Ophthalmoscope Market Size, Share & Trends Analysis Report By Type (Direct and, Indirect), By Indication (Glaucoma, Diabetic Retinopathy, Age-Related Macular Degeneration, Retinal Detachment, Other), By End-User (Eye Clinics and Hospitals, Ophthalmologists and Optometrists, Ambulatory Surgical Centres) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2023-2031

Market Overview

The global ophthalmoscope market size was valued at USD 55.93 million in 2022. It is estimated to reach USD 90.47 million by 2031, growing at a CAGR of 5.49% during the forecast period (2023–2031). The global ophthalmoscope market is expected to grow rapidly due to increased eye disease prevalence and a rise in the patient population. New product launches, technological advances, and high healthcare expenditures are also vital internal factors boosting market growth. Ophthalmoscopes are portable medical tools that eye specialists and other professionals use to look inside the eye, particularly the retina. The English mathematician and inventor Charles Babbage created a device that is said to have resembled the ophthalmoscope in 1847. However, it is generally believed that the German physiologist Hermann von Helmholtz invented the ophthalmoscope in 1851.

Later types of endoscopies were modeled by the ophthalmoscope. The device comprises a powerful light that may be focused via a tiny mirror or prism onto the eye. The examiner sees a nonstereoscopic magnified image of the structures in the back of the eye, including the optic disk, macula, retina, retinal blood vessels, and choroid, through a small hole in the ophthalmoscope where light reflects off the retina. The ophthalmoscope is very helpful as a screening tool for various eye conditions, including diabetic retinopathy.

Market Dynamics

Global Ophthalmoscope Market Drivers

Increase in Patient Population with Eye Disorders

A surge in the prevalence of eye diseases across the globe drives the demand for eye care services and ophthalmoscopes. A 2021 report by The Lancet Global Health states that approximately 596 million people globally suffer from distance vision impairment, of which 43 million are blind. Another 510 million people had uncorrected near-vision impairment. Therefore, there is a high demand for the treatment of these conditions. The presence of several ophthalmologists also drives eye examination rates and positively impacts the market.

A 2020 BMC Health Services Research report states that many eye exams were performed in high-income and upper-middle-income countries. Eye examinations in the US are highly prevalent among the adult and older populations. In Australia, around 65% to 69% of the population aged 50 years and above visit ophthalmologists to treat severe eye disorders, and 62% visit eye care professionals annually. Therefore, the large patient pool with eye disorders drives the market growth.

Advent of Advanced Ophthalmoscopes

Key market players and emerging players in the market launch new and better ophthalmoscopes. Advanced technology and ML features in ophthalmoscopes drive market growth. For instance, in 2021, Hillrom launched the Welch Allyn PanOptic Plus Ophthalmoscope in the market. This product boasts a 20X larger viewing area and comes with the QuickEye alignment technology that enables direct patient gaze for better optic disc alignment. It enables clinicians to capture digital images that help evaluate eye diseases.

Similarly, in 2021, the BMJ journal reported that the smartphone ophthalmoscopy technology had a huge potential for non-ophthalmology purposes during the COVID-19 era. Smartphone ophthalmoscopes enable long-distance examination for practitioners. The availability of such broad-range examination models boosts their demand and drives market growth.

Global Ophthalmoscope Market Restraint

Stringent Regulations and Product Recalls 

Stringent regulations and product recalls are the two major factors that hinder market growth. The US FDA approves ophthalmoscopes by identification and classification. It identifies whether an AC or a battery powers an ophthalmoscope. An ophthalmoscope is classified under device class 2.

In 2022 and 2018, Haag Streit and Iridex, respectively, recalled their FDA-regulated ophthalmoscopes. Haag Streit's AC-powered ophthalmoscope was recalled due to malfunctioning the automatic laser beam shut-off feature. Iridex's TruFocus LIO Premiere LIO was recalled following reports of permanent vision loss from focal cataracts and retinal burns during laser treatments with the device. Such product recalls negatively impact the market and company growth.

