Ophthalmic Diagnostic Equipment Market to Reflect 5% CAGR through 2030, Covid-19 Contagion Fears Postpone Ophthalmic Procedures: Future Market Insights Report

The ophthalmic diagnostic equipment market is anticipated to display a steady 5% CAGR through the duration of the assessment period in 2030. According to FMI, the industry is likely to be negatively impacted in the short term owing to the coronavirus outbreak. Conventional ophthalmic diagnostic procedures have been found to increase the risk of contagion between covid-19 patients and eye care professionals. However, the pandemic is generating new opportunities for ophthalmologists through telehealth services.

“Ophthalmic diagnostic equipment manufacturers are increasingly focusing on the adoption of portable, hand-held and integrated OCT devices, in addition to real-time imaging technologies, which are expected to aid market growth post pandemic,” says the FMI analyst.

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Ophthalmic Diagnostic Equipment Market – Key Takeaways

• POC testing equipment is rapidly gaining traction for ophthalmic diagnostics owing to high accuracy and early detection of eye ailments.
• Adaptive optics technologies are highly sought after, driven by microscopic level, in-vivo imaging of the retina.
• Easier access to new technologies and higher expenditure on healthcare sector keeps North America in the lead for ophthalmic diagnostics.

Ophthalmic Diagnostic Equipment Market – Key Driving Factors

• Growing awareness about ophthalmic ailments including uveitis, diabetic retinopathy, and cataracts, among patients and professionals drives adoption.
• Frequent product improvements by manufacturers including ergonomic design, software upgrades, and real-time connectivity are generating major growth opportunities.

Ophthalmic Diagnostic Equipment Market – Key Constraints

• High cost of purchasing and installing ophthalmic diagnostic equipment restricts adoption rates.
• Capital and expertise issues in complying with professional ophthalmic diagnostic and treatment standards hinders market growth.

The Anticipated Impact of Coronavirus

Ophthalmology often involves eye care professionals to come in close contact with the patient’s respiratory droplets, which substantially increases the risk of contagion, in case of covid-19 patients. Consequently, non-urgent eye issues have largely been postponed through regulatory guidelines issued in multiple countries. However, telehealth technologies are partially mitigating losses arising during the crisis period.

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Competition Landscape

Players in the ophthalmic diagnostic equipment market include but are not limited to Topcon Corp., Essilor International, Carl Zeiss AG, Bausch & Lomb Inc., and Ellex.

Manufacturers in the ophthalmic diagnostic equipment market are displaying high interest in research and development for product innovations in terms of functionality and cost reduction to keep in an intensely competitive market landscape.

For instance, CarePortMD, the retail health clinic chain has announced an artificial intelligence system for ophthalmic diagnosis procedures, available to potential patients at Albertsons grocery stores. Sensimed has unveiled an FDA approved smart contact lenses to diagnose ophthalmic ailments. Further, Optina Diagnostics has announced the approval of an mydriatic hyperspectral retinal camera for multiple wavelength imaging.

More About the Report

The FMI’s market research report offers detailed insights on ophthalmic diagnostic equipment s market. The market is scrutinized on the basis of product type (fundus camera, retinal ultrasound imaging system, refractors, slit lamps, perimeters, ophthalmoscopes, tonometer, optical coherence tomography, and corneal topography system), and end user (hospitals, clinics, and ambulatory surgical centers) across seven key regions (North America, Latin America, Europe, South Asia, East Asia, Oceania, and Middle East and Africa).

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