Ophthalmoscopes Market Will Generate New Growth Opportunities By 2025
A handheld device employed to examine the interior structure of eyes is known as ophthalmoscope. Ophthalmoscopes are combined with a source of light and lenses, which enables a physician to examine the interior structure of eyes. These devices are primarily used to examine the rear area of the eye and structure of the retina. Ophthalmoscopes are used in ophthalmoscopy, which is a part of the regular examination of eyes. Ophthalmoscopy is employed in conditions in which patients suffer from headache or swollen optic disc.
The global ophthalmoscopes market is expected to expand at a high CAGR during the forecast period. The rising prevalence of ophthalmological diseases such as glaucoma and retinal vascular diseases is one of the important factors projected to drive the global ophthalmoscopes market from 2017 to 2025. According to the American Academy of Ophthalmology, around 2.7 million people aged 40 years or above in the U.S. are affected by glaucoma.
Surge in the prevalence of chronic diseases such as diabetes mellitus and hypertension, which can lead to retinopathy, is another key factor likely to drive the global ophthalmoscopes market during the forecast period. Technological advancements such as laser ophthalmoscopy, increase in health care expenditure, rise in awareness among people about eye care, and growth of the geriatric population are some of the factors estimated to augment the market during the forecast period. Lack of awareness about ophthalmic disorders in developing countries is one of the major factors projected to restrain the global ophthalmoscopes market during the forecast period.
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The global ophthalmoscopes market can be segmented on the basis of type, indication, end-user, and region. Based on type, the market can be divided into direct ophthalmoscopes and indirect ophthalmoscopes. Based on indication, the market can be classified into diabetic retinopathy, lattice degeneration, retinal repair, segmental photocoagulation, glaucoma, and others. The diabetic retinopathy segment is expected to hold a significant share of the global ophthalmoscopes market during the forecast period, due to factors such as increase in the incidence of chronic diseases such as diabetes. Many a times, glaucoma leads to diabetic retinopathy. Based on end-user, the global ophthalmoscopes market has been segmented into private eye clinics, eye hospitals, and outpatient retinal clinics.
Geographically, the global ophthalmoscopes market has been divided into North America, Latin America, Europe, Asia Pacific, and Middle East & Africa. North America dominates the global ophthalmoscopes market. Increase in the prevalence of chronic disorders and glaucoma cases leading to diabetic retinopathy in the region is one of the major factor driving the market in the region. Furthermore, advancements in technology, rise in awareness among people about disease diagnosis, and high health care expenditure are some of the factors promoting growth of the ophthalmoscopes market in North America. Europe is also anticipated to hold a significant share of the global ophthalmoscopes market during the forecast period, due to increase in elderly population in the region.
The market in Asia Pacific is anticipated to register a rapid growth rate during the forecast period. Asia Pacific is a highly lucrative market, due to growing geriatric population, adoption of health care solutions for better standards of life, rise in awareness about health care, and prevalence of lifestyle-related diseases in the region. Furthermore, high prevalence of childhood blindness as well as glaucoma is likely to propel the market in Asia Pacific during the forecast period.
In order to maintain a significant position in the market, key players operating in the global ophthalmoscopes market are adopting strategies such as mergers, acquisitions, and cost-effective and collaborative partnerships. Some of the prominent players operating in the global ophthalmoscopes market are Welch Allyn, HEINE USA LTD, HONSUN, and IRIDEX Corporation.