Optical Biometry Devices Market Size to Represent 5.6% CAGR By 2025 | Trends Analysis, Sales Projection, COVID-19 Impact and Share Estimation
Optical Biometry Devices Market Size, Trends and Growth Analysis by Product [Swept-Source Optical Coherence Tomography (SSOCT)-Based Biometers, Partial Coherence Interferometry (PCI)-Based Biometers, Optical Low Coherence Reflectometry (OLCR)-Based Biometers], End User (Hospitals, Ophthalmic Clinics, Others) and Region – Forecast till 2025
Pune, India – June 30, 2020 /MarketersMedia/ —
Optical Biometry Devices Market Analysis
Global Optical Biometry Devices Market size accounted for USD 275.0 million in 2018 and is anticipated to register a CAGR of 5.6% from 2018 to 2025 (forecast period), says Market Research Future (MRFR). Optical biometry, also known as ophthalmic biometry, is a highly precise, non-invasive automated process for measuring the eye’s anatomical features. This approach is used for the measurement of intraocular lens (IOL) strength in clinical practice. Partial coherence interferometry (PCI) optical biometry has become the standard method in ocular biometry as it is highly accurate, easy to perform, non-invasive, and comfortable for the patient.
Some of the factors driving the optical biometry devices market growth are globally increasing geriatric population, increased optical biometry performance over ultrasound A-scans (A-scan ultrasound biometry), increased awareness of eye care, and increased cataract and refractive surgery. The World Health Organization (WHO) joined partners worldwide on World Sight Day on 12 October 2017.
The Universal Health of the Eye: A Global Action Plan 2014-2019 is launched to increase public awareness of blindness and vision loss, persuade governments to participate, establish resources for national blindness prevention programs, and educate the public about the prevention of blindness. On the other hand, the high cost of optical biometry devices is expected to restrain the optical biometry devices market growth during the forecast period.
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Optical Biometry Devices Market Segmentation
The global optical biometry devices market has been segmented into product and end-user.
By product, the global optical biometry devices market has been segmented into partial coherence interferometry (PCI)-based biometers, swept-source optical coherence tomography (SSOCT)-based biometers, and optical low coherence reflectometry (OLCR)-based biometers. The segment of SSOCT-based biometers dominated the market in 2018 as they are the next generation of optical biometry devices, mainly used in specialized eye centers, hospitals, and ophthalmic clinics.
By the end-user, the global optical biometry devices market has been segmented into hospitals, ophthalmic clinics, and others.
Optical Biometry Devices Market Regional Analysis
Regionally, the global optical biometry devices market has been segmented into the Americas, Europe, Asia Pacific, and the Middle East & Africa.
The Americas held considerable optical biometry devices market share in 2018 due to the presence of significant players in the industry, the number of cataracts and refractive surgeries, the acceptance of optical biometry devices, the growth of healthcare facilities, and changing lifestyles. For example, as per the American Academy of Ophthalmology (AAO), cataracts affect more than 24.4 million Americans aged 40 and older. At 75 years of age, about half of all Americans already have cataracts.
Europe is expected to follow the Americas in terms of the size of the demand for optical biometry devices during the forecast era, as the aging population in the region is on the increase, increasing the number of cataract procedures. New practices will, therefore, be opened up, and existing practices will make investments to increase the capacity needed to purchase biometry equipment. For example, as per the European Commission (EC), the overall population in the European Union (EU) is expected to rise from 511 million in 2016 to 520 million by 2070.
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The Asia Pacific is predicted to be the fastest-growing optical biometry devices market due to the growing elderly population, the increasing number of cataract surgeries, increasing awareness of optical biometry, and rising healthcare spending in India, China, Japan, and Australia. India has more than 12 million blind people, according to Geuder Asia Pacific. Approximately 50% of blindness is caused by cataracts. Ophthalmologists perform more than 700,000 phacoemulsification and 170,000 vitrectomies annually in the country.
The demand for optical biometry devices in the Middle East and Africa will see a moderate optical biometry devices market growth rate from 2019 to 2025. The Middle East is anticipated to spearhead the market ascribed to growth in the healthcare sector along with the development of healthcare infrastructure in the Gulf Cooperation Council (GCC) countries such as the United Arab Emirates, Saudi Arabia, Bahrain, Kuwait, Qatar, and Oman.
Optical Biometry Devices Market Key Players
Some of the significant participants in the global optical biometry devices market are Carl Zeiss AG, Haag-Streit AG, Topcon Corporation, NIDEK CO., LTD., Welch Allyn, Inc., Heine Optotechnik GmbH & Co. KG, Tomey Corporation, AMETEK, Inc., Optovue, Incorporated, Bausch & Lomb Incorporated, Leica Microsystems GmbH, CENTERVUE S.p.A.
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NOTE: Our team of researchers are studying Covid19 and its impact on various industry verticals and wherever required we will be considering covid19 footprints for a better analysis of markets and industries. Cordially get in touch for more details.
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