New York, United States , May 16, 2024 (GLOBE NEWSWIRE) -- The Global Ophthalmic Handheld Devices Market Size is to Grow from USD 0.49 Billion in 2023 to USD 0.61 Billion by 2033, at a Compound Annual Growth Rate (CAGR) of 2.21% during the projected period.
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Ophthalmic handheld devices are portable compact medical instruments designed for application in the field of ophthalmology. The eye is the small structure organ of the body that requires specific equipment for diagnosis or observation. The incorporation of several lenses, objectives, cameras, ultrasound, infrared sensors, lasers, etc. contributes to developing advanced technology ophthalmologic devices. Further, the use of 3D imaging, virtual reality big data, and AI for analyzing data is considered to be revolutionizing the technology in ophthalmology. Thus, these ophthalmic portable devices including teleophthalmology, retinoscope, slit lamps, and other devices potentially revolutionize eye care, making high-quality services sustainable and accessible to everyone. Companies like EyeNetra and Lunit leading the way in developing AI algorithms to enhance diagnostic efficiency and minimize human error. The technologically advanced devices of telemetry and telemedicine and the growing emphasis on AI in ophthalmic devices are increasing the market growth. The growing prevalence of eye disorders with a growing geriatric population enhances market demand. The rising awareness and adoption with rising investments in medical device companies are responsible for driving the market. On the contrary, the high cost of devices in developing nations and the lack of ophthalmic technicians are restraining the global ophthalmic handheld devices market.
Browse key industry insights spread across 200 pages with 120 Market data tables and figures & charts from the report on the "Global Ophthalmic Handheld Devices Market Size, Share, and COVID-19 Impact Analysis, By Product Type (Ophthalmoscopes, Retinoscopes, Tonometers, Pachymeters, Autorefractors, Slit Lamp Biomicroscopes, Handhelds Fundus Cameras, and Other), By Category (Traditional and Digital/Smart Handheld Devices), By End-Use (Hospitals and Eye Clinics, Ambulatory Surgical Centers, and Others), and By Region (North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa), Analysis and Forecast 2023 – 2033."
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The ophthalmoscopes segment dominates the market with the largest revenue share through the forecast period.
Based on product type, the global ophthalmic handheld devices market is segmented into ophthalmoscopes, retinoscopes, tonometers, pachymeters, autorefractors, slit lamp biomicroscopes, handhelds fundus cameras, and others. Among these, the ophthalmoscopes segment dominates the market with the largest revenue share through the forecast period. Ophthalmoscopes segment is further bifurcated into direct and indirect ophthalmoscopes. These devices are responsible for detecting and evaluating the symptoms of retinal detachment or eye diseases such as glaucoma especially in case of high BP, diabetes, or other diseases. Further, the advancement in ophthalmoscopes devices like digital ophthalmoscopes with built-in cameras driving the market in the ophthalmoscopes segment.
The digital/smart handheld devices segment is witnessing significant CAGR growth through the forecast period.
Based on the category, the global ophthalmic handheld devices market is segmented into traditional and digital/smart handheld devices. Among these, the digital/smart handheld devices segment is witnessing significant growth through the forecast period. The smart-phone based digital cameras are used for screening retinal diseases like diabetic retinopathy. Further, rising remote patient monitoring and the growing popularity of digital/smart handheld ophthalmic devices are driving the market demand.
The hospitals and eye clinics segment dominates the market with the largest market share through the forecast period.
Based on end-use, the global ophthalmic handheld devices market is segmented into hospitals and eye clinics, ambulatory surgical centers, and others. Among these, the hospitals and eye clinics segment dominates the market with the largest market share through the forecast period. Hospitals and eye clinics offer quick eye examinations using efficient and time-saving diagnostic tools. The high patient flow in hospitals and clinics for eye care diagnosis and treatment is responsible for enhancing the market in the hospitals and eye clinics segment.
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North America dominates the market with the largest market share over the forecast period.
North America dominates the market with the largest market share over the forecast period. As per the estimation of the U.S. Census Department, the elderly population in the United States (age 65 and older) is growing rapidly, to reach 83.7 million by 2050. Thus, the high geriatric population in the US increasing the prevalence of eye-related disorders in the region responsible for enhancing the market growth. Further, the highest healthcare expenditure and investment in advanced medical technologies contribute to market growth.
Asia-Pacific region is expected to grow the fastest during the forecast period. Factors such as the high prevalence of ocular disorders, the presence of key players, and the existence of effective reimbursement policies have all contributed to its large revenue share.
Competitive Analysis:
The report offers the appropriate analysis of the key organizations/companies involved within the global market along with a comparative evaluation primarily based on their product offering, business overviews, geographic presence, enterprise strategies, segment market share, and SWOT analysis. The report also provides an elaborative analysis focusing on the current news and developments of the companies, which includes product development, innovations, joint ventures, partnerships, mergers & acquisitions, strategic alliances, and others. This allows for the evaluation of the overall competition within the market. Major vendors in the Global Ophthalmic Handheld Devices Market are Haag-Streit Group, Topcon Corporation, HEINE Optotechnik GmbH & Co., Appasamy Associates, Katalyst Surgical, ASICO, LLC, INKA Surgical Instruments, Surgical Holdings, NIDEK CO. LTD., ZEISS International and Other Key Vendors.
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Recent Developments
- In December 2023, Carl Zeiss Meditec AG announced an agreement to acquire the Dutch Ophthalmic Research Center (D.O.R.C.). The acquisition will extend the company’s leadership in the ophthalmic medical devices market and expand its position in the vitreoretinal surgery segment.
- In December 2023, Kubota Vision announced an agreement with AUROLAB for the development, manufacturing, supply, and distribution license of eyeMO.
Market Segment
This study forecasts revenue at regional, and country levels from 2020 to 2033. Spherical Insights has segmented the global teleradiology market based on the below-mentioned segments:
Global Ophthalmic Handheld Devices Market, Product Type Analysis
- Ophthalmoscopes
- Retinoscopes
- Tonometers
- Pachymeters
- Autorefractors
- Slit Lamp Biomicroscopes
- Handhelds Fundus Cameras
- Others
Global Ophthalmic Handheld Devices Market, Category Analysis
- Traditional Handheld Devices
- Digital/Smart Handheld Devices
Global Ophthalmic Handheld Devices Market, By Region
- North America
- US
- Canada
- Mexico
- Europe
- Germany
- Uk
- France
- Italy
- Spain
- Russia
- Rest of Europe
- Asia Pacific
- China
- Japan
- India
- South Korea
- Australia
- Rest of Asia Pacific
- South America
- Brazil
- Argentina
- Rest of South America
- Middle East & Africa
- UAE
- Saudi Arabia
- Qatar
- South Africa
- Rest of Middle East & Africa
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