Ophthalmic Diagnostic Devices Market to Exhibit 6.1% CAGR by 2026; Launch of Technologically Advanced Products to Boost Growth

The global ophthalmic diagnostic devices market size is projected to reach USD 3.86 billion by 2026. It is anticipated to gain momentum from the rising development of advanced products by the industry giants. They are launching these products for the diagnosis of ocular diseases, namely, cataracts, glaucoma, refractive errors, and macular degeneration. This information is published by Fortune Business Insights™ in a recent study, titled, “Ophthalmic Diagnostic Devices Market Size, Share & Industry Analysis, By Product Type (Optical Coherence Tomography, Aberrometer & Topography Systems, Fundus Camera, Ophthalmic Ultrasound, and Other Ophthalmic Devices), By End-user (Hospitals, Ophthalmic Clinics, Others), and Regional Forecast, 2019-2026.” The study further mentions that the market stood at USD 2.41 billion in 2018. However, it is set to exhibit a CAGR of 6.1% during the forecast period from 2019 to 2026.

Essilor Launches Next-generation RETINA800 Non-mydriatic Fundus Camera

In September 2019, Essilor Instruments, a provider of a wide range of measuring solutions, diagnostic and imaging equipment, refraction equipment, and edging-mounting products, headquartered in France, unveiled its latest non-mydriatic fundus camera called RETINA800. It enables hassle-free detection and screening of retinal pathologies and is fully-automatic. It also features a space-saving design, is extremely fast to operate, and delivers high-quality images.

The company demonstrated the product at the 2019 Vision Expo West. As per the company officials, this unique product is a valuable addition to its diagnostics and screening line. The plug-and-play and automatic imaging benefit of this product would enhance mass screening and delegation for retinal disorders.

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https://www.fortunebusinessinsights.com/ophthalmic-diagnostic-devices-market-102184

Rising Awareness Programs Regarding Ocular Disorders to Accelerate Growth

Nowadays, the government as well as non-government agencies are taking initiatives to educate the populaces about various types of ocular disorders. The Indian government, for instance, announced its plan to invest around USD 105.8 million in 2017, with an aim to liberate the nation from cataract by the end of 2022. Such factors are anticipated to propel the ophthalmic diagnostic equipment market growth in the coming years.

Moreover, the masses are gaining access to research tools and sources available online. Several support groups are also providing detailed information regarding diseases, such as refractive errors and glaucoma. Additionally, the ongoing advancements in healthcare infrastructure worldwide is expected to augment the growth of the market.

Key Players Focus on Introducing Innovative Products to Gain Maximum Share

NIDEK CO., LTD., ZEISS International, and AMETEK, Inc. are the top three companies present in the market. They are persistently engaging in extensive research and analysis activities to bring about technologically advanced products and gain more ophthalmology diagnostic devices market share. Others, such as Johnson and Johnson Services, Inc. and Alcon are following the mergers and acquisition strategy to strengthen their positions.

Some Noteworthy Industry Developments:

• July 2019: Vave Health, Inc., a healthcare technology startup headquartered in California, bagged 510(k) premarket notification from the U.S. FDA for its new product named Vave Personal Ultrasound. It enables patients to conduct measurements on themselves.
• March 2019: Topcon Medical Systems, Inc., a provider of device and software solutions for the eye care industry, headquartered in the U.S., exhibited various state-of-the-art offerings at the Vision Expo East (VEE) conference in New York. It unveiled Maestro Unlimited, a pair of the new Topcon Harmony, a web-based data management application. The blend of these two product would provide eye care providers with a secure platform to store and archive all patient exam data, as well as a fully automated fundus camera imaging system.

Fortune Business Insights™ profiles a few of the most prominent companies operating in the ophthalmic diagnostic devices market. They are as follows:

• Optovue, Incorporated
• ZEISS International
• Alcon
• HAAG-STREIT GROUP
• Essilor
• AMETEK, Inc.
• TOPCON
• NIDEK CO., LTD.
• Other key market players

Further Report Findings-

• North America generated USD 907.2 million ophthalmology diagnostic equipment market revenue in 2018 owing to the rising incidence of refractive error disorders.
• Asia Pacific is set to remain in the fastest growing region in terms of revenue generation on account of increasing geriatric population.
• In terms of product type, the optical coherence tomography segment held 29.1% ophthalmic diagnostic devices market share in 2018. This growth is attributable to the upsurging efficiency in the diagnosis of ocular disorders.
• By end user, the hospital segment is expected to hold the largest share stoked by the increasing number of glaucoma and cataract surgeries.

The ophthalmic diagnostic devices market can be segmented in the following way: