July 21, 2024
Ophthalmoscopes Market

Global Ophthalmoscopes Market Estimated To Witness High Growth Owing To Rising Prevalence of Eye Diseases

The 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.

Market Overview:-

An ophthalmoscope is a medical device used in eye examinations to view the interior structure of the eye. It is used to examine the retina, optic disc and posterior structures of the inside of the eye. It helps detect conditions like glaucoma, diabetic retinopathy, retinal detachment, etc. Advancements in technology have led to the development of versatile ophthalmoscopes that can be used both as a direct ophthalmoscope and indirect ophthalmoscope.

Market Dynamics:-

The ophthalmoscopes market is primarily driven by the rising prevalence of eye diseases worldwide. As per the estimates of World Health Organization, globally around 2.2 billion people have a vision impairment or blindness, of whom at least 1 billion cases could have been prevented or are yet to be addressed. The increasing cases of eye conditions like diabetic retinopathy, age-related macular degeneration and glaucoma are expected to drive the demand for ophthalmoscopes during the forecast period. Furthermore, growing geriatric population and favorable reimbursement scenario for eye care in developed regions is also expected to propel the market growth.

SWOT Analysis:-

  • Strength: Ophthalmoscopes allow eye examinations to be performed conveniently and efficiently. They are portable, easy to use and provide good imagery of the eye. Advances in LED technology have made modern ophthalmoscopes bright, compact and long-lasting.
  • Weakness: Ophthalmoscopes require some level of training to use properly and obtain high quality images. Operating ophthalmoscopes can be challenging for beginners. The quality of images obtained is dependent on the examiner’s skills. Traditional ophthalmoscopes are not wireless and data cannot be stored digitally.
  • Opportunity: Rising incidence of eye diseases globally presents an opportunity for growth. Growing elderly population who are more prone to eye conditions will drive demand. Technological advancements enabling wireless connectivity and storage of examination data provide an opportunity for innovative products.
  • Threats: Strong competition from established industry players poses pricing challenges. Easy availability of affordable alternatives especially in developing countries threatens adoption. Stringent regulations around new product approval could increase costs.

Key Takeaways:-

The Global Ophthalmoscopes Market Growth is expected to witness high growth, exhibiting a CAGR of 4.7% over the forecast period, due to increasing prevalence of eye disorders worldwide. According to prevent blindness organization, at least 2.2 billion people have a vision impairment or blindness globally and this number is expected to increase.

North America dominated the market in 2023, accounting for over 30% of global revenue, due to higher healthcare spending and rising geriatric population in the US and Canada. However, Asia Pacific is expected grow at the fastest pace during the forecast period supported by large population, increasing healthcare expenditure and growing medical tourism in China and India.

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. These players are focusing on developing innovative wireless ophthalmoscopes integrated with imaging and connectivity capabilities to strengthen their market position.

*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it