Impact Analysis of Covid-19
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Technological advancements in the disease diagnostic field has led to advanced product development. Key manufacturers are focused on developing new ophthalmoscopes for unmet need of ophthalmic diagnostic practices. The increasing product launches by key players is expected to drive growth of the market over the forecast period. For instance, in 2019, Nidek Co. Ltd launched Mirante Scanning Laser Ophthalmoscope in Japan. The device is a multimodal fundus imaging platform, which combines high definition scanning laser ophthalmoscope and optical coherence tomography. Moreover, such product launches are expected to boost growth of the global ophthalmoscopes market.
Global Ophthalmoscopes Market - Impact of Coronavirus (Covid-19) Pandemic
The Covid – 19 pandemic is expected to drive growth of the global ophthalmoscopes market over the forecast period. Since December 2019, a novel coronavirus spread throughout China and across the world, causing a continuous increase in confirmed cases within a short period of time. The disease has spread to more than 100 countries across the globe and the World Health Organization declared it as a public health emergency. For instance, according to the World Health Organization Coronavirus Disease (COVID-19) Dashboard (WHO) report, the manifestation of the coronavirus disease (COVID-19) has resulted in more than 11 million infected individuals worldwide as of September 2020. This outbreak of corona expected to hinder countries overall growth.
The U.S has the highest number of corona patients which is expected to impact the country’s economic condition and government healthcare spending. Similarly, the countries include Italy, Spain, Russia, India, Brazil and many other economies are also suffering from Covid 19 attack that is expected to impact on lowering the medical devices market growth. Furthermore, due to COVID-19 pandemic, hospitals are closed in containment zones, that has slowed sale of medical devices like Ophthalmoscopes and similar devices.
Global ophthalmoscopes market is estimated to be valued at US$ 216.8 million in 2020, and is expected to exhibit a CAGR of 4.3% over the forecast period (2020-2027).
Figure 1: Global Ophthalmoscopes Market Share (%) Analysis, By Product Type, 2019
Global Ophthalmoscopes Market- Regional Insights
On the basis of region, the global ophthalmoscopes market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to be the most lucrative region for growth of the ophthalmoscopes market over the forecast period, owing to increasing incidence of ophthalmic disease in the U.S. For instance, according to the Centers for Disease Control and Prevention (CDC), in 2015, around 100 million U.S. population aged 18 years and older were diagnosed with diabetes or pre-diabetic. In 2015, in the U.S. prevalence of retinopathy in all adults with diabetes those are aged 40 and above was around 28.5%. In 2015, the estimated rate of prevalence is around 4.4% (0.7 million) of people for vision-threatening diabetic retinopathy in the U.S. Moreover, according to the Glaucoma Research Foundation, in 2018, over 120,000 (9-12% of total blindness cases) population in the U.S were blind due to glaucoma disease. Such high prevalence of eye diseases is expected to drive growth of the market in North America region.
Ophthalmoscopes Market Report Coverage
||Market Size in 2019:
||US$ 216.8 Mn
|Historical Data for:
||2017 to 2019
||2020 to 2027
|Forecast Period 2020 to 2027 CAGR:
||2027 Value Projection:
||US$ 289 Mn
- 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, Rest of Middle East
- Africa: South Africa, North Africa, and Central Africa
- By Product Type: Direct Inspection, Indirect Inspection.
- By End User: Hospitals, Eye Clinics, Ambulatory Surgical Centers.
Medline Industries, Inc., Heine USA Ltd., US Ophthalmic, Welch Allyn, Dino-Lite Europe, HONSUN Group, Rudolf Riester GmbH, IRIDEX Corporation, Zumax Medical Co., Ltd., Oscar Boscarol S.r.l., Suzhou Kangjie Medical Inc., NIDEK Inc., and KIRCHNER & WILHELM GmbH Co. KG
- Rising incidence of ophthalmic disease across the globe
|Restraints & Challenges:
- Technological advancement in ophthalmoscopes
Asia Pacific ophthalmoscopes market is expected to witness significant growth due to growing healthcare infrastructure, high prevalence of eye diseases, and increasing engagement of government bodies in preventing the cataract and blindness cases among the population. For instance, according to the data published by the Indian Journal of Ophthalmic, in September 2018, cataract was responsible for 50-80% of bilateral blindness in India. Moreover, government initiatives such as the National Program for Control of Blindness (NPCB) and Vision 2020 aims to eliminate preventable blindness at the national level. Such initiatives are expected to boost demand for ophthalmoscopes and further expected to drive growth of the market.
Figure 2: Global Ophthalmoscopes Market, Value (US$ Mn) & Y-o-Y Growth (%), 2016-2027
Global Ophthalmoscopes Market- Competitive Landscape
Major players operating in the global ophthalmoscopes market include Medline Industries, Inc., Heine USA Ltd., US Ophthalmic, Welch Allyn, Dino-Lite Europe, HONSUN Group, Rudolf Riester GmbH, IRIDEX Corporation, Zumax Medical Co., Ltd., Oscar Boscarol S.r.l., Suzhou Kangjie Medical Inc., NIDEK Inc., and KIRCHNER & WILHELM GmbH + Co. KG