The global ophthalmic ultrasound devices market is expected to post a CAGR of over 6% during the period 2019-2023, according to the latest market research report by Technavio.
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Technavio predicts the global ophthalmic ultrasound devices market to post a CAGR of over 6% by 2023. (Graphic: Business Wire)
A key factor driving the growth of the market is the prevalence of ophthalmic disorders and growing awareness. The prevalence of ophthalmic disorders such as diabetic eye disease, glaucoma, diabetic retinopathy, and cataract is significantly increasing. Refractive error includes myopia, hyperopia, astigmatism (distorted vision at all distances), and presbyopia (that occurs typically in middle and old age). Hence, with the increasing prevalence of refractive error and cataract, the demand for ophthalmologic ultrasound devices for disease diagnosis also increases. Moreover, government and non-government initiatives will also increase awareness about ocular diseases and lead to the early diagnosis of diseases, thereby driving the demand for ophthalmic diagnostic devices such as ophthalmic ultrasound device, further.
As per Technavio, the technological advances in ophthalmic ultrasound devices will have a positive impact on the market and contribute to its growth significantly over the forecast period. This global ophthalmic ultrasound devices market 2019-2023 research report also analyzes other important trends and market drivers that will affect market growth over 2019-2023.
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Global ophthalmic ultrasound devices market: Technological advances in ophthalmic ultrasound devices
Technological advances in ophthalmologic diagnostic products are required for refractive error, cataract, glaucoma, and vitreoretinal diagnoses. B-scan ultrasonography is an important adjuvant for the clinical assessment of various ocular and orbital diseases. Hence, companies are focusing on developing both A-scan and B-scan ultrasound systems for ultra-high performance. Thus, technological advances in products drive their demand and, thereby, market growth.
“Apart from technological advances, some other major factors boosting the growth of the market are the increasing product launches, the increasing number of M&A’s business strategies, and increasing focus on promotional sales,” says a senior analyst at Technavio.
Global ophthalmic ultrasound devices market: Segmentation analysis
This market research report segments the global ophthalmic ultrasound devices market by product (portable and on-platform) and geographical regions (APAC, EMEA, and the Americas).
The Americas led the market in 2018 with a market share of over 43%, followed by EMEA and APAC respectively. However, during the forecast period, the APAC region is expected to register the highest incremental growth of close to 1%.
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Market Landscape
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Market Sizing
- Market definition
- Market size and forecast
Five Forces Analysis
Market Segmentation
Geographical Segmentation
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Market Drivers
Market Challenges
Market Trends
Vendor Landscape
- Vendors covered
- Vendor classification
- Market positioning of vendors
- Competitive scenario
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