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The phoropters market share is expected to increase by USD 139.86 million from 2021 to 2026, and the market's growth momentum will accelerate at a CAGR of 5.86%.
This phoropters market research report provides valuable insights on the post COVID-19 impact on the market, which will help companies evaluate their business approaches. Furthermore, this report extensively covers phoropters market segmentation by type (manual and digital) and geography (North America, Europe, APAC, and Rest of World (ROW)). The phoropters market report also offers information on several market vendors, including AMETEK Inc., BON Optic Vertriebsges mbH, Carl Zeiss AG, Essilor Instruments USA, Hangzhou Kingfish Optical Instrument Co. Ltd., Hesh Opto Lab Pvt. Ltd., Huvitz Co. Ltd., Luneau Technology Group, Marco Ophthalmic Inc., NIDEK Co. Ltd., NINGBO MING SING OPTICAL R and D Co. Ltd., Oftas S.r.l, Rexxam Co. Ltd., Righton Ltd., Rocket Medical Plc, Shanghai Yanke Instrument Co Ltd., Takagi Seiko Co. Ltd., TECHNO VISION, Topcon America Corp., and US Ophthalmic among others.
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The growing geriatric population is notably driving the phoropters market growth, although factors such as the high cost of testing with phoropters may impede market growth. Our research analysts have studied the historical data and deduced the key market drivers and the COVID-19 pandemic impact on the phoropters industry. The holistic analysis of the drivers will help in deducing end goals and refining marketing strategies to gain a competitive edge.
Key Phoropters Market Driver
One of the key factors driving the global phoropters market growth is the growing geriatric population. According to the United Nations Department of Economic Affairs, globally, there were 723 million older persons aged 65 years and above in 2020. In countries such as the US and Canada, approximately 17% of the population was aged above 65 years in 2020, and this group is expected to increase to 20% or more of the overall population by 2030. As age increases, the vision weakens and rises the incidence of eye-related diseases. Thus, the increasing geriatric population globally will act as a driver for the global phoropters market in the forecast period, as healthcare professionals use phoropters for patients in these age groups to test their vision.
Key Phoropters Market Trend
Development of new low-cost phoropters is one of the key phoropters market trends that is expected to impact the industry positively in the forecast period. Phoropters are usually available at high costs and do not have an appropriate reimbursement policy. To overcome this challenge, vendors are developing new low-cost and automated phoropters, such as phoropters based on fluidic lenses. These are made of polydimethylsiloxane (PDMS) membranes and are controlled using servo-actuated diaphragm pumps. This device automatically measures the errors of the eye and then can pump fluid into the lenses to compensate for the errors. Such innovations will bring opportunities for the global phoropters market in the coming years.
Key Phoropters Market Challenge
One of the key challenges to the global phoropters market growth is the high cost of testing with phoropters. Like other vision care devices, a phoropter is also an expensive medical device and primarily an out-of-pocket expense. As a result, consumers may not opt for the testing of lenses with phoropters when they have low discretionary income. Phoropters cost nearly around USD 9,000 to USD 15,000. In addition, the refraction test carried by phoropters is nothing but a standard test, which is not often included in medical eye exams, thus, it is not covered by insurance. Hence, budget-conscious consumers with low disposable incomes are opting for substitutes such as autorefractor, which will be inhibiting the market growth in the forecast period.
This phoropters market analysis report also provides detailed information on other upcoming trends and challenges that will have a far-reaching effect on the market growth. The actionable insights on the trends and challenges will help companies evaluate and develop growth strategies for 2022-2026.
Technavio categorizes the global phoropters market as a part of the global healthcare equipment market. Our research report has extensively covered external factors influencing the parent market growth potential in the coming years, which will determine the levels of growth of the phoropters market during the forecast period.
The report analyzes the market's competitive landscape and offers information on several market vendors, including:
This statistical study of the phoropters market encompasses successful business strategies deployed by the key vendors. The phoropters market is fragmented and the vendors are deploying growth strategies such as M and A activities in order to enhance their capacities and compete in the market.
