Market Size of Synoptophore Industry
Study Period | 2019 - 2029 |
Base Year For Estimation | 2023 |
CAGR | 4.00 % |
Fastest Growing Market | Asia-Pacific |
Largest Market | North America |
Market Concentration | Medium |
Major Players*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Synoptophore Market Analysis
The synoptophore market is projected to register a CAGR of around 4% during the forecast period.
The COVID-19 pandemic caused healthcare services to reduce eye care activities, as examination procedures in ophthalmology involve close interactions with the patients, which increases the risk of infection. The American Academy of Ophthalmology (AAO recommended ophthalmologists halt non-emergency care. According to a 2021 membership survey of 416 members conducted by the AAPOS, devastating and potential impacts were observed on pediatric ophthalmology practices during the COVID-19 pandemic. Children could not get proper treatment at the right time due to restrictions on non-essential visits to eye clinics, which hampered the overall market.
The growth of the studied market can be largely attributed to the increasing incidences of visual acuity disorders, growing awareness about the early diagnosis of visual acuity disorders, and the rising demand for non-invasive processes.
Increasing incidences of visual acuity disorders contribute to the rising demand for synoptophore. Risk factors, such as stroke and traumatic head injury, associated with visual acuity disorders also increased over time. Synoptophore devices are considered reliable for the correction of such disorders. As per the 2021 statistics by the National Eye Institute (NEI), around 5% to 16% of people suffer from convergence insufficiency (CI) disorder. The young and adult population is more prone to visual acuity disorders, which augments the growth of the market studied.
Growing awareness about the early diagnosis of acuity disorders is anticipated to fuel market growth. Several orthoptic associations encourage the early diagnosis of acuity disorders, which fuels the demand for synoptophore devices. As per a 2021 article by the International Orthoptic Association (IOA), the Brazilian Orthoptic Association determines the first Monday in June as the 'World Orthoptic Day.' According to the International Agency for the Prevention of Blindness (IAPB), World Sight Day (WSD) is an annual day of awareness held to focus global attention on blindness and vision impairment. Such initiatives increase the early diagnosis of visual acuity disorders, thereby propelling the demand for synoptophore.
However, the high cost of synoptophore devices and access to alternatives for treating visual acuity disorders are some factors impeding the market growth.
Synoptophore Industry Segmentation
As per the scope of the report, a synoptophore is a device for diagnosing the imbalance of the eye muscles and treating them by orthoptic methods. It is a non-surgical and standard choice of treatment for orthoptic problems and helps assess fusional convergence of divergence conditions of the eye, such as squint and strabismus. It consists of two cylindrical-shaped tubes consisting of mirrored angle bends. The market is segmented by application (diagnostic and therapeutic), instrument type (manual and automatic), end user (hospitals, clinics, and Others), and geography (North America, Europe, Asia-Pacific, and Rest of the World). The report offers all values in USD million for the above segments.
By Application | |
Diagnostic | |
Therapeutic |
By Instrument Type | |
Manual | |
Automatic |
By End User | |
Hospitals | |
Clinics | |
Other End Users |
Geography | ||||||||
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Rest of the World |
Synoptophore Market Size Summary
The synoptophore market is poised for steady growth, driven by the increasing prevalence of visual acuity disorders and a rising awareness of early diagnosis. The demand for synoptophore devices is bolstered by their effectiveness in treating conditions such as convergence insufficiency, strabismus, and amblyopia, particularly among young and adult populations. The market's expansion is further supported by initiatives from orthoptic associations and global health organizations that promote awareness and early diagnosis of vision disorders. Despite challenges such as the high cost of devices and the availability of alternative treatments, the therapeutic application of synoptophore devices in ocular motility disorders is expected to see significant growth. This is attributed to their comprehensive assessment capabilities and reliability in improving vision through non-invasive methods.
In North America, particularly the United States, the synoptophore market is anticipated to experience substantial growth due to the increasing incidence of visual acuity disorders and a preference for non-surgical treatment options. The region's advanced technological infrastructure and ongoing research and development efforts are expected to further drive demand for synoptophore devices. The market is characterized by fragmentation, with numerous regional and global players engaging in strategic activities such as product launches, innovations, and mergers to strengthen their market positions. Key players like HAGG-STREIT GROUP, APPASAMY ASSOCIATES, and Nanjing Redsun Optical Co., Ltd are actively involved in these strategies, contributing to the competitive landscape of the synoptophore market.
Synoptophore Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Increasing Incidences of Visual Acuity Disorders
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1.2.2 Growing Awareness on the Early Diagnosis of Visual Acuity Disorder
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1.2.3 Rising Demand for Non-invasive Procedures
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1.3 Market Restraints
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1.3.1 High Cost of Synoptophore Device
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1.3.2 Access to Alternative Treatments
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1.4 Porter's Five Force Analysis
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1.4.1 Threat of New Entrants
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Bargaining Power of Suppliers
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size - Value in USD million)
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2.1 By Application
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2.1.1 Diagnostic
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2.1.2 Therapeutic
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2.2 By Instrument Type
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2.2.1 Manual
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2.2.2 Automatic
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2.3 By End User
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2.3.1 Hospitals
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2.3.2 Clinics
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2.3.3 Other End Users
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2.4 Geography
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2.4.1 North America
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2.4.1.1 United States
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2.4.1.2 Canada
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2.4.1.3 Mexico
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2.4.2 Europe
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2.4.2.1 Germany
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2.4.2.2 United Kingdom
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2.4.2.3 France
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2.4.2.4 Italy
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2.4.2.5 Spain
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2.4.2.6 Rest of Europe
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2.4.3 Asia-Pacific
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2.4.3.1 China
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2.4.3.2 Japan
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2.4.3.3 India
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2.4.3.4 Australia
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2.4.3.5 South Korea
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2.4.3.6 Rest of Asia-Pacific
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2.4.4 Rest of the World
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Synoptophore Market Size FAQs
What is the current Synoptophore Market size?
The Synoptophore Market is projected to register a CAGR of 4% during the forecast period (2024-2029)
Who are the key players in Synoptophore Market?
HAAG-STREIT GROUP, APPASAMY ASSOCIATES, Nanjing Redsun Optical Co., Ltd, 66 Vision Tech Co., Ltd. and Rumax International are the major companies operating in the Synoptophore Market.