Global Market Of Ophthalmic Diagnostic Equipment Is Projected To Expand At A CAGR Of 3.4% Over The Forecast Period 2016-2023
Global market of ophthalmic diagnostic equipment reached USD 1294.0 Million in 2016 and is expected to reach USD 1623.5 Million by the end of 2023, expanding at a CAGR of 3.4% over the forecast period i.e. 2016-2023. The advancement in ophthalmic diagnostic equipment and growing healthcare sector globally is anticipated to further boost the demand for ophthalmic diagnostic equipment in future.
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Geographically, North America accounted for the largest market share of 32.7% in 2016 in the revenue of ophthalmic diagnostic equipment market globally. The market of North America region is expected to continue its dominance over the forecast period owing to rising demand for eminence diagnostics and introduction of effective re-imbursement policies across the region.
Robust research and development are going on in healthcare technology to manufacture advanced and cost-effective diagnostic ophthalmic equipment. The technologically advanced ophthalmic diagnostic equipment further provides the precise and accurate data to healthcare physicians. The adoption of advanced and high end diagnostic equipment is rising in developing regions such as India, China, Japan and others. To gain a competitive edge, different manufacturers of medical equipment have come up with various technologies to effectively aid in the diagnostic procedures. The two prominent end users in the global market for ophthalmic diagnostic equipment are hospitals and eye clinics. Among them, the eye clinics are expected to generate robust demand on account their increasing number and favorable government initiatives supporting them.
With the increasing focus of people on healthcare, the Asia-Pacific ophthalmic diagnostic equipment market is expected to witness rapid growth throughout the forecast period. Asia-Pacific market is expected to expand at a CAGR of 4.2% over the forecast period and expected to contribute a market share of 22.1% in global ophthalmic diagnostic equipment market. Introduction of advanced ophthalmic diagnostic equipment, reduction of human error, rising awareness towards diagnosis and increasing health expenditure are some of the elements which are expected to bolster the market growth of ophthalmic diagnostic equipment over the forecast period.
Further, rising number of ophthalmologistsÂ is also a major factor that is driving the demand for ophthalmic diagnostic equipment across the globe. For instance, there are around 213,459 ophthalmologists across the globe.
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