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The global ophthalmic ultrasound devices market size was USD 579.6 million in 2022

NEW YORK, NY, UNITED STATES, May 2, 2023 /EINPresswire.com/ -- The ophthalmic ultrasound devices market size worldwide was USD 579.6 million in 2022 and is predicted to increase to USD 1047.78 million in 2032, with a revenue CAGR of 6.8% during the forecast period. Factors like an increase in the prevalence of eye diseases and disorders, a growing elderly population, and advancements in ultrasound technology are the primary drivers of market revenue growth. WHO estimates that around 2.2 billion people worldwide have impaired vision or blindness, most of whom are above the age of 50. This has resulted in a rise in demand for ophthalmic ultrasound devices to provide precise diagnoses and treatment.

Additionally, there is a growing incidence of eye disorders like glaucoma, cataracts, and diabetic retinopathy, driving revenue growth in the ophthalmic ultrasound devices market. For example, the National Eye Institute reports that about 7.7 million people in the United States suffer from diabetic retinopathy, a number predicted to increase to 14.6 million by 2030. This has resulted in a growing demand for ophthalmic ultrasound devices to provide accurate diagnoses and treatment of these diseases.

Revenue growth of the ophthalmic ultrasound devices market is also driven by advancements in ultrasound technology such as 3D and 4D ultrasound imaging, which provide high-resolution images of the eye for accurate diagnoses and treatment of eye disorders. Additionally, the development of handheld ultrasound devices is increasing the accessibility of ophthalmic ultrasound devices in remote areas, thereby driving market revenue growth.

Moreover, government initiatives and regulations aimed at improving healthcare infrastructure and increasing awareness about eye diseases and disorders are driving market revenue growth. The World Health Organization has launched the Global Action Plan for the Prevention of Avoidable Blindness and Visual Impairment 2014-2019, which aims to reduce the prevalence of avoidable blindness and visual impairment by 25% by 2019.

However, the high cost of ophthalmic ultrasound devices and a shortage of skilled professionals are expected to impede market revenue growth. Ophthalmic ultrasound devices are expensive and require skilled professionals to operate them, making them unaffordable and inaccessible to patients in developing countries, which could hinder market revenue growth in these regions. Moreover, a shortage of skilled professionals may lead to a decrease in demand for ophthalmic ultrasound devices, as these professionals are required for accurate diagnoses and treatment.

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Segments Covered in the Report

The ophthalmic ultrasound devices market is poised for significant growth in the coming years, according to a recent report. The report provides historical data and revenue growth forecasts at the global, regional, and country levels, and offers analysis of market trends in each of the sub-segments from 2019 to 2032. The global ophthalmic ultrasound devices market has been segmented based on product type, modality, and region for the purpose of this report.

The market size for ophthalmic ultrasound devices is expected to reach USD 579.6 million in 2022, with a projected compound annual growth rate (CAGR) of 6.8% from 2022 to 2032. By 2032, the revenue forecast for the market is USD 1047.78 million. The base year for estimation is 2022, with historical data available for the years 2020-2021 and a forecast period of 2022-2032. The quantitative units used in this report are revenue in USD million.

The report covers a wide range of parameters, including revenue forecast, company ranking, competitive landscape, growth factors, and trends. The segments covered in the report are by product type outlook, modality outlook, and regional outlook. The product type outlook includes A-scan, B-scan, combined scan, pachymeter, and ultrasound biomicroscopy. The modality outlook covers standalone and portable devices.

The regional scope of the report includes North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa. The report provides insights into market trends, growth drivers, challenges, and opportunities in each region. With the increasing prevalence of eye diseases and disorders, the demand for ophthalmic ultrasound devices is expected to rise in the coming years, particularly in developing regions with large populations and limited access to healthcare facilities.

In conclusion, the ophthalmic ultrasound devices market is expected to experience significant growth in the coming years, driven by factors such as the increasing prevalence of eye diseases and disorders and the growing demand for advanced diagnostic tools. The report provides valuable insights into market trends, growth drivers, and challenges, as well as a comprehensive analysis of the competitive landscape and company rankings.

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Strategic development:

In 2021, Alcon Inc. acquired PowerVision, a US-based company specializing in intraocular lenses for cataract surgery. The aim was to expand Alcon's product offerings in the ophthalmology market. In the same year, Ellex Medical Lasers Ltd. launched the Tango Reflex, a new laser system for the treatment of glaucoma, which is non-invasive and precise, making it ideal for patients who cannot undergo traditional glaucoma surgeries.

In 2020, Carl Zeiss Meditec AG acquired 2.7% of MicroOptx Inc., a US-based medical technology company that develops surgical solutions for glaucoma. The investment was aimed at strengthening Carl Zeiss Meditec's position in the ophthalmic surgery market. In the same year, Esaote SpA and Optos plc formed a strategic partnership to develop new ophthalmic diagnostic imaging solutions, aiming to expand the product portfolios of both companies and improve patient care.

Also, in 2020, Haag-Streit Holding AG acquired the ophthalmology business of Ellex Medical Lasers Ltd, intending to expand its presence in the global ophthalmology market and strengthen its product portfolio. Additionally, Esaote SpA launched the MyLabX8, a new ultrasound system designed for ophthalmology applications in the same year, which provides high-resolution images and advanced imaging modes for diagnosing and treating various ophthalmic conditions.

Competitive Landscape:

The global ophthalmic ultrasound devices market is fiercely competitive, with a number of large and medium-sized players dominating the industry. These major players are consistently innovating and introducing more advanced and efficient ophthalmic ultrasound devices. Among the most notable companies in the market are Carl Zeiss Meditec AG, Ellex Medical Lasers Ltd., Esaote SpA, Haag-Streit Holding AG, Nidek Co. Ltd., Tomey Corporation, Quantel Medical, Optos plc, Amplitude Surgical, and Alcon Inc.

With the rapid advancements in ophthalmic ultrasound technology, the demand for these devices is expected to continue growing. This is largely driven by the increasing prevalence of ophthalmic conditions such as glaucoma and cataracts, which require precise and accurate diagnosis and treatment. As such, manufacturers are investing heavily in research and development to create more sophisticated and efficient ophthalmic ultrasound devices.

Despite the competitive nature of the market, there is still significant room for growth and expansion. The demand for ophthalmic ultrasound devices is expected to increase in emerging economies, which present an untapped market for manufacturers. Additionally, the rising aging population, increasing prevalence of eye disorders, and growing awareness about eye health are expected to further fuel the demand for these devices in the coming years.

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Nikhil Morankar
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