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Global Pachymeter Device Market Overview and Growth Projections 2024
Pachymeter Device Market Overview
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According to The Business Research Company's, The pachymeter device market size has grown strongly in recent years. It will grow from $18.39 billion in 2023 to $19.30 billion in 2024 at a compound annual growth rate (CAGR) of 5.0%. The growth in the historic period can be attributed to the increasing prevalence of ocular diseases, advancements in medical technology, rising awareness about eye health, growing demand for minimally invasive procedures, improved healthcare infrastructure, higher disposable incomes, enhanced diagnostic capabilities, government initiatives for healthcare improvement, collaborations between hospitals and device manufacturers, and the expansion of healthcare services in developing regions.
The pachymeter device market size is expected to see strong growth in the next few years. It will grow to $23.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%. The growth in the forecast period can be attributed to continuous technological innovations, increasing healthcare expenditure, rising geriatric population, growing emphasis on preventive healthcare, expanding telemedicine services, integration of AI and machine learning in medical devices, increasing focus on personalized medicine, development of portable and user-friendly devices, supportive regulatory frameworks, and the surge in medical tourism. Major trends in the forecast period include a shift towards portable and home-use devices, growing adoption of cloud-based data management, rising popularity of smart medical devices, focus on patient-centric care, adoption of blockchain for data security, integration with electronic health records, development of multifunctional diagnostic devices, expansion of remote monitoring capabilities, and heightened emphasis on training and education for healthcare professionals.
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Market Drivers and Trends:
The increasing prevalence of ocular diseases is expected to propel the growth of the pachymeter device market going forward. Ocular diseases refer to a wide range of conditions that affect the eye and its associated structures. This increased prevalence of ocular diseases is an impact of increased use of contact lenses, lifestyle changes, gender differences, and vitamin deficiencies. Pachymetry devices are used in various ocular diseases to measure the thickness of the cornea, which is essential for diagnosing and managing certain conditions. For instance, in May 2024, according to the Office for Health Improvement and Disparities, a UK-based government department, approximately 2 million people in the UK currently experience some degree of sight loss, this number is projected to increase to 2.7 million by the year 2030. Therefore, the increasing prevalence of ocular diseases is driving the growth of the pachymeter device market.
Major companies operating in the pachymeter device market are developing innovative products, such as non-contact pachymeters, to improve ease of use and patient comfort by providing more efficient and reliable diagnostic tools. A non-contact pachymeter uses an air-puff method to measure the corneal thickness without physically touching the eye, making it a safe and convenient option for ophthalmic examinations. For instance, in November 2022, NIDEK Co. Ltd., a US-based medical equipment manufacturer, launched the NT-1p non-contact pachymeter, a device that provides reliable and repeatable intraocular pressure (IOP) and central corneal thickness (CCT) measurements. This device fully automates non-contact tonometry and pachymetry, starting the measurement process as soon as the chin is placed on the chinrest without needing to press any buttons.
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Major Key Players of the Market:
Bausch & Lomb Incorporated, Canon Medical Systems Corporation, Topcon Corporation, RODENSTOCK GmbH, Quantel Medical Inc., Rumax International Private Limited, Keeler Ltd., Reichert Inc., OCULUS Optikgeräte GmbH, Accutome Inc., Optovue Inc., Sonomed Escalon, Visionix Ltd., Tomey Corporation, Haag-Streit Group, DGH Technology Inc., MicroMedical Devices Inc. (MMD), NIDEK Co. Ltd., Allied Medical Technologies, Costruzione Strumenti Oftalmici (CSO) S.r.l
Pachymeter Device Market 2024 Key Insights:
• The pachymeter device market size is expected to see strong growth in the next few years. It will grow to $23.57 billion in 2028 at a compound annual growth rate (CAGR) of 5.1%.
• The Increasing Prevalence Of Ocular Diseases Is Driving The Growth Of Pachymeter Device Market
• Innovative Solutions Drive Advancements In The Pachymeter Device Market
• North America was the largest region in the pachymeter device market in 2023
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