Major players in the diagnostic and monitoring ophthalmic devices and equipment market are Carl Zeiss Meditec, Alcon, Bausch + Lomb, Haag-Streit, Topcon Corporation, Nidek Co. Ltd, Abbott Medical Optics, Johnson and Johnson Vision Care, Essilor International S.
New York, May 16, 2022 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Diagnostic And Monitoring Ophthalmic Devices And Equipment Global Market Report 2022" - https://www.reportlinker.com/p06277185/?utm_source=GNW
A, and Ziemer Ophthalmic Systems AG.
The global diagnostic and monitoring ophthalmic devices and equipment market is expected to grow from $2.25 billion in 2021 to $2.49 billion in 2022 at a compound annual growth rate (CAGR) of 11.0%. The market is expected to grow to $3.55 billion in 2026 at a compound annual growth rate (CAGR) of 9.2%.
The diagnostic and monitoring ophthalmic devices and equipment market consist of sales of diagnostic and monitoring ophthalmic devices and equipment and related services.Diagnostic and monitoring ophthalmic devices and equipment are used for the diagnosis and monitoring of diseases related to the retina and cornea by measuring affix lenses and refractive errors.
These devices also help to identify the power of an intraocular lens (IOLs) and analyze the visual field.
The main product types in the diagnostic and monitoring ophthalmic devices and equipment are optical coherence tomographers, ophthalmic ultrasound imaging systems, fundus cameras, ophthalmoscopes, keratometers, specular microscopes., tonometers, slit lamps, retinoscopes, and others(dioptometers, optotype projector, perimeters, and biometers, pachymeters, autorefractors/phoropters, corneal topographers, wavefront aberrometer, wavefront aberrometer). Fundus cameras are used for diagnosing and monitoring and are used in imaging of a rear eye. These are used in various applications such as retinal evaluation, glaucoma detection, and monitoring, surgical evaluation, general examination, intraoperative devices, and refraction equipment. The diagnostic and monitoring ophthalmic devices are used in hospitals, clinics, diagnostic laboratories, and research centers.
North America was the largest region in the diagnostic and monitoring ophthalmic devices and equipment market in 2021.Asia Pacific was the second largest market in diagnostic and monitoring ophthalmic devices and equipment market.
The regions covered in this report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, and Africa.
The increasing prevalence of eye diseases is expected to drive the demand for diagnostic and monitoring equipment in the ophthalmic devices industry.The rise in surgeries associated with eye disorders like cataracts, diabetic retinopathy, and glaucoma has increased the demand for diagnostic and monitoring ophthalmic devices.
According to a study, 4 out of 10 people have been found to have cataract disease in their early stages of life. The absolute number of cataract blind in 2020 would be 8.25 million, due to a substantial increase in the population above 50 years in India.
Lack of awareness about eye diseases mostly in developing and underdeveloped nations is expected to hinder the growth of the diagnostic and monitoring ophthalmic devices and equipment market.BLack of awareness of eye disorders results in fewer patients going for a routine eye check-up or diagnosis of the disorder, impacting the demand for diagnostic and monitoring ophthalmic equipment.
According to a study conducted by the vision impact institute, 42% of drivers in India have vision-related problems leading to 59% of road accidents. According to WHO, 550 million people in the country need vision correction and to achieve this, companies should increase awareness & provide vision care to people living in rural and semi-urban areas.
Advanced eye care medical devices equipped with artificial intelligence (AI) and machine learning (ML) are the new trends in the ophthalmic diagnostic and monitoring equipment market.AI and ML-equipped medical devices can not only quickly interpret the eyes of the patient with better accuracy but also recommend a suitable treatment for the patient.
Deepmind, a subsidiary of Alphabet Inc. has developed an AI-based system that is capable of analyzing 3D retinal OCT scans for detecting severe diseases like glaucoma, retinopathy, macular degeneration, and 50 different types of eye diseases at their early stage.
The increased regulatory compliance norms by the Food and Drug Administration (FDA) and the Medicines and Healthcare products Regulatory Agency (MHRA) have impacted the market making the approval/regulation process for diagnostic and monitoring ophthalmic devices strenuous.Complex and tedious premarket and postmarket submissions by FDA may increase the product release time and incur heavy costs on device development.
The MHRA considers a medical device to be any equipment used for the diagnosis or treatment of disease, or for monitoring patients and recommends Yellow card reporting for ophthalmic devices and products as well. All the adverse events and the causes for any untoward incidents must be reported in the yellow card, allowing the equipment to be monitored thoroughly for enhanced patient safety.
In July 2020, Topcon, a company manufacturing optical equipment based in Japan acquired Elektron Eye Technology for an undisclosed amount.This acquisition includes the products of the Henson line of perimetry such as Henson 9000 and 7000 that perform suprathreshold glaucoma screening and the product manufacturing will remain in the UK.
Elektron Eye Technology is a company operating in the diagnostic and monitoring of ophthalmic devices based in the UK.
The countries covered in the diagnostic and monitoring ophthalmic devices and equipment market are Brazil, China, France, Germany, India, Indonesia, Japan, South Korea, Russia, UK, USA, and Australia.
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