To make the most of the opportunities and recover from post COVID-19 impact, market vendors should focus more on the growth prospects in the fast-growing segments, while maintaining their positions in the slow-growing segments.
The phoropters market forecast report offers in-depth insights into key vendor profiles. The profiles include information on the production, sustainability, and prospects of the leading companies.
Our report provides extensive information on the value chain analysis for the phoropters market, which vendors can leverage to gain a competitive advantage during the forecast period. The end-to-end understanding of the value chain is essential in profit margin optimization and evaluation of business strategies. The data available in our value chain analysis segment can help vendors drive costs and enhance customer services during the forecast period.
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50% of the market's growth will originate from North America during the forecast period. US and Canada are the key markets for phoropters in North America. Market growth in this region will be faster than the growth of the market in other regions.
Increased efforts for the prevention of visual impairment among the older population and improved diagnostic techniques will facilitate the phoropters market growth in North America over the forecast period. This market research report entails detailed information on the competitive intelligence, marketing gaps, and regional opportunities in store for vendors, which will assist in creating efficient business plans.
COVID Impact and Recovery Analysis
The outbreak of COVID-19 adversely affected all countries in North America, especially the US. It negatively impacted the phoropters market in the region. A rise in the number of COVID-19 cases in the first quarter of 2020 led to the imposition of partial lockdowns in several countries, including Canada and Mexico. Thus, various non-urgent diagnosis tests, treatments, and clinical visits were conducted in a limited capacity or were temporarily halted as per the set guidelines. However, by the second half of 2020, lockdown-related restrictions in various countries were relaxed to some extent, which allowed the movement of people and thus led to an increase in the number of people visiting eye clinics. Hence, the regional market is expected to register growth during the forecast period.
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The phoropters market share growth by the manual segment will be significant during the forecast period. In manual phoropters, data is collected during the pretest and is manually entered into both the refractor and the patients record.
This report provides an accurate prediction of the contribution of all the segments to the growth of the phoropters market size and actionable market insights on post COVID-19 impact on each segment.
Phoropters Market Scope |
|
Report Coverage |
Details |
Page number |
120 |
Base year |
2021 |
Forecast period |
2022-2026 |
Growth momentum & CAGR |
Accelerate at a CAGR of 5.86% |
Market growth 2022-2026 |
$ 139.86 million |
Market structure |
Fragmented |
YoY growth (%) |
5.68 |
Regional analysis |
North America, Europe, APAC, and Rest of World (ROW) |
Performing market contribution |
North America at 50% |
Key consumer countries |
US, Canada, China, Germany, and France |
Competitive landscape |
Leading companies, Competitive strategies, Consumer engagement scope |
Key companies profiled |
AMETEK Inc., BON Optic Vertriebsges mbH, Carl Zeiss AG, Essilor Instruments USA, Hangzhou Kingfish Optical Instrument Co. Ltd., Hesh Opto Lab Pvt. Ltd., Huvitz Co. Ltd., Luneau Technology Group, Marco Ophthalmic Inc., NIDEK Co. Ltd., NINGBO MING SING OPTICAL R and D Co. Ltd., Oftas S.r.l, Rexxam Co. Ltd., Righton Ltd., Rocket Medical Plc, Shanghai Yanke Instrument Co Ltd., Takagi Seiko Co. Ltd., TECHNO VISION, Topcon America Corp., and US Ophthalmic |
Market dynamics |
Parent market analysis, Market growth inducers and obstacles, Fast-growing and slow-growing segment analysis, COVID 19 impact and recovery analysis and future consumer dynamics, Market condition analysis for forecast period |
Customization purview |
If our report has not included the data that you are looking for, you can reach out to our analysts and get segments customized. |
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1 Executive Summary
2 Market Landscape
3 Market Sizing
4 Five Forces Analysis
5 Market Segmentation by Type
6 Customer Landscape
7 Geographic Landscape
8 Drivers, Challenges, and Trends
9 Vendor Landscape
10 Vendor Analysis
11 Appendix
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