Key Companies Covered in the Global Direct Ophthalmoscope Market Research Report by Research Nester Are 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, Pfizer Inc., and other key market players.
New York, July 27, 2022 (GLOBE NEWSWIRE) -- As per the Centers for Disease Control and Prevention, glaucoma affects about 3 million Americans. It is the second most common cause of blindness around the globe. The most prevalent type of glaucoma, open-angle glaucoma, causes an increase in ocular pressure. Considering glaucoma frequently has no early symptoms, 50% of those who have it are unaware of it. Glaucoma is 6–8 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 do not.
Research Nester has published a detailed market report on ‘Global Direct Ophthalmoscope Market’ for the forecast period i.e. 2022 – 2031 which includes the ongoing industry innovations and recent trends being adopted by the major industry players to achieve their business targets. Apart from that, the inclusive data on market size, growth rate, market revenue share, growth opportunities and challenges for the market players along with worldwide analysis on five major regions – North America, Latin America, Europe, Asia Pacific and Middle East & Africa has been provided in the report.
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. The global direct ophthalmoscope market is estimated to grow at a CAGR of ~4% over the forecast period. Ophthalmoscopes are equipment used to look inside the eye, including the retina and the back of the eye. The growth of the market can be attributed to the rising prevalence of ocular diseases, namely, glaucoma, corneal opacification, retinitis pigmentosa, and others. Further, the increasing incidences of diabetes and eye disease among diabetic patients, such as, diabetic retinopathy and cataract are estimated to drive the market growth over the forecast period. It was noticed that the most prevalent diabetic eye illness is diabetic retinopathy, which affects the retina's small blood vessels, and nearly 7.7 million Americans aged 40 and older have diabetic retinopathy.
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Moreover, the rising awareness among the people regarding the eye diseases, growing healthcare sector, and increasing expenditure on health across the globe is estimated to drive the market growth over the forecast period. It was observed that global health spending has increased overall during the previous 20 years, doubling in real terms, reaching USD 8.5 trillion in 2019 and 9.8% of GDP up from 8.5 percent in 2000. Additionally, the rising geriatric population who is more susceptible to acquiring chronic diseases, namely diabetes, high blood pressure, and ocular diseases are predicted to accelerate the market growth over the forecast period. CDC estimated that by 2050, the number of people aged 50 or older with early age-related glaucoma cases is expected to double, from 9.1 million to 17.8 million. Further, the technological advancement in the field of medical equipment backed by significant investment in research and development activities across the globe are predicted to boost the market growth during the forecast period.
The global direct ophthalmoscope market is segmented by application into glaucoma, retinal tear, diabetes, and others. Out of these, 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. According to WHO estimates, 950 000 persons in the WHO European region 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 growth over the forecast period.
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Further, the global direct ophthalmoscope market is segmented by hospitals, eye clinics, and others. Out of these, the hospitals segment is estimated to hold the largest market share over the forecast period owing to the increasing usage of ophthalmoscopes in hospitals for a variety of diagnoses, including eye exams, retinal disorders, and refractive problems. The rising patient pool in the hospitals as many hospitals offer an ophthalmology department that deals with the diagnosis and treatment of conditions affecting vision, eye health, and the retina among other things. This in turn estimated to increase overall spending in the healthcare sector. As per the CMS expenditure data report, spending on health care in the United States increased by 9.7% in 2020 to USD 4.1 trillion, or USD 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 growth over the forecast period.
On the basis of geographical analysis, the global direct ophthalmoscope market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America, and Middle East & Africa region. Out of these, the market in Asia Pacific region is estimated to witness noteworthy growth over the forecast period owing to the growing geriatric population and rising cases of eye diseases in the region. As per one of the research reports, among global regions, 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 percent, 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 market growth over the forecast period.
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On the other hand, the market in North America region is estimated to gain the largest market share over the forecast period owing to the increasing prevalence of ophthalmological disorders, namely, myopia, glaucoma, diabetic retinopathy, and cataract cases in the region. It was noticed that over 24.4 million Americans, or roughly one in every six persons in the age group of 40 or over, have cataracts and by the age of 80, cataracts affect more than 50% of all Americans, women are slightly more prone than men to develop cataracts. In addition to this, the growing technological advancements, rising healthcare expenditure, and presence of key market players in the region are estimated to boost the market growth over the forecast period.
The study further incorporates Y-O-Y growth, demand & supply and forecast future opportunity in North America (U.S., Canada), Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC [Finland, Sweden, Norway, Denmark], Poland, Turkey, Russia, Rest of Europe), Latin America (Brazil, Mexico, Argentina, Rest of Latin America), Asia-Pacific (China, India, Japan, South Korea, Indonesia, Singapore, Malaysia, Australia, New Zealand, Rest of Asia-Pacific), Middle East and Africa (Israel, GCC [Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman], North Africa, South Africa, Rest of Middle East and Africa).
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Some of the prominent key players and their company profiling mentioned in the global direct ophthalmoscope market research report 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, Pfizer Inc., and other key market players.
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