Ophthalmic Ultrasound Devices Market Is Expected To Have A Significant Impact On The Growth
Ophthalmic Ultrasound Devices Industry Overview
The global ophthalmic ultrasound devices market size was valued at USD 387.50 million in 2020 and is projected to expand at a compound annual growth rate (CAGR) of 8.36% by 2028. The growing prevalence of ophthalmic disorders, such as diabetic retinopathy, cataract, and others, coupled with frequent product launches are the factors anticipated to drive the market growth. The availability of efficient reimbursement policies, such as Medicare and Medicaid, is anticipated to support market growth. The WHO announced COVID-19 as a worldwide pandemic in March 2020. The COVID-19 pandemic had an unprecedented impact on the market. Routine healthcare activities were eluded to prevent patients from contracting virus, also ophthalmology services were predominantly impacted hence decrease in routine clinical care was observed that ultimately reduced the product demand. This led to a considerable loss in revenue and permanent or temporary closure of single ophthalmic practice institutions.
The volume of cataract surgeries is increasing considerably across the globe. According to the National Eye Institute projections, the number of people suffering from cataracts in the U.S. is expected to reach about 40 million in 2030. Cataract surgeries, the only effective treatment for the condition, are performed only after ocular ultrasound imaging and are done post-surgery to make sure that the lens is perfectly placed, indicating the potential of ocular ultrasound devices. Various initiatives to increase the reach of cataract treatment in the rural parts of developing economies are anticipated to boost the product demand during the forecast period.
Gather more insights about the market drivers, restrains and growth of the Global Ophthalmic Ultrasound Devices market
Growing incidence of lifestyle- and age-related ophthalmic conditions and an increasing number of diabetic retinopathy in developed as well as developing regions are expected to enhance the product demand. Diabetic retinopathy is the most common diabetic eye disorder and a leading cause of blindness. As the number of individuals living with diabetes rises, so does the number of people with impaired vision. According to the CDC, diabetic retinopathy is observed in 1 in 3 diabetic patients. Hence, rising cases of diabetes are expected to drive product adoption.
Shortage of ophthalmic surgeons includes longer waiting times, which results in increased preference for alternative treatment procedures over ocular surgeries. Around 10,000 ophthalmologists were performing about 4 million cataracts surgeries in 2019 across the U.S. In addition, cataract cases are estimated to double during the forecast period, which will expressively increase the number of surgeries. Thus, the shortage of ophthalmic surgeons is predicted to limit the market growth during the forecast period.
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Ophthalmic Ultrasound Devices Market Segmentation
Grand View Research has segmented the global ophthalmic ultrasound devices market on the basis of product, mobility, end-use, and region:
Ophthalmic Ultrasound Devices Product Outlook (Revenue, USD Million, 2016 - 2028)
- A-Scan
- B-Scan
- Combined
- Pachymeter
- Ultrasound Bio Microscope
Ophthalmic Ultrasound Devices Mobility Outlook (Revenue, USD Million, 2016 - 2028)
- Standalone
- Portable
Ophthalmic Ultrasound Devices End-use Outlook (Revenue, USD Million, 2016 - 2028)
- Hospitals
- Ambulatory Surgical Centers (ASCs)
- Ophthalmic Clinics
- Others
Ophthalmic Ultrasound Devices Regional Outlook (Revenue, USD Million, 2016 - 2028)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East & Africa (MEA)
Market Share Insights
- March 2019: Quantal medical received U.S. FDA approval for the launch of its product called ABSolu. This product provides A/B/S/UBM ultrasound technology with exceptional image quality in one device.
Key Companies profiled:
Some prominent players in the global Ophthalmic Ultrasound Devices market include
- Halma plc
- NIDEK CO. Ltd.
- Quantel Medical
- Optos
- Escalon Medical Corp
- Appasamy Associates
- MicroMedical Devices
- DGH Technology
- Ellex
- Carl Zeiss Meditech
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