Next Generation Optical Biometry Devices Market Report Overview
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The global next generation optical biometry devices market size was USD 236.8 million in 2022 and market is projected to touch USD 364 million by 2031, at a CAGR of 4.9% during the forecast period.
A device known as a next generation optical biometry devices is used in ophthalmology to determine the length of the eyeball, the curve of the cornea, and the shape and size of the lens, among other features of the eye. In order to take precise measurements of the eye and help with the treatment and diagnosis of eye problems, these devices employ non-invasive optical techniques including laser interferometry or optical coherence tomography. Comparing the current generation to the next, the new device may be more precise, easier to operate, and equipped with more sophisticated functions.
Numerous reasons are contributing to the growth of the next generation optical biometry devices. The rising incidence of eye conditions including age-related macular degeneration, glaucoma, and cataracts, which call for precise measurements of the eye for detection and treatment, is one important contributing cause. Additionally, technological developments have resulted in the creation of more precise and user-friendly optical instruments, which are highly sought after by eye care specialists. The market is expanding as a result of the increased use of these gadgets in developing nations and the rising public awareness of the value of routine eye exams.
COVID-19 Impact: Major Obstacles were Experienced by the Manufacturers due to the Rapid Spread of the Pandemic
In recent months, COVID-19 presented the optical biometry devices sector with major obstacles that tested market players to the breaking point. During the pandemic rapid spread, businesses were finding it more difficult to make educated decisions about their products, supply chains, and regulatory obligations. Numerous people were forced to put off receiving medical care due to COVID-19, which might have a substantial impact on the healthcare sector. Manufacturers are rearranging their sales channels and launching new items as they figure out how to get out of the current position. Over the ensuing years, it is probable that the global market for optical biometry devices will stabilize.
Latest Trends
"Increasing Penetration of Advanced Technology due to their Capacity to Offer Precise Assessments "
Due to the earlier and more precise detection of eye illnesses made possible by the rising penetration of modern technologies in emerging nations, the market is growing. Due to their minimally invasive nature and capacity to offer more precise and comprehensive assessments of the eyeball, non-contact devices notably Scheimpflug scanning and optical coherence tomography (OCT) are getting more and more prominent.
Next Generation Optical Biometry Devices Market Segmentation
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- By Type Analysis
According to type, the market can be segmented into Swept Source Optical Coherent Based Optical Biometers, Partial Coherence Interferometry (PCI) Based Optical Biometers and Optical Low Coherence Reflectometry (OLCR) Based Optical Biometers
- By Application Analysis
Based on application, the market can be divided into Hospitals, Ophthalmology Clinics and Ambulatory Surgical Centers
Driving Factors
"Growing Demand from the Hospital Segment will Drive the Market Growth "
Demand for the newest optical biometry devices is mostly driven by hospitals in terms of revenue. The market is expected to expand as both private and public hospitals increasingly rise in number. It is anticipated that increasing adoption of optical biometry devices in healthcare facilities including hospitals will accelerate market growth. The need for next generation optical biometry devices will rise in the upcoming years as a result of cataract procedures, which are among the medical treatments and vision benefits covered by Medicare. Market expansion will be further fueled by patients' growing confidence in hospitals' commitment to offering all kinds of treatment options.
"Increasing Prevalence of Eye Diseases gives Rise to Technological Advances "
The demand for reliable and exact assessments of the visual, which the next generation optical biometry devices with improving technology may deliver, is being driven by the rising prevalence of eye illnesses such as glaucoma, cataracts, and age-related vision problems. Along with this, next generation devices have been created as a result of technological breakthroughs, and they are highly sought after by eye care specialists due to their increased accuracy and use. In the upcoming years, the market growth for these devices will rise due to these variables.
Restraining Factors
"Lack of Skilled Professionals and Requirement for Special Training are Factors Obstructing the Market from Growing "
In some markets, particularly in poor nations, the high cost of next generation devices may make them difficult to implement. Additionally, a barrier to the market's expansion may be the shortage of qualified technicians or the need for eye specialists to undergo specialized training in some regions in order to operate the devices. All these factors could possibly interrupt the next generation optical biometry devices market growth during the anticipated time frame.
Next Generation Optical Biometry Devices Market Regional Insights
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"Increasing Need and Rapid Adoption of Modern Equipment in the Region is Driving the North American Market"
North America is anticipated to hold the biggest international next generation optical biometry devices market share in 2022. In accordance with the Prevent Blindness group, 25 million Americans who have cataracts need medical attention each year in the U.S., which increases the demand for optical biometry technology in the area. Some of the reasons that are anticipated to assist the growing market for next generation devices in the area include altering lifestyles, rapid infrastructural developments for eye care, and increasing adoption of modern optical biometry equipment. In addition to this, the region's abundance of important players is also fostering growth.
Key Industry Players
"Key Players are Introducing Automated Tools to Expand their Market Share"
Automated tools that are more effective in measuring the sections of the eyes are being introduced by manufacturers of biometry equipment. In order to provide comprehensive information on the eye segments, suppliers of the next generation optical biometry devices are enhancing the associated software. Companies that produce optical biometry equipment are working with regional distributors and retailers to expand the market share of the latest optical biometry technology.
List of Market Players Profiled
- Carl Zeiss (Germany)
- Nidek (Japan)
- Haag-Streit (Switzerland)
- Ziemer Ophthalmic Systems (Switzerland)
- Topcon (Japan)
- Optovue (U.S.)
- Tomey GmbH (Japan)
Report Coverage
This report covers the next generation optical biometry devices market. The CAGR expected to be in during the forecast period, and also the USD value in 2022 and what it is expected to be in 2031. The effect COVID-19 had on the market in the beginning of the pandemic. The latest trends taking place in this industry. The factors that are driving this market as well as the factors that are restraining the growth of industry. The segmentation of this market based on type and applications. The region leading in the industry and why they will continue to do so during the forecast period. Further, the key market players, what all is being done by them to stay ahead of their competition as well as retain their market positions. All these details are covered in the report.
| REPORT COVERAGE | DETAILS |
|---|---|
Market Size Value In |
US$ 236.8 Million in 2022 |
Market Size Value By |
US$ 364 Million by 2031 |
Growth Rate |
CAGR of 4.9% from 2022 to 2031 |
Forecast Period |
2024-2031 |
Base Year |
2023 |
Historical Data Available |
Yes |
Regional Scope |
Global |
Segments Covered |
Type and Application |
Frequently Asked Questions
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What value is the global next generation optical biometry devices market expected to touch by 2031?
The global next generation optical biometry devices market is expected to touch USD 364 million by 2031.
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What CAGR is the next generation optical biometry devices market expected to exhibit during 2022-2031?
The next generation optical biometry devices market is expected to exhibit a CAGR of 4.9% over 2022-2031.
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Which are the driving factors of the next generation optical biometry devices market?
Growing demand from the hospital segment will drive market growth and increasing prevalence of eye disease gives rise to technological advances are the driving factors of the next generation optical biometry devices market.
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Which are the top companies operating in the next generation optical biometry devices market?
Carl Zeiss, Nidek, Haag-Streit, Ziemer Ophthalmic Systems and Topcon are the top companies operating in the next generation optical biometry devices market.
