Phoropters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

Phoropters Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023 - 2028)

The phoropters market studied is anticipated to witness a CAGR of nearly 4.1% during the forecast period.

The COVID-19 pandemic had a significant impact on the market. Ophthalmic procedures were postponed at the beginning of the pandemic as the hospitals and surgeons were advised to postpone or cancel elective procedures. For instance, according to a study published by the National Library of Medicine, in March 2021, outpatient clinic appointments were reduced by 87.2%, ophthalmic surgery by 90.9%, outpatient referrals to ophthalmology by 50.2%, and ward reviews by 50% during the first peak of the pandemic. There were 1,377 canceled appointments, with 6.8% of them deemed appropriate for teleophthalmology. Another study published by BMC Ophthalmology in May 2021 found that during the COVID-19 health emergency, retina clinic volume fell by 62%. The average time from check-in to technician has decreased by 79%, total visit length has decreased by 46%, and time spent in the provider phase of care has decreased by 53%. Thus, the COVID-19 pandemic severely curtailed ophthalmology services, thereby impacting the market growth rate in its initial phase. However, the market is witnessing stabilized growth currently owing to the resumption of ophthalmology procedures worldwide and is expected to project a similar trend over the coming years, as per the analysis.

Factors such as the growing prevalence and recurrence of eye disorders and technological advancements are expected to drive the growth of the market over the forecast period. For instance, according to WHO statistics from 2021, at least 2.2 billion individuals worldwide have near or farsighted vision impairment. Vision impairment may have been avoided or managed in at least 1 billion, or nearly half of these cases. The majority of those who have vision impairment or blindness are over 50 years old. Thus, such statistics suggest the increasing need for vision correction devices and thus are expected to drive the growth of the market.

Furthermore, technological advancement is expected to drive the growth of the market over the forecast period. For instance, according to an article published by Healthtech zone in December 2022, the Advanced Phoropter is an improvement on this traditional device. It uses laser technology to project text onto a screen in front of the patient's face, allowing him or her to read it without having it printed on paper beforehand. This allows the doctor to make adjustments more quickly than with traditional phoropters, improving patient experience and saving valuable time overall. Thus, such advancement is expected to drive the growth of the market.

Therefore, the factors mentioned above are attributed collectively to the studied market growth over the forecast period. However, high installation costs and a lack of skilled optometrists are expected to hinder market growth over the forecast period.

Specialty clinics are expected to observe steady growth in the adoption rate of phoropters, owing to the increasing number of eye disorders. For instance, according to the WHO update in March 2022, trachoma is a public health problem in 44 countries and is responsible for the blindness or visual impairment of about 1.9 million people globally. Such a high burden of disease and the need for surgical treatment is thus driving the growth of the market. Furthermore, in August 2021, Valiant Clinic collaborated with Moorfields Eye Hospital Dubai to bring over 200 years of world-class eye care excellence to its patients. Moorfields Eye Hospital Dubai delivers diagnosis and treatment of eye diseases, with a broad range of other services that are available at Valiant Clinic. Such an initiative is expected to drive segmental growth over the forecast period.

Additionally, as per the MDPI report published in September 2021, the prevalence of ophthalmic diseases such as cataracts, glaucoma, maculopathy, and retinopathy was 52.6%, 5.3%, 5.6%, and 29.1%, respectively, in Italy. Awareness about ophthalmic conditions is expected to increase visits to specialty clinics, thereby driving the market growth. For instance, according to the above source, among the affected people, those aware of their condition were 21.8% for cataracts, 65.4% for glaucoma, and 7.1% for maculopathy. The data mentioned in the MDPI report suggest that the burden of eye diseases is increasing in Italy every year, which is believed to create more demand for ophthalmic tests, thereby driving the growth of the segment.

Therefore the above-mentioned factors are expected to drive segmental growth in the market.

North America is expected to hold a significant share of the market owing to factors such as high disposable income, growing awareness, a rising geriatric population, and the increasing prevalence of eye diseases. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males, and 3,796,750 were females. The geriatric population is commonly affected by some kind of ophthalmic condition, and the high burden of the geriatric population is also expected to boost the growth of the market.

Furthermore, a press release published in February 2022 by the CDC offered prevalence estimates for the most common eye disorders and eye diseases. Nearly 12 million adults in the United States who are 40 years and above of age have vision impairment, and about a million of them are blind. Every third American has astigmatism, which affects around 1 in 3 people. Over the age of 40, 8.4% of the population suffers from farsightedness (over 14.2 million people). A little over 23.9% of those over 40 have nearsightedness (about 34 million people). Thus, such an increasing prevalence of eye diseases is expected to increase the demand for phoropters for the testing of such diseases.

Thus, owing to the abovementioned factors, the market in the North American region is expected to project growth over the forecast period.

The phoropters market is moderately competitive and consists of a few major players. There is a presence of local and international companies in the global market. Some of the key players include Briot USA Inc., Huvitz Co. LTD, Marco, Nidek, Reichert Inc., Rexxam Co. LTD, and Carl Zeiss AG, among others.

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