Global Ophthalmic Ultrasound Imaging System Market Size, Share, and COVID-19 Impact Analysis, By Modality (A-Scan, B-Scan, Pachymeter, Combined Scanning Device, and Ultrasound Bio Microscope), By Design (Portable and Standalone), By End User (Eye Hospitals, Eye Clinics, Ambulatory Surgical Centers, and Eye Research Institutes), and by Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2022-2030
KEY MARKET INSIGHTS
The Global Ophthalmic Ultrasound Imaging System Market is projected to grow from USD 3.7 billion in 2021 to USD 6.26 billion by 2030 at a CAGR of 7.7 % during the forecast period. The ophthalmic ultrasound imaging system is a more practical form of non-invasive viewing technology that is comparatively inexpensive and more convenient in comparison to other techniques such as magnetic resonance imaging (MRI), optical coherence tomography (OCT), and others. The imaging of anatomy and pathology in the frontal and posterior parts of the eye is possible with ophthalmic ultrasound imaging devices. Glaucoma, cysts, injuries, and neoplasms are among the disorders for which this method gives diagnostic information. It also enables for the assessment of corneal length and other data prior to treatments such as cataract surgery.
The rise in new technological platforms that provide safe, reliable, and accurate images, as well as an increase in the prevalence of eye diseases and the prevalence of disorders such as cataract and glaucoma, which are affecting patients' daily lives, are the major factors driving the growth of the ophthalmic ultrasound systems market.
The COVID-19 epidemic had a significant impact on the market. To protect people from getting the virus, routine healthcare procedures were skipped. Furthermore, ophthalmology procedures were disproportionately impacted, resulting in a decrease in routine clinical care, which reduced product demand. As a result, income dropped significantly, and single ophthalmology practices closed temporarily or permanently.
Advent of Novel Ophthalmic Technologies
The market is likely to rise as manufacturers focus on developing sophisticated imaging systems for utilize in intraocular measuring as well as anterior segment assessment. For instance, Quantel Medical released a next-generation small touch ophthalmic ultrasound system in October 2017 that is a 3-in-1 device that includes pachymeter, A scan, and B scan allowing for many tasks. Furthermore, factors such as rising disposable income in countries such as India and China and rising healthcare spending in China from 1.3 % in 2010 to large than 3.5 % in 2016, according to an OECD report.
Increasing Prevalence of Eye Diseases
The number of cataract surgeries performed worldwide is steadily increasing. According to forecasts from the National Eye Institute, the number of persons suffering from cataracts in the United States would reach around 40 million by 2030. Cataract procedures, which are the only effective treatment for the condition, are only performed after ocular ultrasound imaging and are done after surgery to ensure that the lens is precisely positioned, demonstrating the value of ocular ultrasound technology. Various measures to expand cataract treatment access in developing economies' rural areas are expected to improve product demand during the predicted period.
Increasing Adoption of Alternative Diagnostics Tool Hamper Market Growth
Longer waiting times for ophthalmic surgeons are a result of the shortage, which leads to a greater preference for non-surgical treatments over eye surgeries. In the United States, around 10,000 ophthalmologists performed approximately 4 million cataract procedures in 2019. Furthermore, cataract cases are expected to quadruple throughout the predicted period, resulting in a significant increase in the number of procedures. As a result, the scarcity of ophthalmic surgeons is expected to constrain market expansion over the forecast period.
The Global Ophthalmic Ultrasound Imaging System Market is segmented by Modality, Design, End-user, and Region. Based on the Modality, the market is categorized into A-Scan, B-Scan, Pachymeter, Combined Scanning Device, and Ultrasound Bio Microscope. Based on Design, the market is categorized into Portable and Standalone. Based on End-user, the market is categorized into Eye Hospitals, Eye Clinics, Ambulatory Surgical Centers, and Eye Research Institutes. Based on the Region, the market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
The Global Ophthalmic Ultrasound Imaging System Market is categorized into North America, Europe, Asia-Pacific, Latin America, Middle East and Africa.
North America is predicted to be dominant in the market during the forecast period due to high disposable incomes, an ageing population, more awareness, and the frequency of eye illnesses are all driving the expansion of the market analyzed in North America, particularly in the United States. According to the US Centers for Disease Control and Prevention, there were approximately 40.9 million adult contact lens wearers in the United States in 2015, accounting for 16.7% of the adult population. In 2014, the National Eye Institute projected that over 2.9 million Americans were diagnosed with poor vision. The population is likely to grow even further, reaching roughly 5 million by 2030. Due to the region's large geriatric population (25 million), Europe would be another potential ophthalmic ultrasound imaging equipment market. In the near future, regions such as Asia Pacific, which have the highest rates of eye problems and glaucoma, could be an attractive market.
KEY INDUSTRY PLAYERS
Key players operating in the ophthalmic ultrasound imaging systems market are Sonomed Escalon, Quantel Medical, ZEISS Medical Technology, Ellex Medical, DGH Technology Inc., NIDEK CO., LTD., Halma plc, Micro Medical Devices (MMD), Inc., Optos plc., and others.
KEY INDUSTRY DEVELOPMENTS:
In November 2015, the TONOREF III Auto Ref /Kerato/Tono/Pachymeter was introduced by NIDEK CO., LTD, a global developer, producer, and distributor of ophthalmic, optometric, and lens edging equipment. The new device integrates the functions of several instruments into one, including an auto-refractometer, auto-keratometer, non-contact tonometer, and non-contact pachymeter.
In March 2019, Quantel Medical's latest A/B/S ultrasound technology, obtained FDA approval. The A/B/S/UBM ultrasound platform integrates technologies such as a novel 5 ring annular technology 20MHz B probe, integrated motion sensors, and a high-definition screen to provide high-quality, standardized ophthalmic ultrasound imaging.
LIST OF KEY COMPANIES PROFILED:
- Sonomed Escalon
- Quantel Medical
- ZEISS Medical Technology
- Ellex Medical
- DGH Technology Inc.
- NIDEK CO., LTD.
- Halma plc
- Micro Medical Devices (MMD), Inc.
- Optos plc.
- Combined Scanning Device
- Ultrasound Bio Microscope
- Eye Hospitals
- Eye Clinics
- Ambulatory Surgical Centers
- Eye Research Institutes
- North America- U.S., Mexico, Canada
- Europe- UK, France, Germany, Italy, Spain, Rest of Europe
- Asia-Pacific- China, Japan, India, South Korea, Rest of Asia Pacific
- South America- Brazil, Argentina, Colombia, Rest of South America
- The Middle East and Africa- GCC, South Africa, Rest of Middle East & Africa