Optical Biometry Devices Market to grow at a CAGR of 5.1% during 2024-2028
The Optical Biometry Devices Market is expected to grow at a CAGR of 5.1% during 2023 and 2028. During this period, the market is also expected to show a growth of USD 91.8 million. In the realm of ophthalmic diagnostics, optical biometry devices have emerged as indispensable tools in cataract surgery over the past half century. The advancement of technology enabling precise measurements has led to enhanced surgical outcomes, thereby fueling escalating patient expectations and the subsequent refinement of the technology. The pivotal transition from ultrasound measurement to optical biometry marked a critical milestone in biometry's evolution. The inception of refractive cataract surgery was facilitated by the introduction of the first IOLMaster by Carl Zeiss, offering unparalleled accuracy in predicting IOL power for patients undergoing cataract surgery. This breakthrough innovation paved the way for subsequent technological advancements, leading to the current generation of highly accurate and reproducible optical biometry devices.
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Technavio analysts predict that the Hospitals subsegment will lead the End-user segment during 2024 and 2028 The hospitals segment is poised to dominate the global optical biometry devices market due to the easy accessibility and prevalence of these technologies in healthcare facilities. With an aging global population comes a higher incidence of age-related eye conditions, such as cataracts and presbyopia, necessitating precise assessment through optical biometry devices for surgical interventions like cataract surgery. The market's growth is further fueled by the increasing prevalence of eye diseases, including age-related macular degeneration, diabetic retinopathy, cataract, and glaucoma, worldwide. Optical biometry devices play a vital role in accurately measuring the eye for surgical planning and intervention, making them an indispensable tool in the healthcare industry.
Here are the various ways based on which the market is segmented:
There are several factors that are causing the market to flourish rise in prevalence of cataract among geriatric population
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Title: Optical Biometry Devices Market: A Macro Overview of SS-OCT-based Solutions and Key Players The Optical Biometry Devices Market is witnessing significant growth due to the increasing demand for digitalized solutions in eye care clinics. SS-OCT-based optical biometers, such as Synemed's iProfiler Plus and DGH Technology's DGH-150, are gaining popularity for their high accuracy in measuring axial length and refractive errors. These devices use Spectral Domain Optical Coherence Tomography (SD-OCT) technology to provide microscopic details of the eye, enabling precise diagnosis and treatment of eye diseases like cataract. Key players in the market include Synemed, DGH Technology, Accutome, Ziemer Ophthalmic Systems, and Topcon. The concentration ratio of the top players is high due to the high cost of these devices. However, the industry chain is expected to expand as more affordable solutions emerge. The BPS Change in the market is driven by the increasing prevalence of eye diseases and refractive errors. The market's future looks promising with continuous product design innovations and advancements in technology. Despite the high cost, the benefits of these devices outweigh the constraints, making them an essential tool in modern eye care.
In accordance with Technavio's market classification, the Optical Biometry Devices market falls under the expansive umbrella of the global Healthcare Equipment industry. This sector encompasses organizations dedicated to the research and development (R&D) of various product categories, such as capital equipment, instruments, implants, accessories, and consumables. These products are integral to the diagnosis, monitoring, and treatment of numerous diseases. Technavio determines the size of the global Healthcare Equipment market by aggregating the revenues generated by manufacturers of diagnostic equipment and devices spanning diverse therapy areas. The Healthcare Equipment sector is segmented into Devices, which comprises advanced, differentiated, and clinically validated data-driven devices, including Optical Biometry Devices.
The Optical Biometry Devices Market is experiencing significant growth, fueled by the rise in prevalence of cataract among geriatric population. Industries are leveraging the products belonging to the market for customer engagement, transactional notifications, and promotional offers.
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