by 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:–
Ophthalmoscopes are medical devices used to examine the interior structures of the eye, such as the retina, iris and crystalline lens. It helps in early detection of diseases such as glaucoma, cataract, retinopathy and macular degeneration. With increasing prevalence of eye disorders, demand for ophthalmoscopes is rising among eye clinics, hospitals and other healthcare facilities for diagnostic purposes.
Market key trends:–
One of the key trends in ophthalmoscopes market is increasing prevalence of eye diseases. As per data by WHO, there were over 2.2 billion cases of vision impairment or blindness globally in 2020, with at least 1 billion cases of preventable vision impairment. Age-related eye diseases such as age-related macular degeneration (AMD), cataract and refractive errors such as myopia are major contributors. According to statistics, over 1900 people worldwide become blind every day due to cataract. Moreover, increasing healthcare expenditure and demand for early diagnostic tools for effective treatment are some other factors driving the growth of ophthalmoscopes market over the forecast period. Technological advancements in ophthalmoscopes such as integration of LED lighting, zoom functionality and connectivity options are further poised to support the market growth in coming years.
Porter’s Analysis:-
- Threat of new entrants: The threat of new entrants is moderate as it requires significant investments in R&D and production facilities to manufacture ophthalmoscopes. The market also has presence of some dominant players with strong brand image and distribution network.
- Bargaining power of buyers: The bargaining power of buyers is high as ophthalmoscopes are essential medical devices available from multiple vendors. Buyers can choose from a variety of products based on their requirements and price points.
- Bargaining power of suppliers: The bargaining power of suppliers is moderate as raw materials required for manufacturing ophthalmoscopes such as lenses, mirrors, LED lights etc are available from multiple sources globally.
- Threat of new substitutes: There exist no close substitutes for ophthalmoscopes as they provide unique direct examination of the interior parts of the eye.
- Competitive rivalry: The competitive rivalry is high due to presence of multiple regional and global players competing on the basis of product quality, pricing and innovation.
SWOT Analysis:-
- Strength: The ophthalmoscopes market is driven by growing prevalence of eye diseases globally and increasing awareness about regular eye checkups. Additionally, technological advancements enabling portability and easy handling of devices augment the market growth.
- Weakness: High costs associated with newer digital ophthalmoscopes may limit their adoption in price sensitive regions. Lack of skilled professionals in developing nations also acts as a restraint.
- Opportunity: Untapped growth potential in rural areas and increasing healthcare expenditures open new avenues. Furthermore, incorporation of artificial intelligence capabilities will increase applicability of ophthalmoscopes.
- Threats: Presence of product alternatives such as retinal cameras and phoropters pose strong competition in the market. Stringent regulatory framework for medical devices also raises compliance costs.
Key Takeaways:-
The Global Ophthalmoscopes Market Demand is expected to witness high growth, exhibiting CAGR of 4.7% over the forecast period, due to increasing prevalence of eye diseases and growing geriatric population who are high risk of developing ocular disorders. By 2030, the market size is projected to reach US$ 413.3 Mn.
Regional analysis indicates that North America dominated the global market in 2023, accounting for over 35% of the total demand, owing to advanced healthcare infrastructure and increasing healthcare spending in the US and Canada. Asia Pacific is anticipated to be the fastest growing region during the forecast period due to large patient population, improving access to healthcare facilities in China and India and rising medical tourism.
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.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
