The phoropters market studied is anticipated to witness a CAGR of nearly 4.1%, during the forecast period.
- Certain factors that are driving the market growth include the growing prevalence and recurrence of eye disorders and technological advancements.
- In many developed and developing nations, eye disorders have emerged as potential threats to the status of sight of their people. The significant rise in the prevalence of diabetes in various countries has led to diabetic retinopathy being added to the priority list.
- According to the WHO, in 2018, it was estimated that approximately 1.3 billion people were living with some form of vision impairment, 188.5 million people had mild vision impairment, 217 million had moderate to severe vision impairment, and 36 million people are blind.
- Across the globe, the leading causes of vision impairment are uncorrected refractive errors and cataracts, and most people with vision impairment are over the age of 50 years. As per the WHO, chronic eye diseases are the number one cause of vision loss, with the top two causes being unoperated cataracts and uncorrected refractive errors. The former is the leading cause in countries with low- or middle-incomes.
- In addition, the global geriatric population continues to grow at an unprecedented rate. The increase in the aging population presents several public health challenges that people need to prepare for. Presbyopia is an age-related visual impairment. It results from the gradual decrease in accommodation expected with age and can have multiple effects on the quality of vision and quality of life. Though not incapacitating, if corrected, presbyopia without optical correction results in an inability to perform once-effortless near tasks at a customary working distance without experiencing visual symptoms.
- Hence, the rising incidence of eye-related disorders is projecting a great impact on the growth of the market studied.
Key Market Trends
Specialty Clinics Hold Significant Share in the Global Phoropters Market
Specialty clinics are expected to observe steady growth in the adoption rate of phoropters, owing to the increasing number of eye disorders. For instance, the prevalence of presbyopia is higher in societies in which larger proportions of the population survive into old age. With the aging of the U.S. population, an unprecedented number of patients with presbyopia can be expected to present to optometrists' offices in the coming years. Because presbyopia is age-related, its prevalence is directly related to the proportion of older persons in the population. Although it is difficult to estimate the incidence of a chronic condition such as presbyopia, due to its slow onset, it appears that the highest incidence of presbyopia (i.e., first-reported effects) is in people aged 42 to 44 years. Hence, with the emergence of such diseases, specialty clinics are gaining attention in the market studied.
North America Dominates the Global Phoropters Market
In the North American region, the United States accounted for the largest market share. According to the 2018 report of the American Optometric Association, myopia affected nearly 30 percent of the US population.
While the exact cause of myopia is unknown, there is significant evidence that many people inherit myopia, or at least the tendency to develop myopia. If one or both parents are nearsighted, there is an increased chance their children will be nearsighted.
A study conducted in 2016-2017 estimated that 9.6 million adults in the United States were highly myopic, or severely nearsighted. Of those, nearly 820,000 have a degenerative form of the disease, and more than 41,000 suffer a complication called myopic choroidal neovascularization that could cause long-term vision loss, with women at higher risk. The findings were published in the Journal of the American Academy of Ophthalmology.
The phoropters market is moderately competitive and consists of a few major players. There is a presence of local, as well as 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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