NEWARK, Del, March 25, 2024 (GLOBE NEWSWIRE) -- The global ophthalmic diagnostic equipment market is anticipated to surpass US$ 3,439.00 million in 2024 and is likely to attain a valuation of US$ 4,851.00 million by 2034. The market size is projected to expand at a CAGR of 3.50% from 2024 to 2034.
The ophthalmology industry's shift to point-of-care testing allows businesses to profit from the rising need for portable, user-friendly diagnostic tools. Businesses can target consumer categories, such as primary care physicians, optometrists, and mobile healthcare professionals, by creating handheld devices and portable diagnostic kits. The adoption of these point-of-care testing systems by healthcare institutions and professionals is fueled by their considerable cost-effectiveness, convenience, and efficiency. Furthermore, decentralized testing aligns with general industry trends that stress value-based healthcare delivery and patient-centered care. This trend sets up businesses for long-term success and a competitive edge in the changing diagnostic market.
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For businesses looking to expand and keep up with the changing demands of patients and healthcare providers, the emergence of home-based care and remote monitoring in ophthalmology offers tremendous prospects. Businesses can facilitate continuous monitoring of eye health metrics, aid in the early diagnosis of disease development, and improve patient involvement in self-management activities by developing digital health platforms and remote monitoring equipment. With remote patient monitoring devices and software-as-a-service (SaaS) solutions, these remote monitoring solutions can enhance revenues, patient outcomes, and quality of life.
“Sustainability, innovation, and adaptability are critical in the market for ophthalmic diagnostic equipment. Technical innovation, eco-friendly practices, and regulatory compliance drives the market’s success. Innovation and market presence can be amplified through strategic collaborations,” opines Sabyasachi Ghosh Associate Vice President at Future Market Insights (FMI).
Key Takeaways from the Ophthalmic Diagnostic Equipment Market Report:
- The global ophthalmic diagnostic equipment market size expanded at a 2.30% CAGR from 2019 to 2023.
- The optical coherence tomography (OCT) segment holds 26.90% of market shares in 2024.
- The hospitals segment captured 42.40% of the market in 2024.
- The market in the United States is projected to rise at a 1.60% CAGR through 2034.
- The market in Germany is anticipated to develop at a 2.60% CAGR through 2034.
- The market size in Malaysia is estimated to surge at a 3.90% CAGR through 2034.
- The market size in India is expected to increase at a 5.40% CAGR through 2034.
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Competitive Landscape:
The ophthalmic diagnostic equipment market is highly competitive, with prominent competitors competing for market share and technical leadership. Leading participants include Carl Zeiss Meditec AG, Topcon Corporation, and NIDEK Co., Ltd., with substantial product portfolios and a global presence. These firms invest significantly in research and development to create and commercialize innovative diagnostic technologies that satisfy the changing demands of healthcare practitioners and patients. In addition, significant businesses frequently use strategic collaborations, mergers, and acquisitions to broaden their market reach, improve product offerings, and acquire a competitive edge.
Recent Developments:
- In January 2023, UC Health initiated a US$ 2 million endeavor to enhance eye care for diabetics. Teleophthalmology will be conducted using ophthalmic diagnostic equipment in this research.
- In July 2023, the Icahn School of Medicine at Mount Sinai launched the Center for Ophthalmic Artificial Intelligence and Human Health. It is one of the first in the United States and the first in New York. By developing artificial intelligence (AI) in ophthalmology, the center intends to position Mount Sinai Health System as a leader in patient care delivery through creative concepts and cutting-edge technology.
Key Players in the Ophthalmic Diagnostic Equipment Market:
- Carl Zeiss Meditec AG
- Topcon Corporation
- NIDEK Co., Ltd.
- Heidelberg Engineering GmbH
- Canon Inc.
- Haag-Streit AG
- Optovue, Inc.
- Bausch + Lomb
- Essilor Instruments
- Kowa Company, Ltd.
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Market Segmentation:
By Product:
- Fundus Cameras
- Retinal Ultrasound Imaging Systems
- Refractors
- Slit Lamps
- Perimeters
- Ophthalmoscopes
- Tonometer
- Optical Coherence Tomography (OCT)
- Corneal Topography Systems
By End User:
- Hospitals
- Clinics
- Ambulatory Surgical Centers
By Region:
- North America
- Latin America
- Western Europe
- Eastern Europe
- Asia Pacific (APAC)
- Middle East & Africa (MEA)
- Japan
Authored By:
Sabyasachi Ghosh (Associate Vice President at Future Market Insights, Inc.) holds over 12 years of experience in the Healthcare, Medical Devices, and Pharmaceutical industries. His curious and analytical nature helped him shape his career as a researcher.
Identifying key challenges faced by clients and devising robust, hypothesis-based solutions to empower them with strategic decision-making capabilities come naturally to him. His primary expertise lies in areas such as Market Entry and Expansion Strategy, Feasibility Studies, Competitive Intelligence, and Strategic Transformation.
Holding a degree in Microbiology, Sabyasachi has authored numerous publications and has been cited in journals, including The Journal of mHealth, ITN Online, and Spinal Surgery News.
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