Ophthalmic Ultrasound Systems Market Is Anticipated to Reach a Valuation of US$ 4,031.2 Mn in 2024
A constant rise in the geriatric population positively impacts the growth and development of ophthalmology systems as this population is highly susceptible to several health disorders as compared to younger people, including eye disorders. This creates a huge demand for effective management of the disorders and diseases globally. In 2010, as per the projections of World Health Organization (WHO), the global geriatric population was about 524 million and is anticipated to reach about 1.5 billion by 2050.
Increase in prevalence of ocular disorders and diseases positively impacting the global ophthalmic ultrasound systems market
The ophthalmology industry is on a perennial rise due to a rise in the prevalence of several eye disorders that directly influence the demand for various ophthalmology platforms. Cataract and glaucoma are few of the increasing disorders that pose a significant impact on the daily lives of patients. Such increase in disorders result in escalating healthcare spending and decelerating productivity. According to National Health Interview Survey (NHIS) in 2011, about 21.1 million American adults aged 18 years and above reported vision loss.
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Lucrative growth opportunity in emerging economies for ophthalmic ultrasound systems market
Several companies in the ophthalmology arena are exploring new markets in order to expand their business operations, especially in Asia Pacific and rest of the world besides making their presence felt in the lucrative and highly competitive markets of North America and Europe. China, India, Brazil and Russia are some of the lucrative markets in such developing regions and offer immense growth opportunities. A large consumer base coupled with augmented healthcare expenditure and a paradigm shift observed in the inclination of the patients towards improved healthcare facilities offers tremendous growth prospects in China and India.
An increase in healthcare awareness and emergence of middle class in these regions are expected to further propel the growth of the ophthalmology systems market. These geographies provide substantial platforms to build healthy relationships between the buyers and sellers and offer sustainable market potential in terms of both market size and growth rates. As per the available projections, the emerging economies are projected to continue to growth at 4 percent or 5 percent in the coming years. Developing socioeconomic conditions in Asia and South America are expected to fuel greater demand for ophthalmologists in order to provide healthcare and manage critical resources. Such factors are positively influencing the growth of ophthalmic ultrasound systems market in such developing regions of the world.
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Advancement of ophthalmic technology bodes well for the market
New diagnostic technologies facilitate ophthalmologists to have a detailed view of the eye and enable them to understand the revealing features of ocular pathology, which is an advantage over conventional screening technologies. Advancements in biometric precision were made by increasing transducer frequencies and using more advanced time measurement techniques to replace ruler measurements of photographed A-mode displays.
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Sonomed Escalon has been a leader in ophthalmic ultrasound arena for over 30 years. The new VuPad portable device which is revolutionary delivers exceptional image quality in a wide range of applications. Another example of technological advancement is the example of Quantel Medical, which in July 2013 announced the launch of its Compact Touch UBM system in the United States which will help optometrist to manage glaucoma disease. Besides this, governments and key industry players are investing in technological developments to reduce the visual impairment among patients. Cost-effective interventions, access to healthcare programs, rehabilitation, support and assistance and educational programs are expected to fuel the growth of ophthalmic ultrasound systems market.