Automatic Phoropters Market Size, Share, Growth and Industry Analysis by Type (Stationary, And, Portable), By Application (Optical Shops, Hospitals, And, Other) Regional Forecast to 2029

Updated On: 13 November 2023

REPORT OVERVIEW

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The global automatic phoropters market size is anticipated to expand rapidly in 2022. As per our research the market is expected to generate substantial revenue by 2029, exhibiting a high CAGR during the forecast period. The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden rise in CAGR is attributable to the market's growth and demand returning to pre-pandemic levels once the pandemic is over.

 Automatic phoropters are eye examination instruments that are highly advanced which are used for the purpose of determining a patient's refractive error. These instruments also prescribe corrective lenses. Digital technology and advanced algorithms are incorporated by these phoropters in order to perform a comprehensive eye exam within a very short period of time compared to traditional methods. They measurements provided by them are also highly accurate. These equipments have high demand in the market.

Artificial intelligence and machine learning are two important tools that have helped in the growth of the market. Increasing prevalence of eye disorders and high spendings on healthcare facilities will amplify the market growth. These factors are collectively driving the automatic phoropters market growth.

COVID-19 impact: Reduction in Optometry Services During Pandemic Decreased Market Growth

The pandemic of COVID-19 not only had a negative impact on the finances of all the nations. The death rates increased, recession led to unemployment and economies of all the countries suffered. Industries and factories had a very tough time in dealing with problems such as fluctuations of raw material prices, disruption in logistics, and unavailability of skilled personnel to carry out the operations. 

Automatic phoropters market also experienced heavy losses due to factors such reduction in optometry services during the pandemic. As the healthcare facilities were not readily available, there was a complete reduction in the inflow of patients. All of these factors had an adverse impact on the market especially during the pandemic.

LATEST TRENDS

"Integration of Artificial Intelligence and Machine Learning into These Equipments to Increase Market Growth"

During the past few decades there has been a considerable shift in the usage of implementation of both artificial intelligence and machine learning. Both of these technologies have been helpful in changing the dimensions of several industries. Similarly, they help in providing highly accurate readings and measurements when used in automatic phoropters.

Also, the need for human intervention will reduce when both these technologies are involved reducing as many mistakes as possible. Another noticeable trend that is having a positive impact on the market is the shift towards cloud-based data management systems that allow for better communication and sharing of patient data among optometrists, ophthalmologists, and other healthcare professionals. All of these are considered as the latest trends in the market.

SEGMENTATION

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• By Type:

The market can be divided on the basis of type into the following categories:

Stationary, and, portable. The stationary segment is expected to hold the dominant market share through 2028.

• By Application:

Classification based on application into the following categories:

Optical shops, hospitals, and, other. The optical shops segment is predicted to dominate the market through 2028.

DRIVING FACTORS

"Increasing Prevalence of Eye Disorders Among People to Amplify Market Growth"

Numerous factors have contributed in the rapid growth of the market, post pandemic. Some of them include the advances in digital technology, and, increasing prevalence of eye disorders. Apart from this there also an increasing need for efficient and accurate eye examinations. Lack of accuracy in examination can cause serious problems for the patients.

By making use of automatic phoropters the need for manual adjustments will reduce and hence the risk of human error will also decrease. This will result in more precise measurements and better patient outcomes. Two new trends namely telemedicine and remote patient monitoring have been introduced into the market which is further propelling the automatic phoropters market share. Even young generation at the risk of getting affected severe eye disorders. All of these factors are amplifying the growth and development of the market.

"Increasing Spendings on Healthcare Treatments to Develop Market Growth"

Apart from the increase in the prevalence of severe eye disorders, other factors have also contributed in the development of the market. Several job opportunities post pandemic have led to a stable economy in most of the countries. Urbanization has led to the rise in disposable income and higher spending on healthcare, particularly in developing countries.

Refractive surgeries and corrective procedures, such as LASIK are becoming popular day by day. These are considered to advanced and accurate eye examination technologies and hence more people are aware about them. There a lot of optometry and ophthalmology clinics and hospitals. This is helping in expanding the network of retail optical chains. All of the above-mentioned factors have played a crucial role in increasing automatic phoropters market share.

RESTRAINING FACTOR

"High Cost Associated with Automatic Phoropters to Decrease Market Growth"

Even though, these equipments are highly helpful in providing eye treatments, there are certain factors that can deteriorate the market growth. One such factor is the high cost that is associated with these equipments. As they are highly expensive, they cannot be afforded by small clinics and healthcare providers.

Lack of trained professionals to operate the machines and interpret the results can be yet another factor that will impede the market development. There are several other alternative diagnostic methods, which include non-mydriatic retinal cameras and optical coherence tomography (OCT). These factors can limit the market growth.

Regional Insights

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"North America to Dominate the Market Growth During Research Period"

North America holds majority of the market share. This region has several favorable factors that support the growth of the market. One of the major factors contributing to the market growth is high prevalence of eye disorders and the presence of advanced healthcare infrastructure.

Also, North America has a well-established market for medical devices and equipment. The number of optometry and ophthalmology clinics and hospitals, have also expanded in this region due to increasing inflow of fundings and investments. All of these factors have made North America is the leading region in the market.

"Leading Players adopt Acquisition Strategies to Stay Competitive "

Several players in the market are using acquisition strategies to build their business portfolio and strengthen their market position in the recent days. In addition, partnerships and collaborations are among the common strategies adopted by companies. Key market players are making R&D investments to bring advanced technologies and solutions to the market. Key market players have adopted unique strategies to flourish in the market. Many new innovations and changes are being seen in the market.

List of Market Players Profiled

• Topcon (Japan)
• Nidek (Japan)
• Reichert (U.S.)
• Zeiss (Germany)
• Rexxam (Japan)
• Essilor (France)
• Huvitz (South Korea)
• Marco (U.S.)
• Luneau Technology (France)
• Righton (Spain)
• Takagi Seiko (Japan)
• Briot (France)
• Ming Sing Optical (Taiwan)
• Hangzhou Kingfisher (China)
• Shanghai Yanke (China)

Report Coverage

The report provides an insight into the industry from both the demand and supply sides. Further, it also gives information on the impact of COVID-19 on the market, the driving and the restraining factors along with the regional insights. Market dynamic forces during the forecast period have also been discussed for the better understanding of the market situations. The report also provides information about some of the top industry players in the market.