OPHTHALMOSCOPES MARKET ANALYSIS

The Global Ophthalmoscopes market is estimated to be valued at US$ 246.4 Mn in 2023 and is expected to exhibit a CAGR of 4.7% during the forecast period (2023-2030).

Analysts’ Views on Global Ophthalmoscopes Market:

The increasing launch of technologically advanced products that offer better efficiency to the eye as compared to conventional devices is increasing the sales of ophthalmoscopes, which are driving the growth of the market. The rapidly aging population and growing incidence of ophthalmic diseases are expected to enhance market growth. The large number of ophthalmic procedures being performed has further enhanced the demand for these devices.

Figure 1. Global Ophthalmoscopes Market Share (%), By Product Type, 2023

Global Ophthalmoscopes Market – Drivers

Increasing Prevalence of Glaucoma

Increasing prevalence of glaucoma is expected to drive the global ophthalmoscopes market growth over the forecast period. For instance, according to the article published by the National Library of Medicine Journal, in August 2021, there were 2,814,972.3 incident cases of acute glaucoma occurred in 2020 globally; 1,273,955.2 in women and 1,541,017.1  in men. The global age-standardized incidence rate declined from 37.9/100,000 to 34.8/100,000 during 1999–2021, an annual decrease of 8.4% (5.9–10.4%).

Increasing Technological Advancements

Increasing technological advancements is expected to drive the market growth. For instance, in May 2021, HEINE Optotechnik, a manufacturer of medical diagnostic instruments and is based in Germany, announced the launch of the Omega 600 Indirect Ophthalmoscope with new technology such as visionboost is activated by adjusting the rheostat, which boosts illumination by up to 245%. This increased illumination is useful when examining patients with dense media, such as cataracts or vitreous opacities.

Figure 2. Global Ophthalmoscopes Market Share  (%), By Region, 2023

Global Ophthalmoscopes Market- Regional Analysis

Among region, North America is estimated to hold a dominant position in the global ophthalmoscopes market over the forecast period. North America is estimated to hold 39.45 % of the market share in 2023. The increasing prevalence of eye diseases & disorders, such as diabetic retinopathy, age-related macular degeneration, and glaucoma, which require regular eye exams and monitoring, are the primary factors driving the growth of the ophthalmoscopes market. For instance, according to an article published by the brain focus foundation in March 2023, approximately 20 million adults in the U.S. are suffering from age-related macular degeneration (AMD). In 2019, it is also estimated that 1.49 million people had late-stage AMD and 18 million people of age 40 and older are suffering from early-stage AMD.

Global Ophthalmoscopes 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 are faced problems with the transportation of things from one place to another.

However, the COVID-19 pandemic had a positive impact on the global ophthalmoscopes market. COVID-19 outbreak affected the market's growth adversely in its preliminary phase, however, the number of pediatric patients increased, and so has the demand for the global ophthalmoscopes market. For instance, according to a study published in March 2021 titled "The Impact of the First Peak of the COVID-19 Pandemic on a Pediatric Ophthalmology Service in the United Kingdom: Experience from Alder Hey Children's Hospital," outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peak of the pandemic. There were 1,377 canceled appointments, with 6.8% of them deemed appropriate for teleophthalmology.

Global Ophthalmoscopes Market Segmentation:

The Global Ophthalmoscopes Market report is segmented into product type, end user, and region.

By Product Type, the market is segmented into direct inspection and indirect inspection. Out of which, the direct inspection segment is expected to hold a dominant position in the global ophthalmoscopes market during the forecast period, owing to the use in surgeries such as magnified, monocular image of the retina and optic disc.

By End User, the market is segmented into hospitals, eye clinics, and ambulatory surgical centers. Out of which, hospitals segment is expected to dominate the market over the forecast period, owing to early treatment in hospitals can lead to proper recovery.

Among all the segmentations, the end user segment expected to dominate the market over the forecast period, owing to properly detecting ophthalmic diseases.

