Ophthalmic Refractometer Market Analysis

Ophthalmic refractometer is an equipment which is used for measuring lens strength and power, in order to provide patients with proper eyeglasses for correcting their vision. Common types of vision impairments in patients are myopia, hyperopia and astigmatism among others. Most of the eye problems arise from stress, unhealthy lifestyle, improper nutrition, underlying diseases, genetic disorders etc.

Manufacturers are engaged in developing various types of innovative and modified ophthalmic refractometer equipment such as auto refractors which are highly portable compared to the traditional ophthalmic refractometer. Such innovations help in providing quality diagnosis to patients and is expected to drive the growth of the global ophthalmic refractometer market during the forecast period.

Global Ophthalmic Refractometer Market – Impact of the Coronavirus (COVID-19) Pandemic

COVID-19 pandemic is expected to hamper growth of the global ophthalmic refractometer market during the forecast period. On 11th March 2020, the World Health Organization declared COVID-19 as a pandemic. This led regulatory authorities across the globe to implement major changes in clinical practices in order to curb the spread of COVID-19. According to the data published in Center for Disease Control and Prevention, in 2020, the coronavirus can also enter the body of a person through the mucous membranes of the eyes. Therefore, according to the regulatory authorities, clinicians should interact with the patients through telemedicine for the treatment of eye disorders. Only under emergency cases, such as glaucoma, partial blindness etc. patients are treated in the hospitals and clinics and the procedure is carried out under stringent conditions.

The global ophthalmic refractometer market is estimated to be valued at US$ 192.8 million in 2020 and is expected to witness a robust CAGR of 2.3% over the forecast period (2020 - 2027).

Figure 1: Global Ophthalmic Refractometer Market Share (%) Analysis, By Product Type, 2020

Launch of products by key players is expected to drive the growth of the global ophthalmic refractometer market during the forecast period.

Market players are engaged in launching innovative products which is expected to drive the growth of the global ophthalmic refractometer market. For instance, in 2019, NIDEK CO., LTD., launched the Auto Ref/Keratometer/Auto Refractometer whose functions are fully automatic. The device works by just placing the chin on the chin rest. The voice guidance feature allows smooth and easy measurement for the operator.

The rising prevalence of diabetes is also expected to increase the number of visual impairment cases. This in turn, is expected to drive the growth of the ophthalmic refractometer market during the forecast period.

The rising incidence of diabetes among the population is expected to favor growth of the global ophthalmic refractometer market during the forecast period. For instance, according to the data published in the International Diabetes Federation, 2020, Diabetes causes eye problems such diabetic retinopathy, cataract, diabetic macular edema, glaucoma, and double vision in patients. Moreover, according to the same source, diabetic retinopathy is a common and leading cause of blindness in the diabetic population who are in the age group of 20 – 65 years. Furthermore, one in three people with diabetes develop diabetic retinopathy at some point in their life time. The occurrence of diabetic retinopathy can be prevented by following a healthy life style and taking the prescribed medication as required.

Ophthalmic Refractometer Market Report Coverage

Report Coverage	Details
Base Year:	2019	Market Size in 2020:	US$ 192.8 Mn
Historical Data for:	2017 to 2019	Forecast Period:	2020 to 2027
Forecast Period 2020 to 2027 CAGR:	2.3 %	2027 Value Projection:	US$ 226.0 Mn
Geographies covered:	North America: U.S. and Canada Latin America: Brazil, Argentina, Mexico, and Rest of Latin America Europe: Germany, U.K., Spain, France, Italy, Russia, and Rest of Europe Asia Pacific: China, India, Japan, Australia, South Korea, ASEAN, and Rest of Asia Pacific Middle East: GCC, Israel, and Rest of Middle East Africa: South Africa, North Africa, and Central Africa
Segments covered:	By Product Type: Automatic: Portable/ Handheld, Non - Portable. Semi-Automatic. By End User: Optometric Centers, Hospitals / Clinics, Others.
Companies covered:	Topcon Corporation, NIDEK CO., LTD., Birmingham Optical Group Ltd., EyeQue Corporation, Eye Care Leaders, LLC, Essilor International S.A., VIEWLIGHT LLC, Canon Inc., Takagi Ophthalmic Instruments Europe Ltd., Luneau Technology Operations SAS and Carl Zeiss AG.
Growth Drivers:	Product launches Increasing prevalence of diabetes
Restraints & Challenges:	Cost of the ophthalmic refractometer Calibration of the auto refractor

Global Ophthalmic Refractometer Market - Restraints

High cost of equipment is expected to restrain the global ophthalmic refractometer market growth during the forecast period. For instance, cost of a single ophthalmic refractometer is in the range of US$ 3,751.11 million to US$ 5,115.15 million, hence hospitals and some ophthalmic clinics have less access to such costly ophthalmic refractometer.

Moreover, while using auto refractors, manual examination of the patient’s eyes is not required. The disadvantages of using an auto refractor include the possibility of calibration errors which can interfere with results and may not diagnose the condition of the patients properly. Moreover, co-operation of the patients is also required during the diagnosis process.

Global Ophthalmic Refractometer Market – Regional Analysis

On the basis of region, the global ophthalmic refractometer market is segmented into North America, Latin America, Europe, Asia pacific, Middle East and Africa.

North America is expected to hold the dominant position in the global ophthalmic refractometer market during the forecast period owing to the increasing prevalence of age-related macular degeneration among the population. For instance, according to the American Academy of Ophthalmology, in 2019, in the U.S., age-related macular degeneration (AMD) is one of the leading causes of blindness in one or both eyes among individuals over the age of 50. An estimated 15 million people in North American are suffering from AMD, out of which 85–90% of the population has dry AMD, while, 10 – 15% has wet AMD. The greater percentage of the population in the U.S. is above the age of 60 and it has been predicted that the number of patients suffering from AMD will increase by 60% by the end of 2020.

Europe is expected to be an emerging ophthalmic refractometer market during the forecast period, owing to product launches in the region. For instance, in 2016, Topcon Corporation, a Japanese manufacturer, launched auto kerato-refractometer KR-800A in Europe. 3D auto alignment function and 8.5 inch touch screen panel makes the device easier to use and also increases efficiency of the results.

Figure 2: Global Ophthalmic Refractometer Market Value (US$ Mn) & Y-o-Y Growth (%), 2019 - 2027

Global Ophthalmic Refractometer Market – Competitive Landscape

Major players operating in the global ophthalmic refractometer market are Topcon Corporation, NIDEK CO., LTD., Birmingham Optical Group Ltd., EyeQue Corporation, Eye Care Leaders, LLC, Essilor International S.A., VIEWLIGHT LLC, Canon Inc., Takagi Ophthalmic Instruments Europe Ltd., Luneau Technology Operations SAS and Carl Zeiss AG.