Ophthalmic Ultrasound Device Market to Reach US$4.0 Billion by the end of 2024
The majority of the global ophthalmic ultrasound device market’s share in value was taken up by its leaders in 2015. The top of the crop – Nidek Co. Ltd., Ellex Medical Lasers Ltd., Optos Plc., and Halma Plc. – held a collective share of 60% in terms of the global market’s value.
According to Transparency Market Research, in their recently published report on the global ophthalmic ultrasound device market, the degree of competition in the market is expected to remain fairly high over the coming years. The market’s competitive landscape is highly consolidated and there is a likelihood of an increase in player count till 2024. However, the overall count of new entrants to the global ophthalmic ultrasound device market is also expected to be stifled by aggressive expansion by key players and the higher brand value they hold in core regions of the market. By value, the global ophthalmic ultrasound device market is expected to reach US$2.51 bn by the end of 2016. Within 2016 and 2024, this market’s revenue is expected to expand at a CAGR of 6.1%, reaching US$4.03 bn by the end of 2024.
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Rise in Geriatric Demographic Pushes for Developments in Ophthalmic Ultrasound Devices
“The globally increasing population of the elderly is currently a key driver for a lot of healthcare related markets due to their lower physical resistance and higher susceptibility of contracting age-related or chronic illnesses. This includes a string of ocular disorders and has therefore already become a prime driver for the global ophthalmic ultrasound device market. This factor is expected to continue driving the market over the coming years,” states a TMR analyst. As published by the WHO, the global population of the elderly is expected to reach close to 1.5 bn by the end of 2050 and is thus a high priority status indicator for the developments in the global ophthalmic ultrasound device market.
Other factors augmenting the global ophthalmic ultrasound device market include the incoming waves of innovations in these devices that will allow enhanced imaging, thanks to better standards of safety, reliability, accuracy, and most importantly, minimization of post-operative pain. These innovations are key to ushering in a new era of minimally invasive surgeries in ocular health and are thus expected to shape the future of the global ophthalmic ultrasound device market. Outside of the elderly, the growing number of ocular disorder cases in adults and younger patients is being attributed to several lifestyle disorders and a growing level of air pollution. The rising cases of glaucoma is currently a core concern for the global ophthalmic ultrasound device market, along with an increasing awareness on modern cataract treatments in emerging economies.
Ophthalmic Ultrasound Devices Priced High in Low Client Pool Market
One of the key restraints acting on the global ophthalmic ultrasound device market currently, is the increasing price of new devices. One of the reasons for the price inflation is the increasing stringency of regulatory frameworks in developed economies, leading to a greater chain of approval acquisition for manufacturers. Hospitals and commercial diagnostic labs are equally affected by the rising prices of ophthalmic ultrasound devices. The problem for the market is complicated further by the overall lack of ophthalmologists in the world. The dearth of ophthalmologists is especially visible in emerging economies such as Malaysia, China, and India, which are expected to be future regions of growth for the market.
“Players in the global ophthalmic ultrasound device market should still consider the emerging economies from Asia Pacific and Latin America as key to their growth over the coming years. While high costs are still a problem players need to tackle before heading into these regions, there is already a consistently high rate of increase in the demand for ophthalmic ultrasound devices, due to the improving infrastructure of their healthcare industries, and a growing patient pool due to medical outreach and patient awareness. At the same time, players can also find significant opportunities of growth through added investments in existing device tech, such as the introduction of portable and even handheld ultrasound devices,” adds the analyst.
The information presented in this review is based on a Transparency Market Research report, titled, “Ophthalmic Ultrasound Device Market – Global Industry Analysis, Size, Share, Growth, Trends, and Forecast, 2016 – 2024.”
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