Optical Biometry Devices Market Size, Share, Growth, and Industry Analysis, By Type (Contact Type and Non-Contact Type), By Application (Hospital, Ophthalmology Clinics and Ambulatory Surgical Centers), Regional Insights and Forecast to 2031

Updated On: 06 May 2024

OPTICAL BIOMETRY DEVICES MARKET REPORT OVERVIEW

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The global optical biometry devices market size was USD 220 million in 2019 and the market is projected to touch USD 300 million by 2026, exhibiting a CAGR of 4.5% during the forecast period.

The optical biometry devices market refers to the segment of the medical devices industry that involves the production, distribution, and utilization of optical biometry device. Optical biometry is a method used in ophthalmology for measuring various parameters of the eye, particularly the length of the eye, which is crucial for procedures such as intraocular lens (IOL) power calculations during cataract surgery. Optical biometry device uses optical principles to measure the axial length of the eye, as well as other parameters like corneal thickness and anterior chamber depth.

These devices play a vital role in ensuring accurate and precise measurements, which are essential for determining the appropriate power of intraocular lenses that will be implanted during cataract surgery. Accurate measurements contribute to improved postoperative visual outcomes for patients. The market for optical biometry device is influenced by factors such as the aging population, increasing prevalence of eye disorders, advancements in technology, and the growing number of cataract surgeries worldwide. Companies operating in this market may offer a range of optical biometry device with various features, accuracy levels, and functionalities.

COVID-19 Impact: Impact on Hospital Operations to Hinder Market Growth

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Lockdowns, travel restrictions, and disruptions in logistics may have impacted the manufacturing and supply chain of optical biometry device. This could lead to delays in production, shortages of components, and challenges in distributing products. Many elective surgeries, including cataract surgeries that often involve optical biometry device, were postponed or canceled during the height of the pandemic. This could have led to decreased demand for these devices during that period. Hospitals and healthcare facilities faced financial strain during the pandemic due to increased expenses related to COVID-19 response and reduced revenue from elective procedures. This could have influenced budget allocations for new medical equipment, including optical biometry device.

LATEST TRENDS

"Integration with Artificial Intelligence (AI) to Drive Market Growth"

Continuous advancements in technology, such as improvements in optical sensors and imaging capabilities, may enhance the precision and accuracy of optical biometry measurements. This could lead to more reliable data for intraocular lens calculations during cataract surgery. The integration of AI and machine learning algorithms into optical biometry device could further optimize measurements and enhance the diagnostic capabilities. AI may help in analyzing complex data sets, improving predictive modeling, and offering personalized treatment recommendations. There is a growing interest in developing portable and point-of-care optical biometry devices. These devices could provide flexibility in performing measurements outside traditional clinical settings, enabling faster and more accessible eye examinations.

OPTICAL BIOMETRY DEVICES MARKET SEGMENTATION

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• By Type

Based on type the global market can be categorized into contact type and non-contact type.

Contact Type: Contact-type biometry involves direct contact between the measuring device and the eye's cornea or surrounding area. In contact biometry, a probe or ultrasound transducer comes into physical contact with the cornea or the eye's surface.

Non-Contact Type: Non-contact biometry, as the name suggests, involves measuring ocular parameters without direct physical contact with the eye. Non-contact devices typically use optical methods, such as laser interferometry or optical coherence tomography (OCT), to measure the length and other dimensions of the eye.

• By Application

Based on application the global market can be categorized into hospital, ophthalmology clinics and ambulatory surgical centers.

Hospital: A hospital is a large healthcare institution that provides a wide range of medical services, including diagnosis, treatment, surgery, and specialized care. Hospitals have various departments, such as emergency rooms, surgical suites, diagnostic imaging, laboratories, and inpatient wards. They often offer comprehensive medical services and house a diverse range of medical professionals.

Ophthalmology Clinics: Ophthalmology clinics are specialized healthcare facilities focused specifically on eye care, diagnosis, and treatment of eye diseases. These clinics typically have ophthalmologists, optometrists, and support staff specializing in eye care. They may be part of a larger medical facility like a hospital or operate independently.

