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Ophthalmoscopes are hand-held medical devices that allow eye care professionals to examine the interior structures of the eye. These include the retina, optic disc, and posterior pole. Ophthalmoscopes offer non-invasive inspection of the eye and aid in early diagnosis of eye diseases such as glaucoma, diabetic retinopathy, and age-related macular degeneration. Technological advancements have led to the development of digital ophthalmoscopes that allow easy documentation and sharing of retinal examination findings. Digital ophthalmoscopes facilitate seamless data transfer to Electronic Health Records (EHR) for improved patient care coordination and management. The increasing preference for portable digital devices among eye care professionals is propelling the demand for digital 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:
The global ophthalmoscopes market is witnessing notable growth trends such as growing adoption of portable digital ophthalmoscopes. Portable digital ophthalmoscopes offer mobility without compromising on image quality. They enable tele-ophthalmology and facilitate remote eye consultations. This is beneficial for geriatric populations in remote areas to gain access to eye care specialists without travelling long distances. Growing investments by market players to develop affordable digital ophthalmoscopes integrated with Artificial Intelligence (AI) will further support market growth over the forecast period. AI-powered ophthalmoscopes can automate disease detection and reduce diagnostic errors.
Porter’s Analysis
Threat of new entrants: Low capital required to enter the market acts as low threat for new companies. However, presence of established players poses threat for new entrants.
Bargaining power of buyers: Large number of buyers gives them higher bargaining power. However, differentiated products by vendors reduces switching costs.
Bargaining power of suppliers: Key components are available from few suppliers giving them higher bargaining power. However, availability of alternative components balances the power.
Threat of new substitutes: Technological advancements can lead to new substitutes. However, established usage of ophthalmoscopes reduces impact of substitutes.
Competitive rivalry: Presence of large global players increases competition. However, focus on differentiated portfolio and regional presence balances competitive pressures.
Key Takeaways
The global ophthalmoscopes market is expected to witness high growth over the forecast period supported by rising eye care needs.
North America dominates the market currently due to favorable reimbursement policies and awareness. Asia Pacific is expected to witness fastest growth due to large patient pool and improving access to eye care.
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. They are focusing on new product launches and regional expansion to strengthen market presence.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
Money Singh is a seasoned content writer with over four years of experience in the market research sector. Her expertise spans various industries, including food and beverages, biotechnology, chemical and materials, defense and aerospace, consumer goods, etc.
