London, United Kingdom (PressExposure) October 20, 2011 -- The global ophthalmic diagnostic equipment market was estimated at $715.4m in 2010 and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4% to reach $947m by 2017. The ophthalmic diagnostic equipment market includes perimeters, automatic and manual refractors, slit lamps, contact and non-contact tonometers, fundus cameras, automatic and manual lens meters, direct and indirect ophthalmoscopes, ultrasound equipment, corneal topography systems and other imaging systems. Technological innovations are stimulating growth in this otherwise saturated market dominated by traditional products. Recent advances in Optical Coherence Tomography (OCT) systems have contributed to the renewed market growth.
The market for ophthalmic diagnostic equipment is growing due to a significant increase in the incidence and prevalence of eye related disorders among the elderly population and the availability of reimbursement for eye care screening in the majority of developed economies. With the introduction of ophthalmic diagnostic equipment with advanced technologies there is an increased interest in the prevention of blindness caused by Diabetic Retinopathy (DR), glaucoma, and macular degeneration. Thus, people are increasingly opting for diagnostic measures to correct eye related disorders.
Old age is associated with certain problems, especially the degeneration of visual abilities. By 2025, people aged 60 and above will constitute 35% of the total global population. Thus, with an increase in the elderly population, demand for products related to eye disorders will increase. Moreover, developing regions in Asia and South and Central America will provide growth opportunities as these markets are unsaturated. More than half of the global population resides in Asia, with India and China accounting for over 50% of the regional population. This offers significant market opportunities for manufacturers of ophthalmic diagnostic equipment.
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The US represents the largest market globally for ophthalmic diagnostic equipment in terms of revenue generated. The US ophthalmic diagnostic equipment market was valued at $190.7m in 2010 and is estimated to grow at a CAGR of 3.5% over 2010-2017. Easy accessibility and availability of new medical equipment to patients, the availability of reimbursement for the coverage of eye care screening as well as the increasing incidence of eye conditions and related disorders are the major factors driving growth in the market.
OCT is the largest segment, accounting for $49.5m in 2010. OCT will remain the fastest growing segment, exhibiting a growth rate of 8% over the next seven years. New innovations in fundus cameras will also drive sales in the US market.
GlobalData's new report, "Ophthalmic Diagnostic Equipment - Global Pipeline Analysis, Competitive Landscape and Market Forecasts to 2017" provides key data, information and analysis on the global ophthalmic diagnostic equipment market. The report provides market landscape, competitive landscape and market trends as well as comprehensive information on the key trends affecting the market, and key analytical content on the market's dynamics. The report also reviews the competitive landscape and technology offerings.
This report is built using data and information sourced from proprietary databases, primary and secondary research and in-house analysis by GlobalData's team of industry experts.
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