Global Ophthalmoscope Market Opportunities

Government's Eye Care Initiatives

According to the WHO, an increase in the prevalence of eye disorders pushes governments to accelerate the plan to deliver eye care services. In 2021, the United Nations (UN) General Assembly made eye care services an integral part of health coverage and vision care development. Government stakeholders, private sectors, civil societies, intergovernmental organizations, international organizations, well as other entities, such as the WHO, International Labour Organization, UN Development System, and United Nations Educational, Scientific and Cultural Organization (UNESCO), are some of the major authorities that came together for the development of eye care services as a part of this effort.

The Centers for Disease Control and Prevention (CDC) is committed to creating an effective vision loss prevention and eye health promotion network with its Vision Health Initiative (VHI). This initiative is designed to promote vision health and prevent and control eye disorders, vision loss and disabilities, and eye injuries. This major initiative will drive the adoption of eye care services in the future and provide significant market growth opportunities.

Regional Analysis

Based on region, the global ophthalmoscope market is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa.

North America Dominates the Global Market

North America is the most significant global ophthalmoscope market shareholder and is anticipated to exhibit a CAGR of 4.93% during the forecast period. North America is a developed region with advanced and smart healthcare services, excellent infrastructure, and a high adoption rate of advanced products in eye care services, which drives the market growth in the region. Awareness and a high geriatric population are expected to boost market growth. An increase in the demand for cataract and glaucoma diagnoses influences the market growth in North America. As per the National Institutes of Health's (NIH) National Eye Institute, January is considered the month for recognizing glaucoma. Eye health education programs provide various educational resources as a part of comprehensive eye health commitment. Similarly, as per the Population Reference Bureau analysis, the American population aged 65 years and above is predicted to grow from 52 million in 2018 to 95 million in 2060. Such an increase in the aging population will drive the demand for eye diagnoses.

Europe is estimated to exhibit a CAGR of 5.51% over the forecast period. Age and lifestyle changes are the main reasons for vision impairment in Europe. There is a higher prevalence of eye disorders in Western Europe. Around 8.5 million people in Western Europe suffer from moderate to severe vision loss. The high awareness and large geriatric population are expected to boost the market growth in the coming years. Also, an increase in the demand for cataract and glaucoma diagnoses will positively influence the ophthalmoscope market growth in the region. Likewise, according to Eurostat, cataract surgery is the most common surgical intervention in Europe. This procedure was performed more than 4.7 million times in 2017, and the number increases every year. Eye examinations before surgical procedures are vital and create a high demand for eye testing tools, such as ophthalmoscopes, fueling the market growth.

In Asia-Pacific, an increase in eye disorders and large geriatric populations in China, Japan, India, Australia, South Korea, and other countries drive market growth. The burden of eye disorders and the rise in the demand for eye care services will likely influence the market growth in Asia-Pacific positively. The high prevalence of diabetic retinopathy has increased eye examinations in the regions. Likewise, the VISION 2020 program drives the growth of eye care services in the region. India and China are the most populated nations in Asia-Pacific, with a high prevalence of chronic diseases that lead to eye diseases, thus positively influencing the market growth. The high healthcare expenditure and government initiatives for developing eye care services in the region will also deliver great growth opportunities to the market.

In the Middle East and Africa, eye disease is highly dominant due to the lack of awareness and less access to eye care services. Government policies and initiatives, healthcare expenditure, and support from high-income cities for healthcare services drive the market growth in the region. Foreign direct investments in the region will drive the future growth of eye care services. In addition, the UAE authorities have undertaken multiple projects to remodel the ophthalmological clinical offerings within the country. Moorefields, a UK-based healthcare center, established the Moorefield's Eye Hospital Center in Abu Dhabi in cooperation with UEMedical to provide efficient and cost-efficient ophthalmological clinical offerings in the country.

Segmental Analysis

The global ophthalmoscope market is segmented by type, indication, and end-user.

Based on type, the global ophthalmoscope market is segmented into direct and indirect ophthalmoscopes. 

