Global Ophthalmic Diagnostic Equipment Market - 2023-2030

Market Overview

The global ophthalmic diagnostic equipment market size was valued at US$ 4.5 billion in 2023 and is estimated to reach US$ 6.4 billion by 2030, growing at a CAGR of 5.4% during the forecast period (2023-2030).

Ophthalmic diagnostic equipment refers to the equipment utilized for the diagnosis of ophthalmic conditions such as glaucoma, diabetes-related retinopathy, age-related macular degeneration, and more. With this equipment, ophthalmologists can greatly enhance their accuracy while improving their efficiency.

Market Dynamics

The major factors driving the global ophthalmic diagnostic equipment market are the rising demand for ophthalmic diagnostic equipment owing to increasing incidences of visual impairment such as glaucoma, age-related macular degeneration and cataract, surging awareness initiatives, advancements in technologies leading to the development of novel products and rising need to protect the eyes during surgeries.

The rising need to protect the eyes during surgeries and rising technological advancements leading to the development of new equipment are expected to drive the market's growth.

The ophthalmic diagnostic equipment market is driven by rising advancements in technology, an increase in the geriatric population, a surge in research and development investments, an increasing number of ophthalmic disorders such as glaucoma, cataract, diabetic macular edema, AMD and improvements in novel products using the latest technology along with improvements in medical infrastructure in emerging markets.

The ophthalmic diagnostic equipment and devices are being used widely for surgeries or treatment purpose. The adoption of these equipment or devices is increasing, leading to rising government initiatives and funds. These funds will help produce ophthalmic diagnostic equipment products such as ophthalmic ultrasound devices, tonometers or slit lamp. The market for these equipment or devices is increasing worldwide due to the enhanced number of these ophthalmic disorders. Moreover, the availability of technologically advanced products by key players is also expected to play a vital role in the market's growth.

Various novel product launches, research studies, and rising awareness initiatives related to these ophthalmic diagnostic equipment for diagnosis and treatment contribute to the market's growth. For instance, in April 1, 2022, Ziemer Ophthalmic Systems announced about received clearance by FDA for the FEMTO Z8 NEO, its novel femtosecond laser, the successor of the unique LDV Z8 Multipurpose Femtosecond Laser. The FEMTO Z8 NEO offers advanced hardware along with novel improved software applications. The newly developed platform provides substantial improvements on usability, performance and patient comfort. Reliability and precision were optimized by a novel laser source or monitoring system.

High risks involved due to the sensitivity of the organ in the product are expected to hamper the market's growth.

Strict rules and regulations for the approval of equipment utilized for ophthalmic diagnostic is the major factor hindering the growth of the ophthalmic diagnostic equipment market. Various requirements, clinical trials must be fulfilled, leading to an increase in the overall cost of these equipment.

High risk related due to the sensitivity of the organ in the product and the lack of experienced professionals for proper handling of these equipment devices is also a key factor limiting market's growth.

COVID-19 Impact Analysis

The pandemic has negatively impacted global financial expectations, operations and crisis response strategy. The COVID-19 outbreak has severely impacted the healthcare industry. The ophthalmic diagnostic equipment market has experienced huge losses due to COVID. Key manufacturers have started various research and clinical trials. Various initiatives, product launches, collaborations and mergers are happening worldwide, boosting the market's growth. For instance, in May 19, 2021, Glaukos Corporation announced about entering into an expanded collaboration with the Santen Pharmaceutical Co., Ltd. for the Santenowned STN2000100 surgical device ("DE-128") development, marketing, and sales in the Australia, Americas (North, Central, and South America) and New Zealand.

Segment Analysis

The optical coherence tomography segment is expected to grow at the fastest CAGR during the forecast period (2022-2029)

The optical coherence tomography segment is the highest market holder in the global ophthalmic diagnostic equipment market. The global ophthalmic diagnostic equipment market is segmented based on product type as refractometers, optical coherence tomography, ophthalmic ultrasound devices, tonometers, slit lamp, corneal topography systems, ophthalmoscope, fundus camera, lensometers and others. The optical coherence tomography segment is the largest market shareholder due to the increasing number of visual impairments incidences globally, increasing technological advancements and novel product launches.