Ambulatory Surgical Centers (ASCs): Ambulatory Surgical Centers are healthcare facilities that focus on providing same-day surgical procedures without the need for overnight hospitalization. ASCs are equipped with surgical suites and recovery areas but lack the extensive inpatient facilities of hospitals. They are designed for efficient and cost-effective outpatient surgeries.

DRIVING FACTORS

"Advancements in Optical Technology to Augment the Market"

The prevalence of eye disorders, such as cataracts and refractive errors, is rising globally due to factors like aging populations and changes in lifestyle. Optical biometry device play a crucial role in preoperative assessments and intraocular lens calculations for procedures like cataract surgery. Ongoing advancements in optical technology, including improvements in sensors, imaging capabilities, and measurement accuracy, drive the development of more sophisticated and precise optical biometry devices market growth. These technological enhancements contribute to better patient outcomes. Cataract surgery is one of the most common surgical procedures globally. As the aging population grows, the demand for cataract surgeries is expected to increase. Optical biometry devices are essential tools in these surgeries for measuring ocular parameters and selecting appropriate intraocular lenses.

"Rising Awareness and Education to Expand the Market"

The integration of AI and machine learning algorithms into optical biometry devices enhances their capabilities. AI can assist in analyzing complex data sets, improving measurement accuracy, and providing personalized recommendations, leading to more efficient and effective eye care. Precision medicine, which tailors’ medical treatment to individual patient characteristics, is gaining prominence. Optical biometry devices contribute to precision medicine in ophthalmology by providing customized measurements for intraocular lens calculations, improving the overall accuracy of surgical outcomes. Increasing awareness among healthcare professionals about the importance of accurate biometry measurements and the benefits of utilizing optical biometry devices contributes to their widespread adoption. Continued education and training programs help enhance the proficiency of medical practitioners in using these devices.

RESTRAINING FACTOR

"Lack of Skilled Personnel to Potentially Impede Market Growth"

The initial cost of acquiring optical biometry devices can be relatively high. Some healthcare facilities, particularly those in resource-constrained environments, may face budget constraints that limit their ability to invest in advanced ophthalmic equipment. Effectively utilizing optical biometry devices requires skilled personnel who are trained in their operation and interpretation of results. In regions where there is a shortage of trained ophthalmic professionals, the full potential of these devices may not be realized.

OPTICAL BIOMETRY DEVICES MARKET REGIONAL INSIGHTS

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"North America to Dominate the Market due to Well-Established Healthcare Infrastructure"

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East &Africa

The North America market, has been a major player in the global medical devices industry. Factors contributing to this prominence include a well-established healthcare infrastructure, a high prevalence of eye disorders among the aging population, and a strong focus on technological innovation. The presence of leading medical device manufacturers, research institutions, and a robust regulatory environment further supports the growth of the optical biometry devices market share in this region. These countries have advanced healthcare systems, a high level of healthcare expenditure, and a strong emphasis on medical research and innovation. European manufacturers have played a significant role in the development of ophthalmic devices, contributing to the region's prominence in the market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The market is significantly influenced by key industry players that play a pivotal role in driving market dynamics and shaping consumer preferences. These key players possess extensive retail networks and online platforms, providing consumers with easy access to a wide variety of wardrobe options. Their strong global presence and brand recognition have contributed to increased consumer trust and loyalty, driving product adoption. Moreover, these industry giants continually invest in research and development, introducing innovative designs, materials, and smart features, catering to evolving consumer needs and preferences. The collective efforts of these major players significantly impact the competitive landscape and future trajectory of the market.

List of Market Players Profiled

• Topcon (Japan)
• Carl Zeiss (Switzerland)
• Nidek (Germany)
• Haag-Streit (Japan)
• Hill-Rom (U.S.)

INDUSTRIAL DEVELOPMENT

March, 2020: Continuous improvements in optical technology have led to enhanced precision and accuracy in optical biometry device. Manufacturers are investing in research and development to incorporate cutting-edge optical components, sensors, and imaging systems, resulting in more reliable measurements.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.