New York, Sept. 24, 2020 (GLOBE NEWSWIRE) — Reportlinker.com announces the release of the report “Diagnostic And Monitoring Ophthalmic Devices And Equipment Global Market Report 2020-30: Covid 19 Impact and Recovery” – https://www.reportlinker.com/p05967802/?utm_source=GNW
4 billion in 2019 to $1.1 billion in 2020 at a compound annual growth rate (CAGR) of -22.7%. The decline is mainly due to the COVID-19 outbreak and the measures to contain it. The restrictions on non-essential medical services including ophthalmology services coupled with slowed production of ophthalmic devices used for treating eye conditions, due to extended factory closures in various countries together have contributed to the decline in the growth rate. The market is then expected to recover and grow at a CAGR of 4.7% from 2021 and reach $1.7 billion in 2023.
The diagnostic and monitoring ophthalmic devices and equipment market consists of sales of diagnostic and monitoring ophthalmic devices and equipment and related services. Diagnostic and monitoring ophthalmic devices and equipment are used for the diagnosis and monitoring of diseases related to the retina and cornea by measuring affix lenses and refractive errors. These devices also help to identify the power of intra ocular lens (IOLs) and analyze the visual field. Ophthalmic diagnostic and monitoring devices include ultrasound imaging systems, optical coherence tomography scanners, ophthalmoscopes, corneal topographers, specular microscopes, slit lamps, fundus cameras, anomaloscope, haploscope, ophthalmic lens gauge, stereopsis measuring Instrument, retinoscopes, stereoscope and others.
In 2018, North America was the largest region in the diagnostic and monitoring ophthalmic devices and equipment market, followed by Europe. The diagnostic and monitoring ophthalmic devices and equipment market in Asia Pacific is forecasted to register the highest CAGR during 2018-2023.
In March 2018, Metall Zug Group has acquired 70% of Haag-Streit for an undisclosed amount. This acquisition would strengthen Metall Zug Group’s position in the diagnostic and monitoring ophthalmic devices market as Haag-Streit specializes in production of diagnostic equipment’s in the fields of ophthalmology and surgical microscopy. Haag-Streit is involved in production and distribution of high-quality diagnostic products and services such as slit lamps, biometry, perimetry, tonometers, and workflow networking software for clinics and opticians and practice equipment. Haag-Streit holding AG was founded in 1950 and is headquartered in Köniz, Switzerland.
Lack of awareness about eye diseases mostly in the developing and underdeveloped nations is expected to hinder the growth of diagnostic and monitoring ophthalmic devices and equipment market. BLack of awareness of eye disorders results in fewer patients going for a routine eye check-up or diagnosis of the disorder, impacting the demand for diagnostic and monitoring ophthalmic equipment. According to study conducted by vision impact institute, 42% of drivers in India have vision related problems leading to 59% of road accidents. According to WHO, 550 million people in the country need vision correction and to achieve this, companies should increase awareness & provide vision care to people living in rural and semi-urban areas.
Advanced eye care medical devices equipped with artificial intelligence (AI) and machine learning (ML) are the new trends in the ophthalmic diagnostic and monitoring equipment market. AI and ML equipped medical devices can not only quickly interpret the eyes of the patient with better accuracy but also recommend a suitable treatment for the patient. Deepmind, a subsidiary of Alphabet Inc. has developed an AI-based system which is capable of analyzing 3D retinal OCT scans for detecting severe diseases like glaucoma, retinopathy, macular degeneration and 50 different types of eye diseases at their early stage.
The increased regulatory compliance norms by the Food and Drug Administration (FDA) and the Medicines and Healthcare products Regulatory Agency (MHRA) have impacted the market making the approval/regulation process for diagnostic and monitoring ophthalmic devices strenuous. Complex and tedious premarket and postmarket submissions by FDA may increase the product release time and incur heavy costs on device development. The MHRA considers a medical device to be any equipment used for the diagnosis or treatment of disease, or for monitoring patients and recommends Yellow card reporting for ophthalmic devices and products as well. All the adverse events and the causes for any untoward incidents must be reported in the yellow card, allowing the equipment’s to be monitored thoroughly for enhanced patient safety.
Increasing prevalence of eye diseases is expected to drive the demand for diagnostic and monitoring equipment in the ophthalmic devices industry. Rise in surgeries associated with eye disorders like cataract, diabetic retinopathy, and glaucoma have increased the demand for diagnostic and monitoring ophthalmic devices. According to a study, 4 out of 10 people have been found to have cataract disease in their early stage of life. The total number of cataract surgeries performed in 2017 was around 20 million, and this number is expected to rise to 35 million by 2025.
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