Ophthalmoscope Market Trends
Growth Drivers
- Rising Awareness Regarding Ophthalmological Health– People are more likely to get routine eye exams as they become more aware of the need of maintaining good eye health, which can help them see the early signs of various eye problems. The need for ophthalmoscope tools would rise as a result.
- Rising Cases of Blindness- As the number of blindness cases is increasing all across the globe, mainly in low- and middle-income countries. Thus, increasing the demand for ophthalmoscopes in the near future. As per the World Health Organization, more than 80 % of people with vision loss are founded in low and middle-income countries.
- Development of Digital Technologies- The development of digital ophthalmoscopes increases the accuracy of eye examinations. These new technologies are user-friendly, and easy to use, as compared to the traditional technologies.
Challenges
- Exorbitant Cost of Ophthalmoscope - The high cost is one of the major factors predicted to slow down the market growth. For instance, high-quality materials are used in the production of ophthalmoscopes which are expensive. This as a result can increase the overall cost of production.
- Insufficient Knowledge of Ocular Diseases
- Lack of Skilled Professionals
Ophthalmoscope Market: Key Insights
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.
|
Base Year |
2024 |
|
Forecast Year |
2025-2037 |
|
CAGR |
4% |
|
Base Year Market Size (2024) |
USD 266.16 million |
|
Forecast Year Market Size (2037) |
USD 443.18 million |
|
Regional Scope |
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