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Ophthalmoscopes allow examining the interior structures of the eyes such as the retina, optic disc, and blood vessels. They are used in screening and diagnosing various ophthalmic disorders such as glaucoma, cataract, retinal detachment, and macular degeneration. Growing prevalence of eye diseases due to lifestyle changes, increasing elderly population, and rising awareness about regular eye checkups are some of the key factors driving the demand for ophthalmoscopes. 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% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Ophthalmoscopes are key medical devices used by ophthalmologists and optometrists for examining the interior structures of eyes. Different types of ophthalmoscopes such as direct ophthalmoscopes, binocular indirect ophthalmoscopes, and slit lamp bio microscopes are used for diagnosis of various eye conditions. Increasing prevalence of eye diseases such as cataract, glaucoma, diabetic retinopathy and age-related macular degeneration (AMD) is driving the demand for regular eye checkups and subsequent ophthalmoscopes usage.
Market Dynamics:
The growth of ophthalmoscopes market is majorly driven by growing prevalence of eye diseases globally. According to estimates by WHO, there are at least 2.2 billion people affected by vision impairment or blindness globally, with at least 1 billion having a vision impairment that could have been prevented or is yet to be addressed. Growing geriatric population is another major driver as prevalence of various eye conditions increases with age. According to United Nations statistics, number of people aged 65 years or older is projected to grow from 703 million in 2019 to 1.5 billion in 2050. Technological advancements in ophthalmoscopes such as LED lights, magnification ability, smartphone connectivity etc. are enhancing adoption by ophthalmologists and eye care centers. However, high cost of technologically advanced ophthalmoscopes and shortage of ophthalmologists in developing regions poses certain challenges to market growth.
Segment Analysis
The ophthalmoscopes market can be segmented into tabletop ophthalmoscopes and pocket ophthalmoscopes. The tabletop ophthalmoscopes dominates the market with over 60% share owing to its extensive usage in hospitals and clinics for ophthalmic examinations. The pocket ophthalmoscopes segment is the fastest growing segment due to its portability and convenience of usage.
PEST Analysis
Political: Governments across various countries are undertaking initiatives to increase access to eye care. For instance, the Indian government launched the National Programme for Control of Blindness to provide eye care facilities.
Economic: Rising healthcare expenditure and disposable income levels are propelling the growth of the ophthalmoscopes market. However, budget constraints in some countries may hinder market growth.
Social: Growing geriatric population and increasing incidence of eye disorders are major social drivers of the market. However, lack of awareness in rural areas about eye care poses a challenge.
Technological: Innovation in ophthalmoscope design and incorporation of LED lights result in improved image quality and portability. Digital ophthalmoscopes integrated with smartphones are gaining popularity.
Key Takeaways
The global ophthalmoscopes market is expected to witness high growth. Regional analysis comprises The North American region dominates the ophthalmoscopes market currently due to high awareness levels and availability of advanced healthcare facilities in the region. The Asia Pacific region is anticipated to be the fastest growing market for ophthalmoscopes owing to rising healthcare expenditure, large patient pool and increasing cases of diabetes in the region.
Key players operating in the ophthalmoscopes market are 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. Fujifilm Corporation holds a significant share in the global market due to its extensive product portfolio.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
