Global ophthalmic refractometer market is estimated to be valued at US$ 212.9 Million in 2023, and is expected to exhibit a CAGR of 2.9% during the forecast period (2023-2030).
Analysts’ views on Global Ophthalmic Refractometer Market:
Increasing adopation of ophthalmic refractometer due to rising prevalence of chronic diseases, market players are focused on new product launches, and strategies like mergers, acquisitions, and collaboration are expected to drive the global ophthalmic refractometer market growth over the forecast period. For instance, according to the data published by the the National Center for Biotechnology Information, on May 4, 2023, subjective autorefractors are available commercially. This instrument has a cylindrical lens that can move, and has a wide range of spherocylindrical power.
Figure 1. Global Ophthalmic Refractometer Market Share (%), By Product Type, 2023
Global Ophthalmic Refractometer Market – Drivers
Increasing launch of products by key players
Increasing launch of products is expected to drive the global ophthalmic refractometer market growth over the forecast period. For instance, on December 12, 2022, Nidek Co., Ltd., a global company that engages in the designing, manufacturing, and distribution of ophthalmic, optometric, and lens edging equipment, announced the launch of the innovative Fully Assisted Refraction System (FARS). FARS is an optional kit for the TS-610 NIDEK Tabletop Refraction System for performing subjective refractions that integrates the chart and refractor into a single unit. FARS is used to determine the full refractive correction based on patient response using objective data or spectacle prescription as the starting point and treatment of patients is done by usage of the instrument.
Figure 2. Global Ophthalmic Refractometer Market Share (%), By Region, 2023
Global Ophthalmic Refractometer Market - Regional Analysis
Among region, North America is estimated to hold a dominant position in the global ophthalmic refractometer market over the forecast period, owing to increasing launches of products. For instance, on November 14, 2022, the NT-1p Non Contact Tono/Pachymeter, same as refractometer, was launchedby Nidek Co., Ltd., a company that engages in designing, production, and distribution of ophthalmic, optometric, and lens edging equipment. An innovative tool that fully automates trustworthy non-contact tonometry and pachymetry is called the NT-1p. The NT-1p automatically determines the position of the eyes, and starts measurement by simply placing the chin on the chinrest without the need to press any buttons. For any operator, gentle voice guidance, available in nine languages, enables straightforward measurement. A newly added air-nozzle contact sensor makes measurements completely automatic while ensuring safety.
Global Ophthalmic Refractometer Market – Impact of Coronavirus (COVID-19) Pandemic
Since the COVID-19 virus outbreak in December 2019, the disease has spread to over 100 countries across the globe, and the World Health Organization declared it a public health emergency on January 30, 2020.
COVID-19 affected the economy in three main ways: by directly affecting the production and demand of drugs, by creating disruptions in distribution channels, and through its financial impact on firms and financial markets. Due to nationwide lockdowns, several countries such as China, India, Saudi Arabia, the U.A.E., Egypt, and others faced problems regarding transportation of drugs from one place to another.
However, the COVID-19 pandemic had positive impact on the global ophthalmic refractometer market, due to increased demand for ophthalmic refractometer for treatment. For instance, on January 10, 2021, according to an article published by Cataract & Refractive Surgery on the impact of COVID-19 on ophthalmic surgery, the number of patients in private clinic declined by more than 75%.
Ophthalmic Refractometer Market Report Coverage
|Base Year:||2022||Market Size in 2023:||US$ 212.9 Mn|
|Historical Data for:||2018 to 2021||Forecast Period:||2023 to 2030|
|Forecast Period 2023 to 2030 CAGR:||2.9%||2030 Value Projection:||US$ 261 Mn|
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
|Restraints & Challenges:||
Global Ophthalmic Refractometer Market- Segmentation
Global ophthalmic refractometer market report is segmented into product type, end user, and region.
Based on Product Type, the global ophthalmic refractometer market is segmented into automatic (portable/handheld and non-portable) and semi–automatic. Out of which, the automatic segment is expected to dominate the market due to increasing adopation of ophthalmic refractometer
Based on End User, the global ophthalmic refractometer market is segmented into optometric centers, hospitals/clinics, and others. Among these, the optometric centers segment is expected to dominate the market over the forecast period due to increasing usage of refractometer in various applications in these centers.
