PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1429022
PUBLISHER: Market Xcel - Markets and Data | PRODUCT CODE: 1429022
Global ophthalmic ultrasound market is projected to witness a CAGR of 7.96% during the forecast period 2024-2031, growing from USD 627.8 million in 2023 to USD 1158.58 million in 2031. Due to the rising incidence of vision impairment and the resulting need for early and accurate diagnosis, the global ophthalmic ultrasound market is expanding rapidly. The growing geriatric population is the primary cause of vision impairment. Early diagnosis is crucial for managing various vision problems that arise with age, including macular degeneration and presbyopia. Ophthalmic ultrasound has the potential to provide evaluation of traumatic eye injuries, assessing presence and location of intraocular tumors, including small tumors that have not yet caused visual distortion, evaluation of retinal detachment and evaluation of vascular disease.
The benefits of ophthalmic ultrasounds are becoming more widely known to patients, which has increased acceptance of these diagnostic imaging devices. Technological advancements, product launches by the market players, increased healthcare expenditure, and increasing disposable incomes are playing a major role in the growth of the ophthalmic ultrasound market. Moreover, governmental support and initiatives to improve access to eye care services, such as diagnostic appliances for low socio-economic people and public and private firm's collaborations and joint ventures to invest in research and development of the more efficient and effective diagnostic approaches, further facilitate growth in the global ophthalmic ultrasound market.
Increasing Prevalence of Vision Impairments
There has been a surge in demand for ophthalmic ultrasound due to the rising number of vision impairments worldwide. Ophthalmic ultrasound, with its non-invasive nature and ability to provide detailed images of ocular structures, plays an important role in diagnosing and managing various eye conditions such as cataracts, myopia, hyperopia, diabetic retinopathy, glaucoma, age-related macular degeneration, and presbyopia. According to WHO, 2.2 billion people are suffering from near or distance vision impairment, globally. The annual global cost of productivity associated with vision impairment is estimated to be USD 411 billion, posing a massive financial burden on global healthcare systems. The prevalence of vision impairment is most common in low-and-middle-income-countries. Early detection and early intervention by improving access to eye wear and using ophthalmic ultrasounds for accurate diagnosis are crucial in managing vision impairment.
Technological Advancements in Ophthalmic Ultrasound
Technological innovations in ultrasound technology have enabled high imaging capabilities, providing clinicians with increased accuracy and details in visualizing ocular structures. The integration of artificial intelligence (AI) and machine learning has further facilitated diagnostic accuracy for faster and accurate detection of eye conditions. The miniaturization of ultrasound devices has led to portability, allowing point-of-care diagnostics. In June 2023, Eyenuk, a global leader in AI-based ophthalmic ultrasound and AI Predictive Biomarkers, received U.S. FDA clearance to use the Topcon NW400 retinal camera to automatically detect diabetic retinopathy with the use of AI. This innovative product would help the diabetic patients to save their vision by early detection.
Government Initiatives
Recognizing the growing burden of eye diseases and the need for advanced diagnostic devices, many governments have formulated healthcare policies and initiatives to support the adoption of ophthalmic diagnostic devices. Programs for funding, grants for research, and subsidies for the development of these diagnostic devices have encouraged medical facilities and practitioners to incorporate these devices into their practices. In May 2023, National Health Service (NHS) England announced the implementation of a new clinical guidance, which could reduce waiting times for eye care services for patients in England. The initiative also aims to provide improved eye care diagnosis and treatment with the help of latest digital diagnostic appliances such as ophthalmic ultrasound devices. This will improve the speed and quality of eye care treatment for patients.
Growth in Portable Ophthalmic Ultrasound
Among the product segment, portable ophthalmic ultrasound is expected to grow faster in the forecasted period. Technological advancements in this segment have led to the development of advanced devices, such as light-weight portable devices, that can provide point of care services to the bedridden patients and during emergency locations. Many key market players understand the growing demand of this segment and are launching modern devices with high accuracy and precision. In August 2023, Alpinion Medical Systems Co. Ltd. launched their portable ultrasound device "X-Cube i9". It is equipped with dual batteries and probe connectors. X-Cube i9 is lightweight, has extended portability and sets up in just one minute, providing up to 100 hours of standby mode and more than one hour of scan mode operation. This device will provide ophthalmic screening, be beneficial in early detection and quick analysis, and provide care at the bedside.
North America Holds Largest Share in Ophthalmic Ultrasound Market
North America accounts for a significant share in the global ophthalmic ultrasound market. Robust healthcare infrastructure and advanced healthcare facilities are some of the factors which make North America a global leader in the global healthcare market. Growing awareness of the importance and benefits of screening and early diagnosis in preventing eye diseases drives the global demand for ophthalmic ultrasound. High number of eye surgeries in the region, and availability of many surgeons further leads to increased application of ophthalmic ultrasounds for constant evaluation and screening of eye diseases. There are around 20 million cataract surgeries performed each year, and the United States accounts for 3.7 million surgeries performed each year. In 2020, ophthalmologists performed 800,000 laser refractive procedures and 47,000 corneal transplants in the United States. These surgeries consistently require screening and evaluation, which drives demand in demand in this region. Moreover, key market players like DGH Technology, Inc. and Escalon Medical Corp. play a pivotal role in the availability of advanced medical devices for ophthalmology.
Future Market Scenario
The global ophthalmic ultrasound market is expected to grow in the coming years due to several factors. The global prevalence of vision impairment will increase as the population grows old. This will increase the demand for ophthalmic ultrasound due to its ability to diagnose eye-related disorders with accuracy and precision. Ophthalmic ultrasounds are cost-effective and play a crucial role in providing early intervention. The public increasingly recognizes the importance of early diagnosis and disease prevention for disorders related to the eyes. Technological advancements, government programs, increasing healthcare budgets, and collaborative partnerships between medical device companies, research institutions, and other healthcare providers are some of the factors responsible for driving the market's growth over the forecast period.
Key Players Landscape and Outlook
In the ophthalmic ultrasound market, mergers and acquisitions, partnerships, and distribution agreements are pivotal in driving the global ophthalmic ultrasound market. These alliances empower firms to adapt to each other's strengths, gain access to new markets and technologies, and pool resources for research and development. Distribution agreements enable companies to expand their market presence. These collaborative initiatives promote innovation, expedite product development, and contribute to the growth of the ophthalmic ultrasound market. In October 2022, Halma Plc. announced the acquisition of IZI Medical Products, a leading designer, manufacturer and distributor of diagnostic devices. Through this acquisition the company aims to improve the quality of its diagnostic medical devices, such as ophthalmic ultrasound devices, and enhance its market on a global level.
All segments will be provided for all regions and countries covered
Companies mentioned above DO NOT hold any order as per market share and can be changed as per information available during research work