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on January 10, 2024
Ophthalmic Handheld Devices Market size is expected to expand from USD 581.28 Million in 2023 to USD 815.58 Million by 2033, at a compound annual growth rate (CAGR) of 2.97% throughout the forecast period.
A variety of factors influence the growth of the ophthalmic handheld devices market, all of which contribute to the growing demand for portable and effective eye care solutions. The rising prevalence of eye issues, particularly among the elderly, contributes to the increased need for ophthalmic handheld devices. Conditions including as glaucoma, macular degeneration, and diabetic retinopathy necessitate frequent monitoring and early identification, which is driving the development of handheld diagnostic tools. Demand for mobile devices is increasing as the use of remote and teleophthalmology services grows.
Age-related eye problems such as cataracts, macular degeneration, and glaucoma are becoming more common among the elderly. As the world's population ages, there is a higher need for routine eye exams and monitoring, which is driving up demand for handheld diagnostic devices. The increased use of digital devices and prolonged screen time create computer vision syndrome and dry eye.
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In microsurgery, where precision is vital, ophthalmic portable surgical equipment are required. Advances in microsurgery, such as cataract surgery and vitreoretinal surgery, have increased need for specialist portable devices. The overall increase in the number of ocular surgeries, driven by factors such as ageing populations and an increase in the prevalence of eye illnesses, contributes to the growing demand for ophthalmic portable surgical equipment.
Intense competition frequently results in a constant drive for innovation. Companies must invest in R&D to bring new and advanced ophthalmic handheld devices to market that can compete with or outperform the competition. Cost competition while maintaining product quality is a continuous concern. Businesses must optimise manufacturing processes, examine cost-effective materials, and manage supply chain efficiency to preserve pricing competitiveness. Mergers and acquisitions may result in market consolidation, with larger competitors having more resources. Smaller businesses must compete with larger corporations that have broader skills.
Insights by Product Type
The ophthalmoscopes segment held the greatest market share and was valued at USD 89 million in 2023. Ophthalmoscopes are essential tools in routine eye exams conducted by healthcare professionals such as optometrists, ophthalmologists, and general practitioners. The continued demand for ophthalmoscopes is fueled by the requirement for routine eye checkups. The rising prevalence of eye diseases, particularly those related with ageing, increases the demand for ophthalmoscopes. As the world's population ages, there is an increasing demand for devices that can detect and monitor eye diseases early on.
Insights by Application
The Vitreo Retinal Disorders segment had a 14% market share, In 2023. Diabetes retinopathy, age-related macular degeneration (AMD), retinal detachments, and retinal vascular disorders are all widespread conditions around the world. The increasing prevalence of these diseases increases the demand for portable equipment designed for vitreo retinal examinations. In the treatment of vitreoretinopathies, early detection and intervention are crucial.
Insights by End Use
Hospitals and eye clinics segment was valued USD 387.45 million in 2023. A substantial number of patients seeking eye care attend hospitals and eye clinics. Handheld devices are critical in these situations for routine eye examinations, diagnosis, and monitoring of eye diseases. Handheld diagnostic devices allow hospital and eye clinic staff to conduct short examinations and make quick judgements about patient care.
Insights by Region
The ophthalmic handheld devices market in North America was valued at USD 214.73 million, in 2023. The market is being driven by factors such as an ageing population, an increase in the frequency of eye disorders, and advancements in ophthalmic technologies. The ageing population of North America contributes to a higher prevalence of age-related eye problems such as cataracts, macular degeneration, and glaucoma. This shift in demographics raises the demand for ophthalmic handheld devices for diagnostics and therapy.
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Asia Pacific is witnessing the fastest market growth between 2024 to 2033. Because of the size and diversity of the Asian-Pacific population, there is a high demand for ophthalmic healthcare services, such as diagnosis and treatment with handheld equipment. The prevalence of eye issues is affected by age, genetics, and lifestyle. The ageing populations of several Asia-Pacific countries are connected with a rise in the prevalence of age-related eye problems. Portable ophthalmic diagnostic and treatment equipment are crucial for satisfying the diagnostic and therapeutic demands of the elderly.
Ophthalmic Handheld Devices Market Share:
Some of the prominent players in the ophthalmic handheld devices market include, Haag-Streit Group, Appasamy Associates, Millennium Surgical Corp, Katalyst Surgical, ASICO, LLC, INKA Surgical Instruments, Surgical Holdings.
Table of Contents (TOC) of Report:
Chapter 1. Methodology
- Market Definition
- Study Assumptions
- Market Scope
- Segmentation
- Regions Covered
- Base Estimates
- Forecast Calculations
- Data Sources
- Primary
- Secondary
Chapter 2. Executive Summary
Chapter 3. Ophthalmic Handheld Devices Market Insights
- Market Overview
- Market Drivers & Opportunity
- Market Restrains & Challenges
- Regulatory Landscape
- Ecosystem Analysis
- Technology & Innovation Outlook
- Key Industry Developments
- Partnership
- Merger/Acquisition
- Investment
- Product Launch
- Supply Chain Analysis
- Porter's Five Forces Analysis
- Threat of New Entrants
- Threat of Substitutes
- Industry Rivalry
- Bargaining Power of Suppliers
- Bargaining Power of Buyers
- COVID-19 Impact
- PESTLE Analysis
- Political Landscape
- Economic Landscape
- Social Landscape
- Technology Landscape
- Legal Landscape
- Environmental Landscape
- Competitive Landscape
- Introduction
- Company Market Share
- Competitive Positioning Matrix
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