OPHTHALMIC DEVICES MARKET ANALYSIS

Market Challenges And Opportunities

Increasing Adoption of Refurbished Ophthalmic Devices is Expected to Hinder the Market Growth

Among ophthalmic devices segment, ophthalmic imaging devices in the refurbished form witness increasing demand due to low production & material cost. However, this adversely affects the sales of manufacturer build or OEM build ophthalmic devices.     

For instance, according to the Refurbishment of Medical Equipment Report on promising Key Enabling Technologies (KETs)-based product, published by European Commission in August 2017, refurbished diagnostic imaging equipment accounted for 75.5% of the global demand for refurbished medical devices, in 2015.

Refurbished medical devices specifically include, diagnostic imaging devices that create visual representations of internal organs of the body to help in medical intervention and clinical analysis. Generally, damaged or unused component are replaced with newer and updated components in the production of refurbished medical devices. Hardware or software may also be upgraded, followed by extensive testing, quality assurance, and (as required) re-submission for regulatory approval. Furthermore, high cost of new ophthalmic devices has led to increasing adoption of refurbished counterparts.