The optical biometry devices market is expected to register a CAGR of 5.4% to reach USD 430 million during the forecast period
The Optical Biometry Devices Market is anticipated to reach USD 302.23 Million by 2030 at 4.60% CAGR during the forecast period 2022-2030. The optical biometry devices market is one of the high potential markets during the forecast period. The study further indicates that this market will reach its peak due to the high demand for better vision quality among people.
Eye problems are one of the common and great problems among people. These problems occur in the human body for various reasons. One of the main reasons for this problem is the growth of the geriatric population ( old age). Besides this reason, there are many reasons like eye disease, radiation, lack of nutrition, and the mutation in human genes. The optical market growth analyses the situation like market trends, market development and users and segmentation many others. The experts of the National Institute of Ageing (NIA) are saying that the growth of the geriatric population will reach up to 72 million by the end of 2030.
The government is taking steps like setting up eye disease camps and developing awareness among people. Besides these reasons, optical biometry devices help protect the eyes from different radiation and rays. These products help to see properly more. As per the historic data period, in 2017 the World Health Organization (WHO) took a step forward to make collaboration with different partners. This step was initially taken to celebrate and spread awareness on World Sight Day. This was a great strategy to highlight the facts about eye disorders.
Optical Biometry Devices Market Covid 19 analysis
In the year 2020, a deadly virus was spread out all around the world. It became a disastrous situation not only in human life but also in every step globally. Many progression suddenly forced to stop because of the outbreak of this virus. This situation slowly turned into a pandemic situation. Governments decided to lockdown and social distancing. These situations made a drastic change in every business. In this situation, people started working from home. This situation made an increasing screen using time among people. Due to this process, people started suffering various eye-related problems.
This is the main reason for the growth of this market. On the other hand, the business faces many difficulties in the growth segment. The sudden closure of eye clinics is one of the main causes of the reduction in this business. Besides these facts, the reduced numbers of elective surgeries, and the delayed response in eye treatment also made a great loss in this market. People were fearing the outbreak of COVID-19 and getting infected. The online store and virtual checkup system were making the profits in this market. The offline optical biometry devices market saw a bad time during this situation. Universal eye health is a worldwide action program. In 2014- 2019 this plan was launched to spread awareness about blindness and vision restoration. This plan influenced the government to take further steps and assign funds for various programs about eye disease and educating the people.
Optical Biometry Devices Market Dynamics
The market dynamics of the optical biometry devices market are the market drivers, opportunities, restraints, challenges, and cumulative growth analysis.
The major market driver of this optical biometry devices market is the growth of the geriatric generation. As it is previously discussed, old ageing is the main driving force for the growth of this market. Glaucoma disease is also another main reason for the market growth. According to the reports of the World Health Organization (WHO), over 4.5 million glaucoma cases are recorded. This high increasing rate is one of the market drivers of the demand for optical biometry devices.
There are great opportunities to have potential market growth during forecast periods. The high demand for optical biometry devices is increasing. North America and Europe are very much developing the advanced technologies in the market. According to studies, 10% of the global population are suffering from eye disorders and have a high chance of loss of vision. Even the increasing demand for better eye surgeries is also creating great opportunities for this market.
The main restraining fact of this market is a lack of awareness. The lack of education about eye problems and the lack of awareness about this problem is the main restraining reasons for this market. Besides these facts, during the lockdown period, the closure of eye clinics was also one of the main restraining reasons for the market growth.
The market is facing some challenges in the technology development in optical biometry devices. Though governments are raising funds to advance these devices. But lack of raw products and poor productivity are creating major challenges.
Value chain analysis/ Technology analysis
The optical biometry devices are also often referred to as ophthalmology devices. Ophthalmology technologies are also a great part of this market. The other parts of these technologies are corneal topography systems, ophthalmic ultrasound systems, specular microscopes, also included optical biometry systems and many more.
Optical Biometry Devices Market Segmentation
The optical biometry devices market has few major market segments. These segments are the prime cause of the growing profit of this market.
These segments are divided into three major sections 1. The type, 2. By end-user and 3. The geographical landscape.
The major market segment of the optical biometry devices market is the type or the variations. This segment is also divided into a few other subparts. 1. SS-OCT-based optical biometers, 2. OCR- based optical bio meters and 3. PCI based optical biometers.
The second important market segment is the end-user. This segment depends on the distribution channels. The more growth in distribution channels is focusing on the matter of profit in this market. The main channels of this segment are Hospitals, eye clinics, ACS, optical stores and many others.
The geographical landscape
The geographical landscape is divided into three major regions and the rest of the world. The market further grows and expands its branches all over the world.
Optical Biometry Devices Market Regional Analysis
The regional division of this market is divided into four major regions. These regions are North America, the European Union, the Asia Pacific, and the rest of the world. Furthermore, the North American region is also divided between countries: Latin America, the US, and Canada.
The European Union is also divided into Germany, France, Italy, Spain, Uk and others. The growing number of eye diseases in the population is the main reason for the growth.
Even the Asia Pacific, is also divided between countries like India, China, Japan and many more. Furthermore, the Middle East portion and Africa are also showing great interest in this market. The region has a great chance to dominate the market in the forecast period.
Optical Biometry Devices Market Competitive landscape
The competitive landscape reports further suggest the recent market sharks and key players in this market field.
These are the major players in the market. There are also many other major market players in this market segment.
Optical Biometry Devices Market Recent developments
The recent development reports of this market are very impressive.
|Market Size||430 million|
|Forecast Units||Value (USD Million)|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, and Trends|
|Segments Covered||Product, End User|
|Geographies Covered||North America, Europe, Asia-Pacific, and Rest of the World (RoW)|
|Key Vendors||Carl Zeiss AG, Bausch & Lomb Incorporated, Haag-Streit AG, NIDEK CO., LTD., Topcon Corporation, Welch Allyn, Inc., Heine Optotechnik GmbH & Co. KG, Tomey Corporation, AMETEK, Inc., Optovue, Incorporated, Leica Microsystems GmbH, and CENTERVUE S.p.A.|
|Key Market Opportunities||New product launches and R&D Amongst major key Players|
|Key Market Drivers||
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.
Next-generation optical biometry devices reduce the undetected poor fixations by the optical ultrasound biometry devices. Furthermore, these devices are highly efficient and fast, eliminating manual errors from traditional biometry devices. For instance, Pentacam AXL is used with a single measuring operation. It has a comprehensive biometry for intraocular lens (IOL) database and provides a well-targeted screening process for eyes.
The optical biometry devices market was valued at USD 275 million in 2018.
The optical biometry devices market would record a CAGR of 4.60% during the forecast period of 2022 to 2030.
The optical biometry devices market would be dominated by swept-source optical coherence tomography (SSOCT)-based biometers.
The Americas would lead the reading of the optical biometry devices market.
The optical biometry devices market would have the Asia Pacific region as the fastest-growing one.