Direct Ophthalmoscope Market Eyeing Solid Growth This Decade

Solid, steady growth is in sight for the worldwide direct ophthalmoscope market.

Research Nester estimates the sector to expand approximately 4% annually through 2031. Growth drivers include the rising prevalence of ocular diseases—namely, glaucoma, corneal opacification, and retinitis pigmentosa. Further, the increasing incidences of diabetes and eye disease among diabetic patients such as diabetic retinopathy and cataracts are expected to drive growth over the next nine years. The most prevalent diabetic eye illness is diabetic retinopathy, which affects the retina’s small blood vessels; nearly 7.7 million Americans aged 40 and older are afflicted with this condition.

The Centers for Disease Control and Prevention claims glaucoma affects about 3 million Americans. It is the second most common cause of blindness around the globe and the most prevalent type is open-angle glaucoma, which causes an increase in ocular pressure. Considering glaucoma frequently has no early symptoms, about 50% of those who suffer from glaucoma are unaware of the condition. Glaucoma is six to eight times as common in African Americans than in other people. Those who have diabetes are twice as likely to get glaucoma compared to those who are not diabetic.
 
As per the World Health Organization, one of the main causes of blindness throughout the globe is corneal opacification. Every year more than 4.2 million people lose vision due to corneal opacification. Ophthalmoscopes are equipment used to look inside the eye, including the retina and the back of the eye. 
 
Other market growth drivers include a rising awareness among people about eye diseases, and increasing health expenditures worldwide. Global health spending has increased overall during the previous 20 years, doubling in real terms, reaching $8.5 trillion in 2019 and 9.8% of gross domestic product (GDP), up from 8.5% in 2000.  Additionally, the world’s aging population, which is more susceptible to chronic conditions (diabetes, high blood pressure, and ocular diseases), will also help accelerate the market’s growth over the next decade. CDC estimates that by 2050, the number of people aged 50 or older with early age-related glaucoma cases will double from 9.1 million to 17.8 million. In addition, technological advancements and significant R&D investments globally also will benefit the sector. 
 
The global direct ophthalmoscope market is segmented by application into glaucoma, retinal tear, diabetes, and others. The diabetes segment is estimated to hold a substantial market share over the forecast period, owing to the increasing prevalence of diabetes and diabetes-induced blindness across the globe. WHO estimates that 950,000 people in Europe have diabetic retinopathy and are either visually impaired or blind. Additionally, the growing geriatric population and high cost of treating diabetic retinopathy are estimated to boost the segment’s growth through 2031.
 
The market is segmented by hospitals, eye clinics, and others. The hospitals segment is estimated to hold the largest market share due to increasing usage of ophthalmoscopes in hospitals for various diagnoses, including eye exams, retinal disorders, and refractive problems. There is a rising hospital patient pool, as many hospitals offer an ophthalmology department that diagnose and treat conditions affecting vision, eye health, and the retina. This, in turn, is likely to increase overall spending in the healthcare sector. As per a CMS expenditure data report, U.S. healthcare spending increased 9.7% in 2020 to $4.1 trillion, or $12,530 per person. The amount spent on health represented 19.7% of the country’s GDP. In addition to these, the development of X-Gen medical equipment and rising healthcare infrastructure across the globe are estimated to drive the segment’s growth.
 
The market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East and Africa region. The Asia Pacific market is estimated to experience noteworthy growth due to the growing geriatric population and rising cases of eye diseases in the region. Industry research shows South Asia has the highest age-standardized prevalence of both mild and moderate visual impairment (17.5%) (12.2%). Myopia is most prevalent overall in high-income countries, where it is 53.4%, with East Asia having the second-highest frequency worldwide (51.6%). Moreover, the rising awareness among the people regarding eye care and the growing healthcare sector in the region are estimated to propel the sector forward.
 
On the other hand, the North American market is expected to gain the largest market share, owing to the increasing prevalence of ophthalmological disorders (myopia, glaucoma, diabetic retinopathy, and cataract cases) in the region. More than 24.4 million Americans, or roughly one in every six persons 40 or older, have cataracts; by age 80, cataracts usually affect more than 50% of all Americans, with women being slightly more prone than men to develop them. Growing technological advancements, rising healthcare expenditure, and presence of key market players in the region are also estimated to boost the market’s growth.
 
Some of the prominent key market players include Medline Industries LP, Eli Lilly and Company, Bausch & Lomb Incorporated, Sun Pharmaceutical Industries Ltd., Novartis AG, Sanofi-aventis Groupe, Abbott Laboratories, Merck & Co. Inc., Siemens Healthcare GmbH, and Pfizer Inc.