The direct ophthalmoscope segment is the largest revenue contributor to the market and is expected to exhibit a CAGR of 5.34% over the forecast period. A direct ophthalmoscope is a handheld device to inspect the fundus or back of the eye. Medical professionals and physicians mostly use it. A direct ophthalmoscope can develop upright, unreversed, and around 15 times magnified images of the fundus of the eye. In addition, a direct ophthalmoscope is mostly used to diagnose diabetic retinopathy, cataracts, glaucoma, and other eye diseases. An increase in the prevalence of type 1 diabetes drives the demand for the evaluation of diabetic retinopathy, positively influencing the demand for ophthalmoscopes.

An indirect ophthalmoscope is worn on the examiner's head or attached to the spectacles to inspect the back of the eye/fundus. It produces stereoscopic images with 2X to 5X magnification. Indirect ophthalmoscopes help eye professionals identify diabetic retinopathy, peripheral neovascularization, lattice degeneration, and other retinal diseases. An increase in the prevalence of the above diseases propels the application of indirect ophthalmoscopes.

Based on indication, the global ophthalmoscope market is bifurcated into glaucoma, diabetic retinopathy, retinal detachment, age-related macular degeneration, and others. 

The glaucoma segment is the highest contributor to the market and is anticipated to exhibit a CAGR of 5.83% over the forecast period. Glaucoma is a severe group of eye conditions responsible for the damage of the eye's optic nerve. Optic nerve health is vital for vision health. Optic nerve damage can lead to blindness. Optic nerve damage is caused by abnormally high pressure in the eye. In addition, glaucoma is highly prevalent in the age group of 60 years and above. A rise in the aging population can lead to a high prevalence of glaucoma. According to the World Health Organization (WHO), the prevalence of blindness resulting from glaucoma affects around 4.5 million individuals. A rise in the prevalence of glaucoma leads to a rise in eye examinations, positively impacting the market growth.

Diabetes is one of the leading causes of death across the globe, while diabetic retinopathy is a leading cause of blindness. Diabetic retinopathy damages the small blood vessels in the retina. As per the study published in Science Direct in 2021, which included 59 population-based studies, 22.27% of the total global diabetic population accounted for diabetic retinopathy, 6.17% for vision-threatening diabetic retinopathy (VTDR), and 4.7% for CSME. An increase in the prevalence of diabetic retinopathy drives the demand for eye examinations, boosting the application rate of ophthalmoscopes.

Based on end-users, the global market is bifurcated into eye clinics and hospitals, ophthalmologists and optometrists, and ambulatory surgical centers. 

The eye clinics and hospitals segment dominates the global ophthalmoscope market share and is projected to exhibit a CAGR of 5.69% over the forecast period. Hospitals and eye clinics are primary facilities that provide eye care (diagnosis and treatments). Patients visit hospitals or eye clinics not only for treating eye swelling, redness, and pain but also for severe eye problems, which drives the application of ophthalmoscopes. In addition, hospitals are a major source of eye care in lower-middle-income countries as hospitals charge less. An increase in the prevalence of eye diseases and the availability of eye care services through government and private hospitals/eye clinics will boost the rate of eye examinations, positively impacting the application rate of ophthalmoscopes.

In 2008, the regulation policy passed by the Centers for Medicare and Medicaid Services (CMS) to approve ASC reimbursement for ophthalmic surgical procedures led to significant changes in the eye care industry, such as an increase in eye surgeries in ASCs. As per the American Society of Retina Specialists' survey in 2015, around 50% of eye surgical procedures are performed in ASCs by retinal specialists. In addition, a rise in surgical procedures in ASCs will drive the use of ophthalmoscopes. A rise in the demand for eye care services in ASCs and a shift toward ASCs for eye care are the major factors fueling eye examination rates and positively influencing market growth.

Recent Developments

• July 2023- Alkem Laboratories announced its entrance into the field of ophthalmology by introducing an extensive line of reasonably priced, high-quality eye care products.
• April 2023- Sun Pharmaceutical Industries Ltd revealed that one of its wholly-owned subsidiaries has begun offering CEQUA, a cutting-edge ophthalmology medication, to patients with Dry Eye Disease (DED), a common ailment and inflammation in India.