Global Keratometers Market - 2022-2029
Keratometers market size was worth US$ XX million in 2021 and is estimated to reach US$ XX million by 2029, growing at a CAGR of 5.5% during the forecast period (2022-2029).
A keratometer (also referred to as an ophthalmometer) is a device used to measure the curvature of the cornea’s frontal surface.
The global keratometers market growth is driven by the increasing burden of eye disorders and growing investments, funds, and grants.
Increasing burden of eye disorders is expected to drive the growth in the forecast period
According to the October 2021 report of the World Health Organization, about 2.2 billion people around the world have near or distance vision impairment, of which approximately 1 billion cases of vision impairment can be prevented or could have been prevented which shows the high burden of the cases of vision impairment around the world and possibility of treatment which is why there is a very high demand of the diagnostics and therapeutics for the diseases associated with eyes that are driving the growth of the studied market. The article published in February 2020, titled ""The Statistics on Eye Disease in America (2022)"" stated that in the United States alone, about 12 million people age 40 and above suffer from vision impairment, with about a million suffering from blindness. The Centers for Disease Control and Prevention (CDC) reports that 17.2 percent of Americans over 40 years of age have a cataract in at least one eye (about 20.5 million people). By 2028, it is expected that over 30 million people will have cataracts. Surgery is the most recommended treatment option for dealing with cataracts. Only about 6.1 million Americans have had their lenses surgically removed and replaced with new lenses to address their cataracts, according to the CDC. India was the first country to launch the National Programme for Control of Blindness in 1976 to reduce blindness prevalence to 0.3 per cent by 2020. But, the estimated prevalence of blindness still stands at 1.99 per cent, severe visual impairment at 1.96 per cent, moderate visual impairment at 9.81 per cent and moderate severe visual impairment at 11.77 per cent, according to the survey released on October 10, 2019. Thus, the demand for effective therapeutics and diagnostics is also expected to increase around the world that is expected to drive the growth in the studied market. Therefore, owing to the increasing burden of the eye disorders and associated risk factors across the world, the market is expected to grow during the forecast period of the study.
Lack of infrastructure is likely to hamper the market growth
However, the lack of primary infrastructure for eye related diseases in underdeveloped and developing countries is hampering the overall market growth.
COVID-19 Impact Analysis
The COVID-19 pandemic led to disruption in not only in the research and development activities of other therapies and drugs but for medical conditions other than COVID-19 were also impacted the treatment procedures and supply chain of the pharmaceuticals and medical devices around the world which also impacted the studied market of keratometers market. For instance, in November 2021, a research study published titled ""Impact of COVID-19 pandemic on cataract surgical volume: A North Indian experience"" stated that in 2020, it was expected to perform 7500 cases (assuming historical trends) but performed only 2500 cases (33% of the expected volume). The remaining 5000 cases (67% cases) constituted the “fixed” backlog. Hence, an intuitive approach and out-of-the-box solutions are required by the government and private institutes’ collaborative efforts to help mitigate the disruptions caused by the pandemic and lessen the backlog without causing provider burnout. Similarly, another research study published in June 2020 titled ""The new normal for cataract and refractive surgery due to COVID-19 (SARS-CoV-2)"" stated that with the exception of some emergency anterior surgeries, cataract and refractive surgery is considered to be elective in most countries. Therefore, the overall impact of the COVID-19 on the market was negative primarily due to the decline in the diagnostics and treatment procedures of the diseases associated with the eye but with the ongoing vaccination programs and launch of new drugs against the COVID-19, the studied market is expected to beam back to its full potential in due time.
