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Ophthalmoscopes are medical devices used for examining the interior structures of the eye including the retina, optic disc and posterior segment. The devices play a pivotal role in screening and diagnosis of various eye conditions such as glaucoma, diabetic retinopathy and age-related macular degeneration. Recent technological advancements have led to the development of digital ophthalmoscopes that facilitate non-contact fundus imaging and easy data sharing capabilities. This has increased their adoption across hospitals, ophthalmology clinics and eye care centers for routine eye checkups and managing chronic diseases.
The global ophthalmoscopes market is estimated to be valued at US$ 246.4 million 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 Dynamics:
The growing geriatric population susceptible to age-related ocular disorders is a key factor driving the demand for ophthalmoscopes. According to the United Nations, the number of people aged 65 years and above is projected to grow from 703 million in 2019 to 1.5 billion by 2050. This is anticipated to elevate the burden of eye diseases thereby fueling sales of ophthalmoscopes. Furthermore, rising incidence of diabetic retinopathy among individuals with diabetes is augmenting the market growth. The International Diabetes Federation estimates that over 463 million adults aged 20-79 years suffered from diabetes in 2019 and the number is likely to rise to 700 million by 2045. Surging diabetes cases will elevate the need for regular eye checkups using ophthalmoscopes.
Segment Analysis
The global ophthalmoscopes market is dominated by the hand held ophthalmoscopes segment owing to its widespread adoption. Hand held ophthalmoscopes are portable and convenient to use, making them the preferred choice for eye examinations. They allow for easily visualization of internal eye structures.
PEST Analysis
Political: Government initiatives promoting eye health checkups across several countries are driving market growth. However, stringent regulations need to be complied with for medical device approval.
Economic: Rising disposable incomes in developing nations have increased patient affordability for advanced ophthalmic treatments and diagnosis equipment like ophthalmoscopes. The growing elderly population also augment market revenues due to higher risk of eye disorders.
Social: Growing awareness about eye care and surging number of eye care facilities are supporting market expansion. Regular eye checkups are being encouraged to detect early signs of conditions like glaucoma and diabetic retinopathy.
Technological: Manufacturers are focusing on product innovations to offer enhanced features like increased magnification, brighter illumination and wider viewing angles. Integrating new digital camera systems improves visibility of internal eye structures on laptop or smartphone screens.
Key Takeaways
The global ophthalmoscopes market is expected to witness high growth over the forecast period supported by rising geriatric population worldwide coupled with the increasing prevalence of eye diseases.
Regional analysis: North America currently accounts for the largest share aided by advanced healthcare infrastructure and growing demand for outpatient eye examinations in the region. However Asia Pacific region is identified as the fastest growing market driven by immense patient pool, increasing healthcare spending and growing 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 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 companies are focusing on new product launches, partnerships and expanding to emerging markets to remain competitive in the market.
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- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
