The global ophthalmic tonometers market is estimated to garner a revenue of USD 450 Million by the end of 2031 by growing at a CAGR of ~5% over the forecast period, i.e., 2022 – 2031. Further, the market generated revenue of USD 300 Million in the year 2021. The growth of the market can be attributed primarily to the growing prevalence of glaucoma disease and primary open-angle glaucoma (POAG) worldwide. According to the National Center for Biotechnology Information, approximately 57.5 million people worldwide suffer from primary open-angle glaucoma (POAG). The number of people with glaucoma is expected to reach 111.8 million by 2040, up from 76 million in 2020.
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Tonometers are portable medical devices used to measure intraocular and fluid pressure within the eye known as intraocular pressure (IOP). It is used to diagnose and evaluate patients at risk for developing glaucoma which damages the optic nerve and result in vision loss. A tonometer works without fluorescein dye and doesn't require any topical anesthesia, minimizing infection risks and corneal abrasions. They are therefore widely used in eye clinic centers, hospitals, and ophthalmic centers. Moreover, the increasing awareness among population about early diagnosis of diseases along with increasing diabetic population across the world is expected to fuel global ophthalmic tonometers market growth over the forecast period. According to World health Organization, every year, 1.5 million deaths are directly attributed to diabetes, a disease that affects about 422 million people worldwide. Most of these people live in low- and middle-income countries.
Rising Geriatric Population Around the World- According to a World Bank report, there were 747,238,580 people who were over 60 years of age in the world at the end of 2021. Eye disorders such as vision impairment and glaucoma have become increasingly prevalent as a result of aging populations around the world. In addition to medical care, eye care should be a priority in older populations' health care. Additionally, the aging population and diabetics are more prone to suffer from eye-related disorders, which in turn is expected to enlarge the global ophthalmic tonometers market size during the forecast period.
Rising Exports of Ophthalmic Instruments Worldwide - According to the statistics by the International Trade Center (Trademap), the value of exports of Ophthalmic instruments in the United States in the year 2021 was recorded to be USD 1,070,493which was an increase from USD 935,900 the preceding year.
Globally Rising Prevalence of Eye Disorders- Approximately 290 million people globally are blind or visually impaired, and nearly 2.8 million Americans aged 40 years and above are suffering from low vision.
Increasing Spending on Healthcare Services - As per the recent data from the Centers for Medicare & Medicaid Services, approximately 19.7% of GDP was spent on healthcare services in 2020 in United States, a total of USD 4.1 trillion.
Rising Incidence of Diabetic Eye Disease Among Population- Diabetes can cause damage to blood vessels in the eyes, leading to vision problems for long-term diabetics. Diabetic retinopathy affects 7.8 million American adults and by 2030 and this number is expected to rise to 11 million by the end of 2031.
The global oligonucleotide API market is segmented and analyzed for demand and supply by modality into the desktop and handheld. Among these segments, the handheld segment is anticipated to capture the largest market size in the global oligonucleotide API market. Better patient comfort, greater portability, and ease of access along with innovative product launches by manufactures are factors expected to drive segment growth during the forecast period. For instance, in march 2021, iCare launched next generation self-tonometer, HOME2. Glaucoma patients can measure their own eye pressure at home with this device once they have been properly trained on how to use it.
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Regionally, the global ophthalmic tonometers market is studied into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. Amongst these markets, the market in North America is projected to hold the largest market share by the end of 2031. Expansion in healthcare facilities, increasing services for eye care, rising per capita income along with a surge in cases of eye injuries are expected to drive the ophthalmic tonometers market in the region during the forecast period. It was observed that roughly 2.5 million eye injuries occur every year in the United States. Around 1,900 of these injuries occur every day as a result of workplace injuries. Annually, 120,000 eye injuries occur at home.
The global ophthalmic tonometers market is further classified on the basis of region as follows:
Our in-depth analysis of the global ophthalmic tonometers market includes the following segments:
By Product Type
By End User
Takagi Ophthalmic Instruments Europe Ltd.
FREQUENTLY ASKED QUESTIONS
growing prevalence of glaucoma, sure in exports of ophthalmic instruments, along with rise in healthcare spending are the major factors driving the growth of the ophthalmic tonometers market.
The market is anticipated to attain a CAGR of ~5% over the forecast period, i.e., 2022 – 2031.
Lack of specialized ophthalmologists along with high cost associated with tonometry are the challenges affecting the market growth.
The market in North America is projected to hold the largest market share by the end of 2031 and provide more business opportunities in the future.
The major players in the market are Takagi Ophthalmic Instruments Europe Ltd., C&VTech Inc., iCare, Topcon Positioning Systems, Inc., Accutome Inc., OCULUS INC., Reichert, Inc., NIDEK CO., LTD., Rexxam Co., Ltd., AMETEK.Inc.
The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
The market is segmented by product type, technology, modality, end user, and by region.
The handheld segment is anticipated to garner the largest market size by the end of 2031 and display significant growth opportunities.
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