The hospitals segment is expected to hold the largest share in this market segment
The increasing number of hospitals and clinics is the primary factor for the growth of the market. For instance, according to the American Hospital Association 2022 report, there are 6,093 hospitals in the United States. However, the Definitive Healthcare Hospital View product tracks 7,308 active US hospitals as of March 2022. These hospital facilities are curated from nearly 40 different public, private and proprietary sources. Increasing investment is another factor for market growth. For instance, in February 2022, a report titled ""HEALTHCARE INDUSTRY REPORT"" published by India Brand Equity Foundation stated that between April 2000-December 2021, Foreign Direct Investment (FDI) inflows for the drugs and pharmaceuticals sector stood at USD 19.19 billion, according to the data released by the Department for Promotion of Industry and Internal Trade (DPIIT). FDI inflows in sectors such as hospitals and diagnostic centers and medical and surgical appliances stood at USD 7.73 billion and USD 2.35 billion, respectively. The same source stated that the Indian government is planning to introduce a credit incentive program worth Rs. 500 billion (USD 6.8 billion) to boost the country’s healthcare infrastructure. The program will allow firms to leverage the fund to expand hospital capacity or medical supplies with the government acting as a guarantor. Such initiatives and investments would increase the end user facilities with the adoption of various medical devices including keratometers. Hence, due to the above-mentioned factors, the market is expected to increase in the future.
North America region holds the largest market share of global keratometers market
The North America region is expected to dominate the market in the upcoming future. Factors such as investments, an increasing number of eye disorders, and research studies are likely to increase the market growth. According to the Pharmaceutical Research and Manufacturers of America 2020, pharmaceutical companies in the United States spent roughly USD 83 billion on R&D in 2019, up from USD 50.7 billion in 2010. Moreover, according to the article published in May 2021, titled ""Cataract - Treatment of Adults"" stated that in 2018/2019, 69,463 cataract surgeries were performed in British Columbia. Cataracts are the most common cause of vision loss in Canada. The risk of cataracts increases as you age. 75% of Canadians who report cataracts are over the age of 60. In addition, certain health conditions and behaviors increase your risk of cataracts, including diabetes, obesity, exposure to sunlight, smoking, high blood pressure, injury to the eye, eye surgery (for glaucoma or retinal diseases), extended use of steroid medications (both topical and systemic), excessive alcohol consumption and other genetic disorders. According to the data published by the Centers for Disease Control and Prevention (CDC) in 2020 around 4.1 million Americans are affected with diabetic retinopathy, and nearly 900,000 Americans are threatened with vision-damaging retinopathy. Diabetic retinopathy is one of the leading disorders of posterior segment eye disorders. Keratometry measures the curvature of the cornea to calculate corneal astigmatism along with posterior corneal astigmatism and posterior and anterior crystalline lens astigmatism, which is minimal in many cases. Astigmatism is the most frequent ammetropia. Increasing prevalence will increase the demand for treatment in a huge population which will boost the growth of the market in the region. According to the data published by the Centers for Disease Control and Prevention (CDC) in 2020 around 4.1 million Americans are affected with diabetic retinopathy, and nearly 900,000 Americans are threatened with vision-damaging retinopathy. Diabetic retinopathy is one of the leading disorders of the eye. Increasing prevalence will increase the demand for diagnosis and treatment in a huge population which will boost the growth of the market in the country. Awareness is one of the key issues related to eye disorders. For instance, in December 2021 a paper published in the National Library of Medicine stated that there is no conclusive study that proves the direct correlation between people suffering from diabetic retinopathy and going for continuous eye screening. Early detection is one of the factors that could provide the treatment for the patients suffering from posterior segment eye disorders however lack of awareness would hinder the growth of the market as patients would start treatment at the later stages.
The global keratometers market is moderately competitive with presence of local as well as global companies. Some of the key players which are contributing to the growth of the market include Carl Zeiss AG, Essilor, Luneau, Reichert Technologies, and NIDEK CO., LTD among others. The major players are adopting several growth strategies such as product launches, acquisitions, and collaborations, which are contributing to the growth of the market globally. For instance, In April 2022, Carl Zeiss Meditec announced the acquisition of two manufacturers of surgical instruments (Kogent Surgical, LLC and Katalyst Surgical, LLC) to further strengthen its positioning as a solution provider.
Key Companies to Watch
Carl Zeiss AG
Overview: Carl Zeiss AG, branded as ZEISS, is a German manufacturer of optical systems and optoelectronics, founded in Jena, Germany in 1846 by optician Carl Zeiss. Its four segments are semiconductor manufacturing technology, industrial quality & research, medical technology and consumer markets.
Product Portfolio: It includes products like ZEISS VISUREF 150 Autorefractor and Keratometer.
Key Developments: In May 2021, ZEISS expanded its national coverage in the United States for its Industrial Quality & Research segment by acquiring Capture 3D.
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