Ophthalmoscopes are medical equipment used to examine the interior of the eye. They provide a high-quality view of the retina, optic disc and other internal ocular structures. The growing geriatric population, who are more prone to eye diseases, is driving the demand for ophthalmoscopes.
The global 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 key trends:
One of the key trends propelling the ophthalmoscopes market growth is the growing geriatric population globally. People aged 65 and above are more susceptible to various eye diseases such as cataracts, glaucoma, age-related macular degeneration (AMD) and diabetic retinopathy. As per the United Nations, the global geriatric population is estimated to reach 1.5 billion by 2050 from currently 703 million. This is expected to significantly drive the demand for ophthalmoscopes for diagnosing and treating various age-related eye conditions. The rising cases of eye diseases owing to increasing life expectancy will continue to boost the ophthalmoscopes market during the forecast period.
SWOT Analysis
Strength: Ophthalmoscopes allow eye examinations to be performed conveniently and effectively. They are portable devices that provide magnified views of the interior structures of the eye.
Weakness: Ophthalmoscopes require some skill to use and interpret findings. They also provide indirect views of the eye and do not allow for in-depth examination of the retina compared to other advanced devices.
Opportunity: Rising incidence of eye diseases and increasing healthcare spending in developing nations presents an opportunity for market players. Growing geriatric population who are more prone to eye disorders also expands the target population base.
Threats: High costs of newer ophthalmoscopes and economic slowdowns can negatively impact market revenues. Stringent regulatory approvals for new product launches also act as a barrier.
Key Takeaways
The global ophthalmoscopes market is expected to witness high growth over the forecast period of 2023 to 2030.
The North America region currently dominates the market and is expected to continue its dominance in the coming years. This can be attributed to growing health awareness, favorable reimbursement policies, and rising prevalence of eye disorders in the region.
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 and geographic expansion to strengthen their market position.
*Note:
- Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
