Rising Occurrence of Diabetic Retinopathy and other Eye Disorders Amongst Geriatric Population to Fuel the Market Revenue of Global Ophthalmic Diagnostic Equipment Market to More than USD 1.5 Billion by 2023 as per the Market Study Conducted by Research Nester
Global market of ophthalmic diagnostic equipment reached USD 1294.0 Million in 2016 and is expected to reach USD 1623.5 Million by the end of 2023, expanding at a CAGR of 3.4% over the forecast period i.e. 2016-2023.
By market segmentation, the global fundus camera market size is expected to increase from USD 94.2 Million in 2016 to USD 117.3 Million in 2023 with a CAGR of 3.2% over the forecast period (2017-2023). A fundus camera is a specialized low power microscope with an attached camera that is used to photograph the retina. The usage is expected to sift from traditional devices towards a range of products from mydriatic to non-mydriatic cameras that are automated to allow auto-focus, auto-align and auto-track, have a superior software to allow simplified user interface and facilitate better data management allowing high resolution image capture resulting in better screening and diagnosis
Factors Impelling the Market Growth:
The occurrence rate of vision related disorders has been recorded very high amongst older population or age ≥ 40.
Increasing number of elderly people who are living with visual impairment is a major factor that is expected to drive the growth of ophthalmic diagnostic equipment market across all regions in future
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High prevalence of age-related macular degeneration in population age over 50 is also enhancing the growth of ophthalmic diagnostic equipment
Introduction of advanced ophthalmic diagnostic equipment, reduction of human error, rising awareness towards diagnosis and increasing health expenditure are some of the elements which are expected to bolster the market growth of ophthalmic diagnostic equipment over the forecast period
Asia Pacific to Showcase Significant Growth in the Few years:
With the increasing focus of people on healthcare, the Asia-Pacific ophthalmic diagnostic equipment market is expected to witness rapid growth throughout the forecast period. Asia-Pacific market is expected to expand at a CAGR of 4.2% over the forecast period and expected to contribute a market share of 22.1% in global ophthalmic diagnostic equipment market
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U.S. Ophthalmic Diagnostic Equipment market is anticipated to capture a market share of 76.3% by the end of 2023 from XX% in 2016. This is primarily due to high government spending on healthcare resources along with improved insurance coverage such as Medicaid/CHIP and Medicare for patients to increase the accessibility to these resources and reduce the financial burden
Germany Ophthalmic Diagnostic Equipment market is expected to account USD XX Million by the end of 2023 from USD 83.1 Million from 2016 capturing the highest market share in Europe with 25.3% by the year 2023. This is primarily due to the highly valued and globally accepted technology made in Germany resulting in a growing export demand. Also as more than 99 percent of Germany’s 82 million residents are covered by health insurance, the access to quality healthcare is higher than other countries
Japan Ophthalmic Diagnostic Equipment market is expected to account USD XX Million by the end of 2023 from USD XX Million from 2016 at a CAGR of 4.3%. Japan has mandatory, non-profit public health insurance systems providing universal coverage of the population in Japan
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