Driven by recent technological advancements and rising cases of diabetes the ophthalmic tonometers market is forecast to expand considerably. According to Future Market Insights (FMI), the global ophthalmic tonometers market size is expected to reach US$ 445.5 Mn by the end of 2030.
As per the National Diabetes Report 2020 by CDC, 10.5 % of the U.S. population are diabetic. As a result a large portion of the population is prone to glaucoma. Ophthalmic tonometers are widely used by eye-specialists for eye test to check for the risk of glaucoma and hence the market growth is increasing in the present scenario.
Though the recent COVID-19 pandemic is affecting the current year market revenue, the global ophthalmic tonometers market is expected to grow further over the forecast period. The rising focus towards health and willingness to spend on advanced healthcare will enable growth in the market.
The FMI report offers an in-depth and unbiased analysis of the global ophthalmic tonometers market during the forecast period.
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Some of the key takeaways from the report are given below-
- The global ophthalmic tonometers market value is anticipated to grow by 4.8% CAGR during the forecast period from the year 2020 to 2030
- Due to the rising cases of diabetes around the world, people are getting more vulnerable to glaucoma resulting in increased market demand
- The advent of substitutes to measure intraocular pressure is expected to come in the way of market growth in the coming years
- The increase in disposable prism development to minimize the infection spread while administering glaucoma patients will cater to the market demand in coming years
- The increased awareness among people for earlier diagnosis and routine monitoring of intraocular pressure (IOP) to prevent permanent vision loss is expected to catalyze the market growth
Rising Demand for Advanced Technologies across Healthcare Facilities
As the key end-user industries such as hospitals, ophthalmic diagnostic centers and others are getting equipped with modern facilities, growth witnessed by the market is expected to continue throughout the forecast period. Also, the advent of disposable prism to prevent the diagnosis-related infection, is catering to the market growth.
Being an integral part of ophthalmic treatment, tonometers have evolved significantly over the years starting from a desktop held device to a smart handheld one. In order to measure the intraocular pressure for precise diagnosis for eye treatment, ophthalmic tonometers are utterly important and as a result the market demand is getting sky-high gradually.
COVID-19 Impact Analysis
Due to the COVID-19 pandemic the market demand has been witnessing sluggish growth as focus in general has shifted towards the emergency treatment due to the virus outbreak.
Furthermore, the shut downs of manufacturing units for long time, unavailability of labors, scarcity of raw materials and other factors have declined the market growth.
According to FMI, these restraining factors due to COVID-19 is expected to slow down the growth rate till the first quarter of 2021.
Despite of the negative effects of COVID-19, the global ophthalmic tonometers market is anticipated to exhibit steady growth during the forecast period.
Who is winning?
Impressive growth exhibited by the ophthalmic tonometers market will creative lucrative prospects for companies operating therein. To capitalize on it key market players such as Nidek, Jorgensen Laboratories, Topcon, Photon Surgical Systems Ltd., and others are launching advanced products along with adopting long-term strategic plans.
For instance, key market player Topcon has released their new computerized range of tonometers CT-1/CT-1P with the exclusive features such as flexible and space-saving layout, reliable measurements, R/L friendly automated measurement, and others.
Another ophthalmic tonometers developing company, Jorgensen Laboratories has brought their advanced TONOVET TONOMETERS with ultra-modern selector button, reliable battery compartment for portability and other exclusive features.
Giant company, Photon Surgical Systems Ltd. has brought their new veterinary tonometer TONOVET PLUS with advanced user interface and automatic measuring sequence which lets you choose between single readings and all 6 measurements readings with one press of the button.
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