According to Transparency Market Research, in their recently
published report on the global ophthalmic ultrasound device market,
the degree of competition in the market is expected to remain fairly
high over the coming years. The market’s competitive landscape is
highly consolidated and there is a likelihood of an increase in
player count till 2024. However, the overall count of new entrants to
the global ophthalmic ultrasound device market is also expected to be
stifled by aggressive expansion by key players and the higher brand
value they hold in core regions of the market. By value, the global
ophthalmic ultrasound device market is expected to reach US$2.51 bn
by the end of 2016. Within 2016 and 2024, this market’s revenue is
expected to expand at a CAGR of 6.1%, reaching US$4.03 bn by the end
of 2024.
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“The globally increasing population of the elderly is currently a
key driver for a lot of healthcare related markets due to their lower
physical resistance and higher susceptibility of contracting
age-related or chronic illnesses. This includes a string of ocular
disorders and has therefore already become a prime driver for the
global ophthalmic ultrasound device market. This factor is expected
to continue driving the market over the coming years,” states a TMR
analyst. As published by the WHO, the global population of the
elderly is expected to reach close to 1.5 bn by the end of 2050 and
is thus a high priority status indicator for the developments in the
global ophthalmic ultrasound device market.
Other factors augmenting the global ophthalmic ultrasound device
market include the incoming waves of innovations in these devices
that will allow enhanced imaging, thanks to better standards of
safety, reliability, accuracy, and most importantly, minimization of
post-operative pain. These innovations are key to ushering in a new
era of minimally invasive surgeries in ocular health and are thus
expected to shape the future of the global ophthalmic ultrasound
device market. Outside of the elderly, the growing number of ocular
disorder cases in adults and younger patients is being attributed to
several lifestyle disorders and a growing level of air pollution. The
rising cases of glaucoma is currently a core concern for the global
ophthalmic ultrasound device market, along with an increasing
awareness on modern cataract treatments in emerging economies.
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One of the key restraints acting on the global ophthalmic ultrasound
device market currently, is the increasing price of new devices. One
of the reasons for the price inflation is the increasing stringency
of regulatory frameworks in developed economies, leading to a greater
chain of approval acquisition for manufacturers. Hospitals and
commercial diagnostic labs are equally affected by the rising prices
of ophthalmic ultrasound devices. The problem for the market is
complicated further by the overall lack of ophthalmologists in the
world. The dearth of ophthalmologists is especially visible in
emerging economies such as Malaysia, China, and India, which are
expected to be future regions of growth for the market.
“Players in the global ophthalmic ultrasound device market should
still consider the emerging economies from Asia Pacific and Latin
America as key to their growth over the coming years. While high
costs are still a problem players need to tackle before heading into
these regions, there is already a consistently high rate of increase
in the demand for ophthalmic ultrasound devices, due to the improving
infrastructure of their healthcare industries, and a growing patient
pool due to medical outreach and patient awareness. At the same time,
players can also find significant opportunities of growth through
added investments in existing device tech, such as the introduction
of portable and even handheld ultrasound devices,” adds the
analyst.
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The majority of the global ophthalmic ultrasound device market’s
share in value was taken up by its leaders in 2015. The top of the
crop – Nidek Co. Ltd., Ellex Medical Lasers Ltd., Optos Plc., and
Halma Plc. – held a collective share of 60% in terms of the global
market’s value.
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