Monday 17 October 2011, Amsterdam
The global ophthalmic diagnostic equipment market was estimated at $715.4m in 2010 and is forecast to grow at a Compound Annual Growth Rate (CAGR) of 4% to reach $947m by 2017. The ophthalmic diagnostic equipment market includes perimeters, automatic and manual refractors, slit lamps, contact and non-contact tonometers, fundus cameras, automatic and manual lens meters, direct and indirect ophthalmoscopes, ultrasound equipment, corneal topography systems and other imaging systems. Technological innovations are stimulating growth in this otherwise saturated market dominated by traditional products. Recent advances in Optical Coherence Tomography (OCT) systems have contributed to the renewed market growth.
The market for ophthalmic diagnostic equipment is growing due to a significant increase in the incidence and prevalence of eye related disorders among the elderly population and the availability of reimbursement for eye care screening in the majority of developed economies. With the introduction of ophthalmic diagnostic equipment with advanced technologies there is an increased interest in the prevention of blindness caused by Diabetic Retinopathy (DR), glaucoma, and macular degeneration. Thus, people are increasingly opting for diagnostic measures to correct eye related disorders.
Old age is associated with certain problems, especially the degeneration of visual abilities. By 2025, people aged 60 and above will constitute 35% of the total global population. Thus, with an increase in the elderly population, demand for products related to eye disorders will increase. Moreover, developing regions in Asia and South and Central America will provide growth opportunities as these markets are unsaturated. More than half of the global population resides in Asia, with India and China accounting for over 50% of the regional population. This offers significant market opportunities for manufacturers of ophthalmic diagnostic equipment.
The US is the Largest Market for Ophthalmic Diagnostic Equipment
The US represents the largest market globally for ophthalmic diagnostic equipment in terms of revenue generated. The US ophthalmic diagnostic equipment market was valued at $190.7m in 2010 and is estimated to grow at a CAGR of 3.5% over 2010-2017. Easy accessibility and availability of new medical equipment to patients, the availability of reimbursement for the coverage of eye care screening as well as the increasing incidence of eye conditions and related disorders are the major factors driving growth in the market.
OCT is the largest segment, accounting for $49.5m in 2010. OCT will remain the fastest growing segment, exhibiting a growth rate of 8% over the next seven years. New innovations in fundus cameras will also drive sales in the US market.
The Global Ophthalmic Diagnostic Equipment Market will be Driven by the Increasing Patient Population
The increase in the number of patients opting for eye screening tests is due to the increasing prevalence of eye disorders and related conditions which lead to visual impairment and blindness. Cataract, glaucoma, age-related macular degeneration and DR have emerged as the leading global causes of visual impairment and blindness. Cataract is responsible for 47% of the total cases of blindness due to eye disease worldwide, followed by glaucoma (12%), AMD (9%) and DR (5%). However, 80% of all visual impairment cases can be prevented. An annual eye examination by an ophthalmologist is a crucial step towards protecting eyes and preventing eye disorders. In the US, the number of Americans with age-related eye disease is expected to double in the next 30 years. According to the Centers for Disease Control and Prevention (CDC) estimates, around 20.5 million people (17.2%) in the US who are aged 40 years and above have been diagnosed with cataract in one or both eyes. This number is expected to increase to 30.1 million by 2020.
Glaucoma can affect any age group including newborns, infants, children and the elderly. According to statistics provided by the Glaucoma Research Foundation, over four million people in the US suffer from glaucoma, of which only 50% are aware of their condition. Glaucoma presents a greater public health concern than cataracts because the blindness caused by glaucoma is irreversible. Thus, early detection through comprehensive eye examinations is the key to protect against glaucoma damage.
AMD is the third leading cause of visual impairment and blindness and is responsible for 9% of all blindness cases resulting from eye diseases worldwide. The National Eye Institute estimated that around two million people in the US suffer from AMD and the number is expected to reach three million by 2020. According to the results of a forecast simulation model published in the April 2009 issue of Archives of Ophthalmology, the number of cases of early AMD in the US is likely to increase to 17.8 million in 2050 across all scenarios.
DR affects people with both type 1 diabetes and type 2 diabetes. Duration of diabetes is also a major risk factor associated with the development of DR. This is of global concern as the occurrence of type 2 diabetes is on the rise in many countries. Globally, around 285 million people in the age group of 20-79 years suffer from diabetes and this number is likely to rise to 438 million by 2030. According to a study published in the Journal of the American Medical Association (JAMA), around 30% (4.1 million) of diabetic adults aged 40 and above in the US are estimated to suffer from DR.
Thus, there will be a growing need for the management of eye disorders and related conditions through comprehensive eye screening that will delay or prevent vision loss and blindness caused by major eye diseases. The prevalence of eye disorders is also increasing with the elderly population. Studies predict a rise in specific eye conditions, including cataracts, glaucoma and AMD with aging. Thus, the need for eye care diagnosis services is expected to increase significantly in the future.
Optical Coherence Tomography to Remain the Largest and Fastest Growing Segment in the Global Ophthalmic Diagnostic Equipment Market
The global market for OCT was valued at $157.9m in 2010. The market is expected to reach a value of $273m in 2017, growing at a CAGR of 8% from 2010 to 2017. The OCT market is primarily driven by the shift from time domain to fourier- domain OCT or spectral domain OCT technology. Spectral domain OCT is the most recent advancement in imaging technology that allows for better examination of various ocular pathologies.
OCT is a non-invasive, diagnostic, optical technology that has become an established imaging technique in ophthalmic diagnostic equipment market. It has revolutionized the way eye doctors approach diagnostics for detecting eye disorders (such as glaucoma and macular diseases) and retinal problems and continues to show potential for additional applications. OCT technology is now being used not only to detect the presence of eye disorders, but also its progression.
TOPCON CORPORATION is the Leader in the Global Ophthalmic Diagnostic Equipment Market
TOPCON CORPORATION is the leader in the global ophthalmic diagnostic equipment market; with a 24% share. Carl Zeiss AG is the second leading player with 20% share. Other players include Haag-Streit AG, Heine Optotechnik GmbH & Co KG, NIDEK Co., Ltd., Heidelberg Engineering GmbH, Tomey Corporation and Ziemer Ophthalmic Systems AG make up a 56% share of the market. The leadership position of TOPCON can be attributed to its global presence across six geographic regions and its comprehensive range of ophthalmic diagnostic products, which include digital slit lamps, wave-front analyzers, high-resolution digital retinal cameras and OCT systems.
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