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Press Release: Ophthalmoscopes Market to Surpass US$ 289.4 Million by 2027
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.
| Report Coverage | Details | ||
|---|---|---|---|
| Base Year: | 2019 | Market Size in 2019: | US$ 216.8 Mn |
| Historical Data for: | 2017 to 2019 | Forecast Period: | 2020 to 2027 |
| Forecast Period 2020 to 2027 CAGR: | 4.3% | 2027 Value Projection: | US$ 289 Mn |
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| Companies covered: |
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 |
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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
Ophthalmoscope is a device that is used by healthcare professionals for examining interior structure of the eyes. Ophthalmoscope device is combination of light source and lenses that helps a physician to test the eye. The ophthalmologist uses this device for eye test, in which the fundus (consist of blood vessels, optic disc, and retina) is examined. Ophthalmoscopy is adopted for conditions, where patients suffer from headache or have swollen optic disc. There are two major types of ophthalmoscopy, which include direct ophthalmoscopy and indirect ophthalmoscopy. Major difference between these two types include magnification intensity. Direct ophthalmoscopy has high magnification power and it is equipped with multiple lenses that can magnify about 15 times more compared to indirect ophthalmoscopy.
Market Dynamics
The increasing prevalence of ophthalmic disease across the globe is a key factor that is expected to drive growth of the ophthalmoscopes market. The rising disease population is expected to drive demand for ophthalmoscopy for diagnosis of eye problems. Moreover, age-related macular degeneration is one of the leading ophthalmic diseases that is expected to fuel demand for ophthalmoscopy. For instance, according to the BrightFocus Foundation data, currently, around 11 million people in the U.S. are suffering from age-related macular degeneration. This number is expected to reach around 22 million by 2050. Furthermore, globally age-related macular degeneration problem cost around US$ 343 billion, in which US$ 255 billion is direct cost of healthcare. Thus, increasing ophthalmic disease population is expected to boost growth of the market over the forecast period.
Furthermore, according to the World Health Organization (WHO), in October 2018, around 1.3 billion people across the world are suffered from some form of vision impairment, annually. According to the same source, uncorrected refractive errors and cataracts are the leading cause of vision impairment globally. Therefore, increasing number of eye related disorders are expected to propel demand for vision care devices, which in turn, is expected to propel growth of the ophthalmoscopes devices market.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
*Browse 29 market data tables and 26 figures on 'Global Ophthalmoscopes Market' – Global forecast to 2027
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