(MENAFN- America News Hour) In a recent published report, Kenneth Research has updated the market report for Optical Biometry Devices Market for 2021 till 2030. Report further now discusses; the various strategies to be adopted or being adopted by the business players across the globe at various levels in the value chain. In the view of the global economic slowdown, we further estimated that China, India, Japan and South Korea to recover fastest amongst all the countries in the Asian market. Germany, France, Italy, Spain to take the worst hit and this hit is expected to be regain 25% by the end of 2021- Positive Growth in the economic demand and supply.
U.S. Market recovers fast; In a release on May 4th 2021, the U.S. Bureau and Economic Analsysis and U.S. Census Bureau mentions the recovery in the U.S. International trade in March 2021. Exports in the country reached $200 billion, up by $12.4 billion in Feb 2021. Following the continuous incremental trend, imports tallied at $274.5 billion, picked up by $16.4 billion in Feb 2021. However, as COVID19 still haunts the economies across the globe, year-over-year (y-o-y) avergae exports in the U.S. declined by $7.0 billion from March 2020 till March 2021 whilest imports increased by $20.7 billion during the same time. This definitely shows how the market is trying to recover back and this will have a direct impact on the Healthcare/ICT/Chemical industries, creating a huge demand for Optical Biometry Devices Market products.
The Optical Biometry Devices Market is thriving on account of the rising awareness amongst individuals for the benefits of maintaining a good health and the increasing need for high quality healthcare services amongst individuals. With the increasing prevalence of diseases worldwide, people are opting for products that help them to stay fit and are also investing more on healthcare services. Alternatively, pharmaceutical manufacturers, along with other healthcare companies that manufactures devices and equipment, are increasingly focusing on the research and development of advanced treatment, drugs and equipment for the diagnosis and treatment of the diseases and for developing healthcare products. Organizations are raising their R & D expenses year-on-year so as to deliver quality healthcare products in the years to come. The advancements in the healthcare sector are also supported by the governments of nations worldwide with numerous financial aids. According to a statistical report titled“Global Spending on Health: A World in Transition”, released in theyear 2019 by the World Health Organization (WHO), the global spending on healthcare recorded USD 7.8 trillion in 2017, which was an increase by USD 0.2 trillion from the recorded value of USD 7.6 trillion in 2016.
The Global optical biometry devices market is expected to register a healthy CAGR over the forecast period. The optical biometry devices market size accounted for USD 275.0 million in 2018 and is projected to register a CAGR of 5.6% during the forecast period. Optical biometry, also known as ophthalmic biometry, is a highly accurate, non-invasive automated method for measuring the anatomical characteristics of the eye. This method is used for intraocular lens (IOL) power calculations in clinical practice. Optical biometry using partial coherence interferometry (PCI) has become the gold standard in ocular biometry as it is highly accurate, easy to perform, non-invasive, and comfortable for the patient.
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Some of the factors driving the market growth are globally growing geriatric population, increased efficiency of optical biometry over ultrasound A-scans (A-scan ultrasound biometry), increasing awareness about eye care, and rising cataract and refractive surgeries. On 12th October 2017, the World Health Organization (WHO) joined partners around the world for World Sight Day. Its Universal eye health: a global action plan 2014-2019 is launched to raise public awareness of blindness and vision impairment, influence governments to participate in and designate funds for national blindness prevention programs and educate the public about blindness prevention. On the flip side, the high cost of optical biometry devices is anticipated to restrict market growth during the forecast period.
The global optical biometry devices market has been segmented into product, end user, and region.By product, the market has been segmented into swept-source optical coherence tomography (SSOCT)-based biometers, partial coherence interferometry (PCI)-based biometers, and optical low coherence reflectometry (OLCR)-based biometers. The swept-source optical coherence tomography (SSOCT)-based biometers segment dominated the market in 2018 as these are the next generation optical biometry devices especially used in specialized eye centers, hospitals, and ophthalmic clinics.Based on end user, the market has been classified into hospitals, ophthalmic clinics, and others.
The global optical biometry devices market has been segmented on the basis of region into the Americas, Europe, Asia-Pacific, and the Middle East & Africa. The optical biometry devices market in the Americas has further been segmented into North America and Latin America, with the North American market divided into the US and Canada.The European optical biometry devices market has been segmented into Western Europe and Eastern Europe. The Western Europe optical biometry devices market has further been classified as Germany, France, the UK, Italy, Spain, and the rest of Western Europe.
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The optical biometry devices market in Asia-Pacific has been segmented into Japan, China, India, South Korea, Australia, and the rest of Asia-Pacific. The optical biometry devices market in the Middle East & Africa has been segmented into the Middle East and Africa.
Carl Zeiss AG
NIDEK CO., LTD.
Welch Allyn, Inc.
Heine Optotechnik GmbH & Co. KG
Bausch & Lomb Incorporated
Leica Microsystems GmbH
Regional Market Summary
Global Optical Biometry Devices Market Share (%), by Region, 2018
Source: White Papers, Company Presentations, Annual Reports, and MRFR Analysis
Geographically, the Americas held substantial market share in 2018 attributed to the presence of key market players, surging number of cataract and refractive surgeries, growing adoption of optical biometry devices, developed healthcare infrastructure, and changing lifestyle. For instance, according to the American Academy of Ophthalmology (AAO), cataracts affect over 24.4 million Americans aged 40 and older. By age 75, approximately half of all Americans have cataracts presently.
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Europe would follow the Americas in terms of optical biometry devices market size throughout the forecast period as the aging population in the region is on the rise, which is increasing the number of cataract procedures. Therefore, new practices will be opened, and existing practices will make investments to expand their capacity necessitating the purchase of biometry equipment. For instance, according to the European Commission (EC), the total population in the European Union (EU) is projected to increase from 511 million in 2016 to 520 million by 2070.
Asia-Pacific would represent the fastest growth for optical biometry devices market owing to the growing elderly population base coupled with surging number of cataract surgeries, increasing awareness about optical biometry, and rising healthcare spending in India, China, Japan, and Australia. According to the Geuder Asia Pacific, India has more than 12 million blind people. Around 50% of blindness is caused by cataract. Ophthalmologists perform more than 700,000 phacoemulsification and 170,000 vitrectomies every year in the country.
The optical biometry devices market in the Middle East & Africa would witness the modest market growth rate from 2019 to 2025. The Middle East would spearhead the market attributed to growth in healthcare sector along with developing healthcare infrastructure in the Gulf Cooperation Council (GCC) countries such as Saudi Arabia, the United Arab Emirates, Kuwait, Bahrain, Qatar, and Oman.
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Global Optical Biometry Devices Market, by Product
Swept-Source Optical Coherence Tomography (SSOCT)-based Biometers
Partial Coherence Interferometry (PCI)-based Biometers
Optical Low Coherence Reflectometry (OLCR)-based Biometers
Global Optical Biometry Devices Market, by End User
Global Optical Biometry Devices Market, by Region
Rest of Western Europe
Rest of Asia-Pacific
Middle East & Africa
Manufacturers and distributors of optical biometry devices instruments and consumables
Medical diagnostic suppliers
Pharmaceutical and biopharmaceutical companies
Medical devices companies
Research and academic institutes
Association and government bodies
Market research and consulting service providers
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