By Type (Applanation Tonometry, Pascal Dynamic Contour Tonometers, Rebound Tonometers, Indentation Tonometers); By Technology (Probe based Tonometers, Electronic Tonometers, Pneumatic Tonometers); By Modality (Stand-Alone, Handheld); By End Users (Hospitals, Ophthalmic diagnostic centers, Others) - Global Historical Growth (2012-2016) & Future Outlook (2017-2024) Demand Analysis & Opportunity Evaluation
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Our in-depth analysis segmented the global tonometry market in the following segments:
Global tonometry market is further classified on the basis of region as follows:
The global tonometry market is expected to grow at a CAGR of 6.9% over the forecast period i.e. 2017-2024. Moreover, the global tonometry market is projected to account for outstanding sales by the end of 2024. Further, rising ophthalmic related healthcare development all over the globe is projected to foster the growth of tonometry market. Moreover, rising prevalence of eyes disorders is also projected to bolster the growth of tonometry market.
The global tonometry market is segmented into type, technology, modality, end user and region. Additionally, the type segment is further sub-segmented into applanation tonometry, pascal dynamic contour tonometer, rebound tonometer and indentation tonometer. Further, applanation tonometry segment in sub-segmented into contact and non-contact. From the above segments applanation tonometry segment accounted the largest share in 2016 in terms of revenue. Moreover, applanation tonometry segment is believed to register a highest CAGR by the end of 2024. Apart from this, hospitals segment by end user is envisioned to capture considerable CAGR over the forecast period. In addition to this, growing number of ophthalmic diagnostic centers in developing region is believed to be the dynamic factor behind the rapid growth of tonometry market.
In terms of geography, North America is projected to dominate the global market of tonometry during the forecast period. Additionally, U.S. is the leading country in this region due to numerous factors such as presence of major key vendors. Moreover, various players are rigorously investing into research and development activities related to imaging diagnostic products which is also projected to flourish the growth of tonometry market. Further, U.S. health care spending increased by 5.8% to reach USD 3.2 trillion which is also expected to impel the growth of tonometry market by the end of 2024.
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Europe region captured the significant share in the market of tonometry in 2016. Further, Western Europe countries such as U.K., Germany and others are believed to be the major countries witnessing the augmented demand for tonometry owing rising healthcare expenditure.
Further, Asia-Pacific region is projected to be the fastest growing tonometry market by 2024. Moreover, robust expansion of biotechnology companies in this region is expected to propel the growth of tonometry market. Moreover, initiatives taken by government in improve healthcare infrastructure is also envisioned to bolster the growth of tonometry market. Moreover, presence of highest number of geriatric population in this region mainly in japan is also projected to uplift the demand for tonometry for the diagnosis of glaucoma disease.
Rising incidences of glaucoma disease coupled with advancement in imaging diagnostic products for better diagnosis is expected to be the dynamic factor behind the rapid growth of tonometry across the globe. Further, diabetes is one the major factor which is increasing the prevalence of eye disorders among the population. Moreover, growing old age population along with high occurrence of diabetes among older population across the globe is a major factor which is likely to propel the demand for tonometer during the forecast period. Additionally, according to U.S. Census Bureau, 8.5 percent of people worldwide (617 million) are aged 65 and over, further this percentage is projected to boost to nearly 17 percent of the world’s population by 2050 (1.6 billion).
Furthermore, government initiatives to develop the healthcare infrastructure on the back of strengthening GDP figures of developing nations such as China, India, Malaysia and other countries is envisioned to bolster the growth of tonometry market. Additionally, according to vision2020australia, in Australia, 801,000 number of people aged 40 or over is expected to loss there vision by the end of 2020. Further, this factor is also predicted to foster the growth of tonometry market.
However, high cost of tonometry is expected to hinder the growth of tonometry market during the forecast period.
The major key players for tonometry market are as follows
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
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