Optical coherence tomography (OCT) is the most commonly used ophthalmic diagnostic equipment. Optical coherence tomography is a non-invasive imaging procedure which utilizes reflected light and produce pictures of the retina, back of the eye. OCT can be utilized for diagnosis and management of diseases such as glaucoma and diabetes-related retinopathy. This method creates an image by evaluating the dim red light's amount which reflects off of the optic nerve and retina. OCT can evaluate the thickness of optic nerve and retina. The ophthalmologists use OCT angiography to have a look inside the blood vessels present in the eye.

The growing number of regulatory approvals, technological advancements, product launches, and research/clinical trial studies drive the market's growth. For instance, on May 25, 2022, Ziemer Ophthalmology launched the novel upgrades of the GALILEI G6 Toric IOL Calculator and Barrett Formula taking the refractive cataract surgery planning to next level. The GALILEI G6 provides extensive, up-to-date calculator and formulas software packages, creating its full capability as all-in-one diagnostic equipment integrating dual scheimpflug tomography with optical biometry and Placido topography.

Geographical Analysis

North America holds the largest market share in the global ophthalmic diagnostic equipment market.

North America dominates the global ophthalmic diagnostic equipment market primarily due to its large population, excellent medical infrastructure, and high-income levels. The market is expected to grow at a relatively moderate pace during the forecast period due to healthcare expenditure in the US. The market's significant size is attributed to the high medical expenditure.

Increasing expenditure on healthcare and raising awareness among people is also contributing to the market's growth in this region. Advancement of ophthalmic diagnostic equipment in several ophthalmic conditions like glaucoma, age-related macular degeneration or cataract, increase in pharmaceutical establishment across the region and government approvals, and the presence of key players in the region are contributing to the growth of the ophthalmic diagnostic equipment market.

Moreover, the growing number of product launches is responsible for the market's growth. Many key developments, technological advancements, collaborations, and agreements are taking place in this region. For instance, in August 31, 2021, Santen Pharmaceutical Co., Ltd., a specialized ophthalmology company announced its strategic partnership with Shanghai Airdoc Medical Technology Co., Ltd., a retina artificial intelligence enterprise to enhance eye disease diagnostic rate and improve eye health level among communities of China. Santen will provide full play to its extensive channels in ophthalmology to commercialize portable fundus camera to concerned departments in medical institutions in China, and to offer Chinese grassroots medical system with accurate, fair-price, fine, and guaranteed fundi screening devices with supporting solutions.

Competitive Landscape

The ophthalmic diagnostic equipment market is highly competitive with local and global companies' presence. Halma Plc, Coburn Technologies, Inc., Ellex, Nidek Co., Ltd., Kowa American Corporation, Quantel Medical, Topcon Corporation, ZEISS Group, Haag-Streit Group, Ziemer Ophthalmic Systems AG, and more. The key players are adopting various growth strategies such as product launches, mergers & acquisitions, partnerships, and collaborations, contributing to the market's growth. For instance, in July 1, 2021, Ziemer, a laser diagnostics and eye care provider announced its strategic alliance with Zubisoft to introduce lens calculation and laser nomogram technologies in the market. Zubisoft GmbH is the IBRA digital health suite manufacturer, a treatment planning or outcome system for refractive and cataract surgery.

Halma Plc

Overview: Halma Plc is a life-saving technology companies group that consists of 44 businesses regulated in a decentralized manner. Halma, via its products, is focused on trying to make the world cleaner, safer and healthier. This group operates in three segments: environmental and analysis, safety, and medical equipment.

Product Portfolio:

4 Sight: For ophthalmic diagnostics, it provides a single solution by combining a Pachymeter, A-Scan, B-Scan, and UBM in one, easy-to-utilize platform.

Key Development: In June 8, 2022, Keeler, part of Halma supported the Vision 2020 LINKS Programme and donated a slit lamp to Dominica. The laser unit in Dominica broke down which now is replaced by this latest Keeler slit lamp.

The global ophthalmic diagnostic equipment market report would provide access to approx.: 45+market data table, 40+figures and 200 (approximate) pages.