Based on Region, the global ophthalmic refractometer market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. Among these, North America is expected to dominate the market due to increasing research and development activities for treatment of ophthalmic diseases in the region.
Among all segmentation, the end user segment has the highest potential due to increasing usage of products by the key market players. For instance, on April 16, 2020, Nidek Co., Ltd., a global company that engages in the designing, manufacturing, and distribution of ophthalmic, optometric, and lens edging equipment, published an article explaining the instruments for NIDEK products and any parts that come into contact with the patient such as the chinrest and forehead rest pad can be cleaned with an alcohol-dampened cloth. It is advised to use disinfectant alcohol solution with a concentration of at least 70% for disinfection. The refractometer will be safe by using these methods and will be free from damage.
Global Ophthalmic Refractometer Market- Cross Sectional Analysis
Introduction of newer products and technologies in ophthalmic refractometer by key market players in Europe region is expected to drive the automatic segment from product type growth in the region. For instance, on February 20, 2020, Takagi Ophthalmic Instruments Europe LTD., a manufacturing and distributors of ophthalmic instruments published an article describing the keratometric auto refractometer, which is both affordable and highly accurate. TAKAGI ARKM-150 is a semi automatic refractometer with keratometry, in a compact body with intutitive functions at a high affordable price. ARKM-150 is an essential ophthalmic device that is used to measure most frequently vision problems such as myopia, hyperopia, and astigmatism.
Global Ophthalmic Refractometer Market: Key Developments
For instance, October 5, 2022, Essilor Instruments USA, a company that designs, manufactures and markets ophthalmic instruments announced the launch of AKR800NV auto kerato-refractometer. AKR800NV is fully-automatic and easy to use, and offers complimentary measurements including automatic peripheral keratometry, white-to-white measurement, and retro-illumination imaging.
For instance, on March 22, 2021, Nidek Co., Ltd., a global company that engages in the designing, manufacturing, and distribution of ophthalmic, optometric, and lens edging equipment, announced the launch of RT-6100 CB for Windows, an optional control software for the RT-6100 Intelligent Refractor and the TS-610 Tabletop Refraction System a solution called empowered refraction. The comprehensive examination capabilities of the current control console are delivered by RT-6100 CB for Windows via a Windows computer. The computer display's digital keypad and highly visible measurement screen make the lens exchanges as seamless as using a control console.
Global Ophthalmic Refractometer Market: Key Trends
Introduction of demand for ophthalmic refractometer
Introduction of demand for ophthalmic refractometer is expected to drive the market growth. For instance, on May 4, 2023, according to an article published by the National Center for Biotechnology Information,patient should be fully informed of all procedures and what is happening throughout the investigation by the technician or the optometrist. After the investigation is finished, the patient should be thanked for their cooperation and instructed to find a new seat and unwind. The autorefractor readings can be printed and adhered to the patient's case sheet or they can be automatically transferred to the computer. To avoid any discrepancy in counseling, the doctor should explain the investigation results to the patient, not the technician or optometrist.
Global Ophthalmic Refractometer Market: Restraints
Complications related to ophthalmic refractometer
The complications related to ophthalmic refractometer can hamper the global ophthalmic refractometer market growth. For instance, on May 4, 2023, according to an article published by the National Center for Biotechnology Information. The other complication such as involuntary eye movement in which nystagmus, opsoclonus, myoclonus, ocular bobbing, and others can interfere with autorefractor readings.
To counterbalance this restraint, more research and development should be to introduced to reduced the complications in ophthalmic refractometer.
Global Ophthalmic Refractometer Market - Key Players
Major players operating in the global ophthalmic refractometer market include 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.
*Definition: The refractometer measures the severity of the error in diopters if patients are nearsighted (indicated with – sign) or farsighted (indicated with a + sign). It determines the lens's power that will be required to correct the mistake. It is a device that is used to measure the lens strength and power for glasses needed to correct vision.
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