SEATTLE–(BUSINESS WIRE)–#OphthalmicRefractometer–According to Coherent Market Insights, the global ophthalmic refractometer market is estimated to be valued at US$ 192.8 million in 2020 and is expected to exhibit a CAGR of 2.3 % during the forecast period (2020-2027).
Key Trends and Analysis of the Global Ophthalmic Refractometer Market:
Key trends in the market include the increasing prevalence of visual impairments and adoption of strategies such as product launches and collaboration among others.
Increasing prevalence of blindness among diabetes patients is expected to drive the global ophthalmic refractometer market growth during the forecast period. For instance, according to the National Center for Biotechnology Information (NCBI), 2019, approximately, 25% i.e. around 17 million of the diabetes patients suffer from proliferative diabetic retinopathy. According to the same source, without treatment at least half of the patients suffering from proliferative diabetic retinopathy are expected to be blind within 5 years.
Market players are focused on inorganic activities such as acquisitions and collaborations in order to expand their product portfolio and strengthen their position in the global market, which is expected to drive growth of the global ophthalmic refractometer market during the forecast period. For instance, in 2017, Eye Care Leaders, LLC., acquired iMedicWare Inc., which provides integrated ambulatory surgery center software, Electronic Health Record, and optical solutions, which are designed exclusively for eye care practices. The acquisition will help Eye Care Leaders, LLC. to offer better services to the patients.
Market players are involved in launching modified and easy-to-use products which is expected to drive the growth of the global ophthalmic refractometer market. For instance, in 2018, EyeQue Corporation launched EyeQue VisionCheck, a first automated at home eye test. The device connects to the user’s smartphone screen and requires Bluetooth to transfer the results to the phone. The EyeQue VisionCheck provides users with information of the refractive error and provides option to the users to order eyeglasses as per the results. The product also received CES Innovation Award in 2019.
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Key Market Takeaways:
The global ophthalmic refractometer market is expected to exhibit a CAGR of 2.3% during the forecast period (2020-2027) owing to product launches during the forecast period. For instance, in 2019, Essilor International S.A., launched a new phoropter with Advanced Vision Accuracy (AVA), the Vision-R 800. The device has many advanced functions integrated with it. Thus, the device is easier to use and it helps ophthalmologists to deliver quality treatment to the patients.
North America is expected to hold a dominant position in the global ophthalmic refractometer market during the forecast period owing to the increasing incidence of refractive errors in the region. For instance, according to the American Academy of Ophthalmology, in 2016, around 23% of the U.S. population above the age of 40 was suffering from myopia.
Competitive Landscape:
Key players operating in the global ophthalmic refractometer market are Topcon Corporation, NIDEK CO., LTD., Birmingham Optical, EyeQue Corporation, Eye Care Leaders, LLC, Essilor International S.A., VIEWLIGHT LLC, Canon Inc., Takagi Ophthalmic Instruments Europe Ltd., Luneau Technology USA, Inc. and Carl Zeiss AG.
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Market Segmentation:
Semi-Automatic
About Us:
Coherent Market Insights is a global market intelligence and consulting organization focused on assisting our plethora of clients achieve transformational growth by helping them make critical business decisions. We are headquartered in India, having sales office at global financial capital in the U.S. and sales consultants in United Kingdom and Japan. Our client base includes players from across various business verticals in over 57 countries worldwide.
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