Global Ophthalmoscopes Market- Cross Sectional Analysis:

Direct inspection segment is dominant during the forecast period in North America region this is attributed to the high prevalence of various ophthalmic diseases such as glaucoma, cataracts, and other vision-related issues across the region. For instance, according to the World Health Organization, March 2022, update, trachoma is a public health problem in the region and is responsible for the blindness or visual impairment of about 1.9 million people in North America. It also reported that in 2020, 42,045 people received surgical treatment for the advanced stage of the disease. Such a high burden of disease and the need for surgical treatment is thus driving the growth of the market.

Global Ophthalmoscopes Market: Key Developments

In 2021, the BMJ journal reported that the smartphone ophthalmoscopy technology has a potential way in the covid-19 era for non-ophthalmology medicine. Smartphone ophthalmoscope has generally accounted for more favorably than direct handling time. This device gives the practitioners the capacity of long-distance work to examine and view the fundus from around arm's length compared to the general Ophthalmoscope.

In July 2020, The Ambu, a company that develops, produces, and markets diagnostic and life-supporting devices for hospitals and rescue services in North America, announced that it had received 510(k) clearance from the U.S. Food and Drug Administration (FDA) for Scope ophthalmic.

In April 2021, the Hill-Rom Holdings Inc (Hillrom), a medical technology company that offers patient support systems, surgical solutions, and front-line care products, company introduced the Welch Allyn PanOptic Plus Ophthalmoscope devices that boast a 20X larger viewing area. Welch Allyn PanOptic Plus Ophthalmoscope and Welch Allyn MacroView Plus Otoscope Give Caregivers Better, Bolder, Brighter Views to Help Support Earlier Diagnosis and Treatment

In January 2022, Wassenburg Medical B.V., a company that provides endoscope reprocessing products and solutions in the U.S., announced that it had acquired Custom Ultrasonics, a U.S.-based medical equipment manufacturer. This acquisition will create additional growth in the U.S. market for both companies.

In December 2021, Fujifilm India Pvt Ltd, a medical imaging and diagnostic technologies, partnered with A’alda Vet India Pvt Ltd, an animal hospital company in India, to boost healthcare facilities for pets. As part of the partnership, Fujifilm India will provide innovative medical and screening devices to DCC (Dogs, Cats & Companions) Animal Hospital, an initiative by A’alda Vet to increase the standards of veterinary care in India.

Global Ophthalmoscopes Market: Key Trends

Vision Correction Devices Segment

Vision correction devices or corrective lenses are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, the prevalence of these conditions is expected to grow in the near future, owing to increased screen timing, rising geriatric population, and other chronic conditions leading to vision loss. For instance, according to World Health Organization (WHO) statistics from 2021, at least 2.2 billion individuals worldwide have near or farsighted vision impairment. Vision impairment may have been avoided or managed in at least 1 billion, or nearly half of these cases. The majority of those who have vision impairment or blindness are over 50 years old. Thus, such statistics suggest the increasing need for vision correction devices and thus are expected to drive the growth of the segment.

Global Ophthalmoscopes Market: Restraint

Product recall

Product recall is the major factor confining the use of ophthalmoscopes. For instance, on June 27, 2023, the US FDA issued warning letters to manufacturers of ophthalmoscopes in the U.S. including Ellex Medical Pty Ltd. Class 2 Device Recall Integre Pro (Yellow LP561, LP6RY, Scan Green LP6G, Green LP5532), Spare Optics Bench V2.

Regulatory bodies are taking intiative in safety and efficacy of the device.

Global Ophthalmoscopes Market - Key Players

Major players operating in the Global Ophthalmoscopes Market include Custom Ultrasonics, Inc., EndoMed Systems GmbH., Fujifilm Holdings Corporation, PENTAX Medical Company, Ambu A/S, Medline Industries, Inc., Heine USA Ltd., US Ophthalmic, Welch Allyn, Hill-Rom Holdings Inc (Hillrom), 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

Definition: Ophthalmoscope is a device that is used by healthcare professionals for examining the interior structure of the eyes. An ophthalmoscope device is a combination of light sources and lenses that helps a physician to test the eye. The ophthalmologist uses this device for eye tests, in which the fundus (consisting of blood vessels, optic disc, and retina) is examined. Ophthalmoscopy is adopted for conditions, where patients suffer from headaches or have swollen optic discs. There are two major types of ophthalmoscopy, which include direct ophthalmoscopy and indirect ophthalmoscopy. A major difference between these two types includes 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.