Global Ophthalmoscopes Market, by Product Type (Direct Inspection and Indirect Inspection), by End User (Hospitals, Eye Clinics, and Ambulatory Surgical Centers), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa) 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), as highlighted in a new report published by Coherent Market Insights.
Global Ophthalmoscopes Market: Impact of Coronavirus (COVID-19) Pandemic
Following the COVID-19 outbreak in December 2019, the virus has spread to more than 100 countries across the globe and the World Health Organization has declared it a public health emergency. According to the World Health Organization’s report, the manifestation of coronavirus disease (COVID-19) has resulted in more than 27.4 million infected individuals worldwide as of September 2020. The COVID-19 pandemic has affected the global economy in three main ways; by directly affecting production and demand, by negatively impacting the supply chain and market disruption, and through its financial impact on firms and financial markets.
Nationwide lockdowns in various countries such as Italy, Spain, U.K., the U.S., Australia, India, and others, have disrupted daily hospital eye services. The pandemic has negatively impacted the ophthalmoscopes market in terms of supply and demand of products and minimized hospital visits for getting diagnosed or monitored by ophthalmologists. As a result, the global ophthalmoscopes market growth is also expected to witness a slowdown.
Ophthalmoscopes are used to perform eye tests, where structural changes are examined in the eyes of patient with ophthalmic disease. There are direct and indirect ophthalmoscopes available in the market. Direct ophthalmoscopy has an advantage of capturing erect view of the fundus with moderate to high resolution. While indirect ophthalmoscopy is used in assessing retinal health and it can be carried out without giving anesthesia to the patient. Increasing prevalence of eye disorders increasing the demand for diagnosis and monitoring of eyes which in turn expected to increase the growth of the ophthalmoscopes market. According to the International Journal of Advanced Medical and Health Research 2015, cataract was a major cause of blindness and affected 17-18 million people worldwide, accounting for 39% of blindness cases, among overall blindness cases.
The increasing patient population of diabetic retinopathy is attributed to increasing diabetes among the population. For instance, according to the International Diabetes Foundation (IDF) 2017, prevalence of diabetes was high among people aged between 20 to 79 years worldwide, of which Africa (156%) accounted for the highest diabetic population, followed by Middle East (110%), South East Asia (84%), Latin and Central America (62%), North America (35%), Europe (16%), and Western Pacific (15%). This is expected to increase number of diabetic retinopathy patients and further expected to drive growth of the global ophthalmoscopy market.
Browse 29 Market Data Tables and 26 figures spread through 123 pages and in-depth TOC on 'Global Ophthalmoscopes Market, Forecast to 2027' by Product Type (Direct Inspection and Indirect Inspection), by End User (Hospitals, Eye Clinics, and Ambulatory Surgical Centers), and by Region (North America, Europe, Asia Pacific, Latin America, Middle East, and Africa)
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However, lack of healthcare eye practitioners in emerging economies is the major factor that is expected to hinder growth of the global ophthalmoscopes market. For instance, according to RCOphth workforce census 2018, in 2018, around 40% increase in demand for eye services have been predicted over the next 20 years in UK.
Key Takeaways of the Global Ophthalmoscopes Market: