Ophthalmoscopes Market Key Companies and SWOT Analysis by 2031

The Ophthalmoscopes Market size was estimated to be US$ 241.68 million in 2022 and US$ XX million in 2023 and is expected to reach US$ 389.33 million by 2031; it is estimated to record a CAGR of 5.7% by 2031. Rising funds for eye care research are likely to remain key Ophthalmoscopes Market trends.

Ophthalmoscopes Market Analysis

The increasing prevalence of various eye diseases, the growing geriatric population, rising prevalence of diseases which leads to vision impairment, and increasing support from government for treatment of eye diseases is fueling the growth of the ophthalmoscopes market. Thus, rising penetration of ophthalmoscopes is fueling the growth of the market. 

Ophthalmoscopes Market Overview

India is among the countries that are emerging in terms of the healthcare infrastructure and also in terms of diagnosis for several diseases. The prevalence of the conditions such as cancer, diabetes, and cardiovascular is vet high. Among these three, diabetes is the most commonly diagnosed disease in the country, which is the root cause of the different severe conditions related to it. Diabetic retinopathy is an emerging eye disease in India; awareness regarding it has already been expanded at the ground level to reduce the burden of avoidable blindness in the coming future. According to the WHO stats for 2021 says that in India, about 77 million were affected by diabetes, and nearly 25 million people are prediabetic. More than 50% of people are unaware of their diabetic status which leads to health complications if not detected and treated early. Increasing prevalence of diabetes leading to diabetic retinopathy is fueling the growth of the Indian ophthalmoscopes market.

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Ophthalmoscopes Market: Strategic Insights

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Ophthalmoscopes Market Drivers and Opportunities

Increasing Burden of Vision Impairment

Vision impairment has left a disruptive impact of the lives of million people across the world. In most of the cases the vision impairment or the related conditions are preventable or curable. Moreover, the across the world there are 7 million people who are developing blindness every year and are tackling the leading cause of crucial vision impairment. Thus, vision impairment and other eye related disorders have been increased significantly during the recent years. According to an article published by the World Health Organization (WHO) in 2022, ~2.2 billion people in the world have a near vision impairment or a distance vision impairment. Out of this total people, the leading causes of vision impairment are cataracts (~94 million cases) and uncorrected refractive errors (~88.4 million cases). The other causes of vision impairment are glaucoma, corneal opacities, diabetic retinopathy, and trachoma with ~7.7 million, 4.2 million, 3.9 million, and 2 million cases, respectively. According to data provided by the Centers for Disease Control and Prevention (CDC), ~12 million people in the US, aged 40 and above, suffered from vision impairment in 2022, out of which 3 million had vision impairment after correction and 8 million suffered from vision impairment due to uncorrected refractive index. Increasing prevalence of vision impairment in all age group is fueling the growth of the ophthalmoscopes market.

Increasing Awareness of Vision Care – An Opportunity of Ophthalmoscopes Market

In recent years, various measures and efforts have been taken to create awareness and educate people regarding eye diseases, prompting patients to access suitable medications and treatments for such conditions. In 2017, the National Eye Institute (NEI) in the US initiated “Write the Vision,” a new eye health awareness program, specifically for African-American consumers. Write the Vision offers monthly resources to a large number of organizations, allowing them to promote healthy vision, and prevent vision loss and blindness in the communities they serve. Per the National Eye Health Education Program, a part of the NEI, African-Americans are more prone to eye diseases. It can further lead to loss of vision, if not treated in time. Hence, the Write the Vision program was launched to increase awareness about eye health. Sightsavers—an international nongovernmental organization—works in developing countries to treat and prevent eye diseases. A large population in India resides in rural areas, which has limited or no awareness of eye ailments. Sightsavers aims to create awareness with its Rural Eye Health Programme, provide high-quality eye health services, and eradicate avoidable blindness in the rural population. Thus, the rising number of such eye health awareness programs is creating growth opportunities for the ophthalmoscopes market.

Ophthalmoscopes Market Report Segmentation Analysis

Key segments that contributed to the derivation of the Ophthalmoscopes Market analysis are solutions, mode of delivery, application, and end user.

• Based on type, the Ophthalmoscopes Market is segmented into indirect and direct. The direct segment held a larger market share in 2023.
• By application, the Ophthalmoscopes Market is segmented into glaucoma, retinal diseases, diabetes eye diseases, and others. The glaucoma segment held the largest market share in 2023.
• By end user, the Ophthalmoscopes Market is segmented into hospitals, eye clinics, and others. The hospitals segment held the largest market share in 2023.

Ophthalmoscopes Market Share Analysis by Geography

The geographic scope of the Ophthalmoscopes Market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.

North America has dominated the Ophthalmoscopes Market. The demand for the market in the region is anticipated to witness growth at a significant rate during the forecast period owing to various factors such as, rising prevalence of diabetes, growing aging population in the region, and technological advancements in ophthalmoscopes. Furthermore, the US government is opting for creating awareness about eye diseases is likely to influence the ophthalmoscopes market.

Ophthalmoscopes Market Regional Insights

The regional trends and factors influencing the Ophthalmoscopes Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Ophthalmoscopes Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.

Ophthalmoscopes Market Report Scope

Ophthalmoscopes Market Players Density: Understanding Its Impact on Business Dynamics

The Ophthalmoscopes Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.

Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.

Major Companies operating in the Ophthalmoscopes Market are:

1. Baxter
2. Haag-Streit
3. Welch Allyn
4. Keeler
5. Heine USA Ltd.
6. Iridex.

Disclaimer: The companies listed above are not ranked in any particular order.

Ophthalmoscopes Market News and Recent Developments

The Ophthalmoscopes Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. The following is a list of developments in the market for neurointerventional devices and strategies:

• Baxter International Inc launched digital image capture capability for eye exams using its existing Welch Allyn PanOptic Plus Ophthalmoscope. The iExaminer Pro System adds a key technology to routine eye exams, designed to help advance healthcare professionals’ ability to examine and diagnose the eye health of patients. (Source: Baxter International Inc, Company Website, 2023)

Ophthalmoscopes Market Report Coverage and Deliverables

The “Ophthalmoscopes Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:

• Market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
• Market dynamics such as drivers, restraints, and key opportunities
• Key future trends
• Detailed PEST/Porter’s Five Forces and SWOT analysis
• Global and regional market analysis covering key market trends, major players, regulations, and recent market developments
• Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments
• Detailed company profiles