Market Trends of Phoropters Industry
This section covers the major market trends shaping the Phoropters Market according to our research experts:
Specialty Clinics Segment Hold Significant Share in the 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, according to the WHO update in March 2022, trachoma is a public health problem in 44 countries and is responsible for the blindness or visual impairment of about 1.9 million people globally. Such a high burden of disease and the need for surgical treatment is thus driving the growth of the market. Furthermore, in August 2021, Valiant Clinic collaborated with Moorfields Eye Hospital Dubai to bring over 200 years of world-class eye care excellence to its patients. Moorfields Eye Hospital Dubai delivers diagnosis and treatment of eye diseases, with a broad range of other services that are available at Valiant Clinic. Such an initiative is expected to drive segmental growth over the forecast period.
Additionally, as per the MDPI report published in September 2021, the prevalence of ophthalmic diseases such as cataracts, glaucoma, maculopathy, and retinopathy was 52.6%, 5.3%, 5.6%, and 29.1%, respectively, in Italy. Awareness about ophthalmic conditions is expected to increase visits to specialty clinics, thereby driving the market growth. For instance, according to the above source, among the affected people, those aware of their condition were 21.8% for cataracts, 65.4% for glaucoma, and 7.1% for maculopathy. The data mentioned in the MDPI report suggest that the burden of eye diseases is increasing in Italy every year, which is believed to create more demand for ophthalmic tests, thereby driving the growth of the segment.
Therefore the above-mentioned factors are expected to drive segmental growth in the market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same Over the Forecast Period
North America is expected to hold a significant share of the market owing to factors such as high disposable income, growing awareness, a rising geriatric population, and the increasing prevalence of eye diseases. For instance, as per the Statistics Canada 2021 census, there were around 7,021,430 people aged 65 years or above, out of which 3,224,680 were males, and 3,796,750 were females. The geriatric population is commonly affected by some kind of ophthalmic condition, and the high burden of the geriatric population is also expected to boost the growth of the market.
Furthermore, a press release published in February 2022 by the CDC offered prevalence estimates for the most common eye disorders and eye diseases. Nearly 12 million adults in the United States who are 40 years and above of age have vision impairment, and about a million of them are blind. Every third American has astigmatism, which affects around 1 in 3 people. Over the age of 40, 8.4% of the population suffers from farsightedness (over 14.2 million people). A little over 23.9% of those over 40 have nearsightedness (about 34 million people). Thus, such an increasing prevalence of eye diseases is expected to increase the demand for phoropters for the testing of such diseases.
Thus, owing to the abovementioned factors, the market in the North American region is expected to project growth over the forecast period.
