Global Ophthalmoscopes Market to Surpass $289.4 Million by 2027

According to Coherent Market Insights, the global ophthalmoscopes market is estimated to be valued at $216.8 million in 2020 and is expected to exhibit a compound annual growth rate (CAGR) of 4.3 percent during the forecast period (2020-2027).
 
Increasing product launches is expected to support growth of the global ophthalmoscope market over the forecast period. In September 2014, American Diagnostic Corporation launched the four instruments includes ophthalmoscopes, otoscopes a Throat Illuminator, and a Dermascope.
 
Furthermore, increasing initiatives taken by the manufacturers to increase the awareness about the advancement of ophthalmoscopes technology is expected to inhibit the growth of the market. For instance, in 2018, Novartis Ag launched FocalView App, an ophthalmic digital research platform to allow researchers to track the patients. This will be used to track the disease progression by collecting the real-time and self-reported data directly from patients. In addition to this, in 2016, American Society of Retina Specialists (ASRS) has launched the Journal of VitreoRetinal Diseases (JVRD), which will cover the retina research papers to highlight the clinical trails and ongoing studies which in turn help to increase awareness.
 
Additionally, increasing healthcare expenditures for treatment of sight loss, blindness, and sight-threatening conditions are expected to propel demand for basic eye care and examination, thereby propelling demand for necessary equipment such as ophthalmoscopes over the forecast period. According to the RNIB- Eye Health 2016 report, in the United Kingdom, during 2016, sight loss, blindness, and sight-threatening conditions were accounted for $2.03 million, $0.27 million, and $5.7 million healthcare expenditures, respectively.
 
However, product recalls are expected to restrain the global ophthalmoscope market growth over the forecast period. For instance, in February 2018, Iridex Corporation recalled TruFocus LIO Premiere Laser Indirect Ophthalmoscope, as adverse events have been occurred during procedures in which the TruFocus LIO Premiere was used.
 
The global ophthalmoscopes market is expected to exhibit a CAGR of 4.3 percent during the forecast period (2020-2027) owing to technological advancements in ophthalmoscopes. For example, the manufacturers such as Welch Allyn, Heine Optotechnik GmbH & Co. KG, Iridex Corporation, Keeler Limited, offers technologically advanced laser indirect ophthalmoscopes, which have wider field of view, better image resolution quality in clinical use.
 
The ophthalmoscopes market in Europe is expected to drive growth due to increasing government support and healthcare expenditure in this region.
 
Key players operating in the global ophthalmoscopes market are Medline Industries Inc., Heine USA Ltd., US Ophthalmic, Welch Allyn, 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.