New York, March 12, 2024 (GLOBE NEWSWIRE) -- The global ophthalmoscope market size is estimated to attain at ~4% CAGR from 2023 to 2035. The market is expected to garner a revenue of USD 363 million by the end of 2035, up from a revenue of ~USD 244 million in the year 2022.The rising cases of ocular diseases such as glaucoma, corneal opacification, and others necessitate the use of instruments such as ophthalmoscopes for medical personnel to monitor and examine. In 2020, there were more than 590 million people reported distance vision impairment worldwide. By 2050, it's predicted that number will rise to over 890 million, with about 60 million of those individuals going blind owing to aging, population growth, and urbanization.
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The growing prevalence of the aged population with higher chances of blindness, and visual impairment is predicted to boost the ophthalmoscope market. The mental and physical health of people degrade with the passage of time. By the end of 2050, the global population aged 60 years and above will get doubled accounting to 2.1 billion. The global rise in diabetes cases contributes to the demand for ophthalmoscopes, as diabetic retinopathy is a common complication that requires regular eye examinations for early detection and intervention.
Increasing Awareness Regarding Ophthalmological Health across the Globe to Boost Market Growth
People are more likely to get routine eye exams as they become more aware of the need of maintaining good eye health, which can help them see the early signs of various eye problems. The need for ophthalmoscope tools would rise as a result. As the number of blindness cases is increasing all across the globe, mainly in low- and middle-income countries. Thus, increasing the demand for ophthalmoscopes in the near future. As per the World Health Organization, more than 80 % of people with vision loss are founded in low and middle-income countries. The development of digital ophthalmoscopes increases the accuracy of eye examinations. These new technologies are user-friendly, and easy to use, as compared to the traditional technologies. Growing awareness about the importance of regular eye check-ups and increased access to healthcare services contribute to the demand for ophthalmoscopes, especially in emerging markets. Ophthalmoscope technology has seen advancements over the years, with the introduction of digital ophthalmoscopes that offer enhanced imaging capabilities and the ability to capture and store images for documentation and analysis.
Ophthalmoscope Market: Regional Overview
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and the Middle East and Africa region.
High Prevalence of Eye Conditions to Drive the Market Growth in North America Region
The ophthalmoscope market in North America region is estimated to garner the largest revenue by the end of 2035. The prevalence of untreated eye conditions in North America emphasizes the need for regular eye examinations. Ophthalmoscopes play a pivotal role in diagnosing and managing various eye conditions, contributing to the demand for these devices. The American Academy of Ophthalmology (AAO) estimates that over 23 million Americans aged 18 and older have not had an eye exam in the past two years. As the population ages, the incidence of age-related eye conditions like macular degeneration and glaucoma increases. Ophthalmoscopes are essential for routine eye exams in the elderly, driving the market's growth to address the unique eye care needs of this demographic. Technological advancements, including the integration of ophthalmic devices into telemedicine platforms, enhance accessibility to eye care services. Digital ophthalmoscopes with telehealth capabilities align with the evolving healthcare landscape, fostering growth in the North American ophthalmoscope market. Diabetes is a significant risk factor for diabetic retinopathy, emphasizing the importance of regular eye examinations.
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Rising Aging Population to Propel the Growth in the Asia Pacific Region
The Asia Pacific ophthalmoscope market is estimated to garner the highest CAGR by the end of 2035. As the aging population increases, so does the incidence of age-related eye conditions. Ophthalmoscopes become essential for routine eye examinations and monitoring, contributing to the growth of the market in addressing the unique eye care needs of the elderly population. The United Nations reports that by 2050, the Asia Pacific region is expected to have over 1 billion people aged 60 and above. Diabetes is a major risk factor for diabetic retinopathy, a condition that requires regular eye examinations. The burgeoning diabetic population in the region underscores the importance of ophthalmoscopes in the early detection and management of diabetic eye complications. Technological advancements, including telemedicine and digital health solutions, drive the demand for innovative ophthalmic devices. Digital ophthalmoscopes with telemedicine capabilities enhance accessibility to eye care services, especially in remote or underserved areas, promoting early detection and intervention.
Ophthalmoscope, Segmentation by Application
- Glaucoma
- Retinal Tear
- Diabetes
Amongst these segments, the diabetes segment in the ophthalmoscope market is anticipated to hold the largest share over the forecast period. The relentless rise in diabetes cases worldwide is a primary driver for the growth of the diabetes segment. Increased incidence necessitates comprehensive solutions, ranging from diagnostic tools to innovative treatment options, fostering the expansion of the diabetes-focused market. According to the International Diabetes Federation (IDF), approximately 537 million adults aged 20-79 had diabetes in 2021, and this number is projected to rise to 643 million by 2030. Obesity is a well-established risk factor for type 2 diabetes. The escalating global rates of obesity contribute to a higher predisposition to diabetes, necessitating continuous innovation in diabetes management solutions and driving the growth of the diabetes segment. Advances in glucose monitoring technologies, including the development of CGM devices, are transforming diabetes management. Improved accuracy, real-time data, and enhanced user experience drive adoption, propelling the growth of the diabetes segment. The elderly population is more susceptible to diabetes, particularly type 2 diabetes. As the global population ages, the diabetes segment is poised for growth, with a heightened demand for tailored diabetes management solutions catering to the unique needs of the elderly.
Ophthalmoscope, Segmentation by End User
- Hospitals
- Eye Clinics
Amongst these segments, the hospitals segment in the ophthalmoscope market is anticipated to hold a significant share over the forecast period. The pandemic underscored the importance of robust healthcare infrastructure. Hospitals adapted by incorporating telehealth solutions, remote patient monitoring, and digital health technologies. This paradigm shift contributes to the growth of the hospitals segment, aligning healthcare delivery with evolving patient preferences. Hospitals play a pivotal role in managing chronic conditions through specialized programs. The implementation of effective chronic disease management strategies contributes to increased patient engagement and ongoing healthcare utilization, fostering growth in the hospitals segment. The rising prevalence of NCDs necessitates increased healthcare services, particularly in hospitals. The hospitals segment experiences growth as it becomes a central hub for diagnosing, treating, and managing a diverse range of diseases, contributing to the overall demand for healthcare services. The World Health Organization (WHO) estimates that non-communicable diseases (NCDs) account for 71% of global deaths, with cardiovascular diseases, cancers, respiratory diseases, and diabetes being the major contributors. The elderly population often requires extensive healthcare services, including specialized treatments and surgeries.
Few of the well-known market leaders in the global ophthalmoscope market that are profiled by Research Nester are Eli Lilly and Company, Bausch & Lomb Incorporated, Sun Pharmaceutical Industries Ltd., Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co., Inc., Siemens Healthcare GmbH, Pfizer Inc, and other key market players.
Recent Development in the Market
- Bausch & Lomb Incorporated introduced TotalVisc Viscoelastic System and the StableVisc cohesive ophthalmic viscosurgical device (OVD) with special benefits intended to guarantee the best surgical results for patients. StableVisc aids in maintaining room in the anterior chamber of the eye, whereas TotalVisc Viscoelastic System, guards the ocular tissue during surgery.
- Novartis AG acquired Kedalion Therapeutics and its AcuStream technology that might help with accurate dosage and administration of several topical ophthalmic drugs to the eye, and to meet unmet patient needs in front-of-eye disorders.
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