07.11.19

Market Scope: Booming Demand, Surgical Planning Integration Drive Growth in Ophthalmic Diagnostic Market

Source: Market Scope

Market Scope estimates that the ophthalmic diagnostic equipment market will total $3.2 billion in 2019, and the firm expects it to increase to $3.8 billion in 2024—for a compound annual growth rate of 3.9 percent. Contributing factors include a rising global population, with an expanding elderly segment; advances in treatment and earlier disease diagnosis; and better access to advanced eye care in developing countries.

Market Scope expects that much of the growth will come from increasing demand for more featured devices with the latest technology, including operating room microscopes and clinical data management systems that integrate with surgical equipment.

The diagnostic market includes more than 620 individual products—ranging from small hand-held devices to large desktop units with multiple modular options. Equipment varies in price from hundreds of dollars for retinoscopes to more than $300 thousand for fully featured OR microscopes.

There are more than 90 competitors in the space, and with low barriers to entry, more will be entering regularly. Ophthalmic equipment is sold directly by manufacturers or through distributor networks. Manufacturers range from companies with a single product line and a handful of employees to large, multinational firms with thousands of employees and broad product offerings.

Carl Zeiss Meditec is the market leader in this segment, capturing an estimated 20 percent of total global ophthalmic revenue. The firm has an extensive product line, with models in almost every segment and multiple models in several key segments.

Other leaders in the market include Topcon, Nidek, Optos, and Haag-Streit. These firms have extensive product lines and participate in many product categories. The companies use a combination of direct sales efforts and distributors and have key market positions in several major market segments.

Market Scope’s “Ophthalmic Diagnostic Equipment Market Report” divides the market into seven segments: retinal evaluation, glaucoma detection and monitoring, surgical evaluation, general exam, intraoperative devices, refraction equipment, and data management systems/mobile health.

The US market represents almost a third of global market revenue, largely due to the relatively lucrative markets for retinal and surgical evaluation. US ophthalmologists typically lead the market in investing in new technology. The firm anticipates faster growth during the next five years in China, India, and other emerging markets that will somewhat reduce US revenue market share.

Market Scope’s “2019 Ophthalmic Diagnostic Equipment Market Report: A Global Analysis for 2018 to 2024” was published in July.

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