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
Market Size Value in US$ 216.79 Million in 2018 Market Size Value by US$ 322.13 Million by 2027 Growth rate CAGR of 4.6% from 2019-2027 Forecast Period 2019-2027 Base Year 2019
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Ophthalmoscopes Market: Strategic Insights
| Market Size Value in | US$ 216.79 Million in 2018 |
| Market Size Value by | US$ 322.13 Million by 2027 |
| Growth rate | CAGR of 4.6% from 2019-2027 |
| Forecast Period | 2019-2027 |
| Base Year | 2019 |
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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 Report Scope
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
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Type , Application , End User , and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
US, Canada, Mexico, UK, Germany, Spain, Italy, France, India, China, Japan, South Korea, Australia, UAE, Saudi Arabia, South Africa, Brazil, Argentina
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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