As per the new research report released by Transparency Market Research, the global ophthalmic ultrasound systems market is largely consolidated with the presence of many small scale and large companies. However, the global ophthalmic ultrasound systems market is dominated by top seven companies, accounting for more than 90 percent of the market share. Market players such as Nidek Co. Ltd., Ellex Medical Lasers Ltd., Quantel Medical, Optos Plc and Halma Plc dominated the market. NIdek Co. Ltd. accounted for a significant share of 18 percent of the global ophthalmic ultrasound systems market in 2015. The company dominated the market due to its diversified product portfolio, extensive geographical presence and acquisition strategies. Quantel Medical, Optos Plc and Halma Plc are among the leading top five companies in the market due to the expansion of ophthalmic production units and also innovation in designing ultrasound devices.
As per the numbers available in the report, the global ophthalmic ultrasound system market was valued at US$ 2,657.9 Mn in 2017 and is anticipated to reach a valuation of US$ 4,031.2 Mn in 2024 end, reflecting a CAGR of 6.1% during the period of assessment.
Advent of Novel Ophthalmic Technologies Boosting the Market Growth
Novel technological platforms render enhanced imaging reliability, accuracy, safety and minimal post-operative pain with the adoption of minimally invasive surgeries. Most of the manufacturers are investing heavily on the development of novel diagnostic and surgical platforms in order to cater to the need and demand for patients. Hence, the technological advancements and ongoing research studies ensure regular technological breakthroughs. This results in enhanced growth and acceptance of several ophthalmology devices. This in turn is boosting the global ophthalmic ultrasound systems market.
Restraints Hindering the Growth of Global Ophthalmic Ultrasound Systems Market
The demand for efficient diagnostic devices is increasing owing to rapid technological advancements. Several device manufacturers are investing heavily in research and development activities in order to develop novel diagnostic and surgical platforms, due to which the cost of such devices is high. There has been an increase in requirements for the approval of regulatory authorities such as the U.S. Food and Drug Administration (FDA), European CE Mark, and Japanese authorities. This has collectively led to higher pricing of the newly developed medical devices. The primary customers of such devices such as hospitals and commercial diagnostic laboratories and research are adversely affected due to the high price of such kind of devices. This acts as a huge restraint in the growth of the global ophthalmic ultrasound systems market.
According to the International Council of Ophthalmology (ICO), there is a dearth of specialized ophthalmologists in developing countries such as India, China and Malaysia as compared to developed countries. The growing demand for eye care services may highlight the shortage of ophthalmologists. According to the National Institute on Aging (NIA), one out of every five Americans, which translates into approximately 72 million people are estimated to be 65 years or older, by the year 2030. Hence, the total number of patients requiring ophthalmic services is projected to rise, which could lead to a shortage of ophthalmology practitioners in the near future. This also acts as a restraint to the growth of the global ophthalmic ultrasound systems market.