Ophthalmic Diagnostic Equipment Market to Generate $3.3 Billion in 2018

May 21, 2018: By Matthew Douty

Market Scope estimates that the ophthalmic diagnostic equipment market will generate $3.3 billion in total end-user revenues in 2018, and the market will grow to $4 billion by 2023 at a compound annual growth rate of 4 percent.

Market Scope expects much of this growth to come from increasing demand for the latest technology, including optical coherence tomography (OCT), operating room microscopes, fundus cameras, and clinical data management systems. Recent innovations in these product segments have expanded use of the devices, and market growth has attracted significant new investment, resulting in further innovation. These technological advances are expected to provide end users with more reasons to replace older equipment.

Ophthalmic diagnostic equipment is one of the most diverse and complex ophthalmic market segments. The segment includes 620 individual products that range from small hand-held devices to large desktop units with multiple modular options. The equipment varies in price from hundreds of dollars for retinoscopes to more than $300 thousand for fully featured OR microscopes. In addition, these devices use a wide variety of technologies, including optics, mechanical assemblies, electronics, ultrasound, lasers, microprocessors, and software.

More than 90 companies manufacture ophthalmic diagnostic equipment, and the firms are geographically dispersed. Several are multinational firms with manufacturing sites in multiple countries. Ophthalmic equipment is sold directly or through distributor networks, and manufacturers range in size from single-product companies with a handful of employees to large multinational firms with thousands of employees.

Carl Zeiss Meditec is the market leader in this segment, capturing an estimated 23 percent of total global ophthalmic revenues. The firm has an extensive product line with models in almost every segment and multiple models in several key segments. Many of Zeiss’ products are leaders in their respective categories, and the firm and its collaborators have pioneered much of the basic technology used by ophthalmologists and optometrists today. The company has a direct sales force in most major markets and is able to leverage its market position to assure product awareness and availability in all major markets and user segments.

Traditional ophthalmic market leaders Alcon, J&J Vision, and Bausch + Lomb play a more minor role in the diagnostic equipment market and have limited product offerings. The diagnostic products offered by the big three ophthalmic market leaders are limited to devices that work in conjunction with surgical equipment or devices.

Market Scope’s newly released Ophthalmic Diagnostic Equipment 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.

Market Scope’s “2018 Ophthalmic Diagnostic Equipment Report: A Global Market Analysis for 2017 to 2023” was published in May. Visit market-scope.com or call (314) 835-0600 for more information.

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