment
• Various End-users who want to know more about the Ophthalmic Imaging Equipment market and latest technological developments in the Ophthalmic Imaging Equipment market.

Frequently Asked Questions for Ophthalmic Imaging Equipment Market:

1. What is an Ophthalmic Imaging Equipment?

Ophthalmic imaging equipment help in the diagnosis of ocular diseases by helping in the visualization of the anatomy of eye by creating 2D and 3D images.

2. What is the market for Global Ophthalmic Imaging Equipment?

Global Ophthalmic Imaging Equipment Market was valued at USD 2.33 billion in 2021, growing at a CAGR of 5.97% during the forecast period from 2022 to 2027 to reach USD 3.29 billion by 2027.

3. What are the drivers for Global Ophthalmic Imaging Equipment Market?

The demand for ophthalmic imaging equipment is primarily being boosted by the rising prevalence of diabetes, growing geriatric population base, increasing popularity of image-guided ocular surgeries, and technical innovation in product development.

4. Who are the key players operating in Global Ophthalmic Imaging Equipment Market?

Some of the key market players operating in the ophthalmic imaging equipment market includes ZEISS Group, Leica Microsystems, CANON MEDICAL SYSTEMS EUROPE B.V., Optovue, Incorporated, Heidelberg Engineering Inc, NIDEK CO., LTD, Luneau Technology Group, OPTOPOL Technology Sp. z o.o., Sonomed Escalon, Keeler, Konan Medical USA, Inc., TOMEY, Rexxam Co. Ltd., HAAG-STREIT GROUP, Essilor Instruments USA Ltd, Ziemer Ophthalmic Systems, Costruzione Strumenti Oftalmici, Topcon Corporation, HAI Laboratories, Inc., Centervue SpA and others.

5. Which region will register the fastest growth in Ophthalmic Imaging Equipment market?

APAC is predicted to register the fastest growth the ophthalmic imaging equipment market because of the high prevalence of diabetes, presence of large patient population suffering from ocular diseases, and increasing focus on the improvement of healthcare infrastructure in various countries among in the region.

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