Ophthalmic Ultrasound Device Market: Industry Players Shifting Focus towards Developing Economies
Global Ophthalmic Ultrasound Device Market: Snapshot
The constantly increasing percentage of the geriatric population across the world is widely considered as the primary factor augmenting the demand for ophthalmic ultrasound devices. The high geriatric population is directly linked to the increasing patient count for ocular diseases and disorders, along with chronic diseases such as diabetes. The increasing levels of pollution are also responsible for the high volume of ovular disorders across the world, thereby becoming a key driver for the global ophthalmic ultrasound device market. This market is further being boosted by the need for – and subsequent release of – novel technological developments. However, the global ophthalmic ultrasound device market is also being stifled by factors such as the high costs of acquiring these devices as well as the overall lack of ophthalmologists capable of operating advanced devices.
The global ophthalmic ultrasound device market was valued at US$2.3 bn in 2015. Its revenue is expected to expand at a CAGR of 6.2% within a forecast period from 2016 to 2024 and is estimated to reach US$4.0 bn by the end of 2024.
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A-scan Ophthalmic Ultrasound Devices High in Demand
Based on products, the global ophthalmic ultrasound device market can be segmented into A-scan, B-scan, combined scan, pachymeters, and ultra-bio microscopes (UBM). In terms of value, A-Scan segment emerged as the leading product segment in the global ophthalmic ultrasound device for 2015, accounting for 27.8% of its overall value. A-scan devices are largely used in hospitals, ophthalmic clinics, and research labs to gather results with higher accuracy. The segments of combined scan and B-scan are expected to register an exceptionally fast growth in demand over the given forecast period. Their growth rate is attributed to an increase in the number of cataracts, glaucoma, and other common ocular diseases. UBM devices are projected at an improved growth rate between 2016 and 2024, owing to an increasing rate of technological advances in this segment.
Ophthalmic ultrasound devices are used by end users ranging from ophthalmic clinics, eye research institutes, hospitals, and ambulatory surgical centers. Hospitals dominated the market in 2015 owing to an increasing registration rate of various ocular diseases and the growing scope of device customization offered by several key players. This segment is also expected to grow at a leading rate till 2024.
High Patient Count in North America Puts it at Top of Ophthalmic Ultrasound Device Demand
Geographically, the global ophthalmic ultrasound device market is divided into North America, Europe, Asia Pacific, Latin America, and The Middle East and Africa. North America emerged as the leader in the global ophthalmic ultrasound device market for 2015 with a strong share of 39.8% in its value. This factor is attributed to the rising prevalence of ocular disorders and a significantly higher rate of development of technologies, and better ocular health awareness programs than other regions.
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According to the NHS, in the U.K., between 500 and 600 cases of ocular cancer are diagnosed per year, a key concern among the region’s ophthalmologists. This is likely to drive the growth of the European ophthalmic ultrasound devices market. At the same time, Asia Pacific is projected to lead the global ophthalmic ultrasound device market in terms of growth rate over the above forecast period. This prediction is based on the region’s increase in geriatric population, the setup of stronger distribution channels by market leaders, and an improving patient awareness program regarding ocular disease management.
For 2015, the leaders in the global ophthalmic ultrasound device market included Nidek Co. Ltd., Ellex Medical Lasers Ltd., Optos Plc. (Nikon Corporation), Halma Plc., Sonomed, Inc. (Escalon Medical Corp.), Reichert, Inc. (AMETEK, Inc.), and Quantel Medical.
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