Impact of Outbreak of COVID-19 on Ophthalmic Diagnostic Equipment Market

Prominent market research firm Future Market Insight has published a report on the ophthalmic diagnostic equipment market for the 2020-2030 forecast period. According to it, the market is anticipated to register a yearly growth of 5% throughout 2020.

The number of visually impaired patients globally is estimated to be around 2.2 billion people, out of which at least 1 billion have a vision impairment which was easily preventable, according to the World Health Organization. Majority of these people are in the geriatric bracket, aged above 50 years. Considering these high numbers, investments in ophthalmic diagnostics has augmented in recent years.

Technological advancements have deeply penetrated the healthcare industry and ophthalmology is no exception. Various sophisticated imaging and surgical procedures have made inroads in this field, promoting immense growth since the past few years. The advent of optical coherence tomography (OCT) has revolutionized ophthalmic care. OCT has long evolved from being solely time domain-based to frequency, spectral and Fourier domains. OCT techniques have been increasingly employed to analyze toric intraocular lens alignment and correct any anomalies.

Leading market vendors are increasingly incorporating this technology in order to provide efficient eye-care to ophthalmic patients. However, the COVID-19 pandemic has dampened near-term growth prospects as hospital and clinical visits have stopped due to mandatory social distancing measures implemented to curb the pandemic’s spread. This is anticipated to induce sluggishness in the ophthalmic diagnostic equipment market.

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“Existing ophthalmic diagnostic equipment players are seeking to penetrate new regions in the hope of widening their customer base and generate a new revenue ecosystem. This geographical expansion will allow stakeholders to experiment with various technological tools across a diverse patient pool, enabling them to undertake a better assessment,” infers an FMI analyst.

Key Takeaways from the Ophthalmic Diagnostic Equipment Report

• Rising demand for novel ocular diagnostic technology shall boost ophthalmic diagnostic equipment market prospects between 2020 and 2030
• Cataract and glaucoma surgeries constitute the maximum utilization of ophthalmic diagnostic equipment as nearly 5 billion people are expected to be affected by these conditions
• Asia-Pacific shall register exponential growth across the forecast period, attributed to rising prevalence of eye-disorders due to a swelling population
• Market players are emphasizing on qualitative expansion and visibility to sustain their foothold in the market

Ophthalmic Diagnostic Equipment Market- Key Trends

• Prevalence of ophthalmic disorders such as diabetic retinopathy, retinitis pigmentosa, cataract, conjunctivitis, etc., has augmented the need for point-of-care testing, heightening adoption of advanced testing equipment
• Manufacturers are leveraging artificial intelligence, software advancements and enhanced connectivity to provide quality level equipment.
• Adaptive optics is another approach adopted by OCT manufacturers which would foster in-vivo retinal imaging

Ophthalmic Diagnostic Equipment Market- Region-wise Analysis

• Asia-Pacific shall be the fastest growing ophthalmic diagnostic equipment market, with China and India contributing over 30% revenue
• Increasing prevalence of ophthalmic disorders and increased disposable income are primary growth drivers
• Robust presence of ophthalmic diagnostic equipment manufacturers is catapulting the North American market
• Rapid digitization of surgical procedures is uplifting growth prospects for Europe

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Ophthalmic Diagnostic Equipment Market- Competitive Landscape

The global ophthalmic diagnostic equipment market is dominated by prominent players such as Topcon Corp., Danaher Corp., IRIDEX Corp., Optovue Inc., and Nikon Corp to name a few.

Market players are emphasizing immensely on technological advancements to secure a firm footing in the global landscape. They are also relying on partnerships and collaborations with other players. For instance, IBM Watson collaborated with Topcorn Corporation to fast-track their agreement on developing products to improve diagnosis and treatment of eye diseases in June 2020.

Product launches are another strategy for enhancing revenue pools. IRIDEX, for example, manufactures the MicroPulse P3 Device for non-incisional and versatile glaucoma treatment with transscleral laser therapy. Likewise, Nikon Corporation has designed a new fundus camera to acquire retina images for the detection of eye-disorders at an early stage.