Tonometer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)
The tonometer market has been impacted by the COVID-19 outbreak, which is majorly attributed to the lockdown placed by several countries. The visits to ophthalmic centers or hospitals have reduced drastically, and only emergency procedures are being performed. Moreover, the supply of newer devices is temporarily obstructed due to the pandemic, as companies have reduced or paused the production of devices. The situation is already affecting the company revenues of the market players. For instance, one of the global leaders in the world Alcon Inc.
has reported decreased revenue in Q2 2020 report. The company revenue has decreased by a decrease of 36% on a reported basis in Q2 2020. Also, for the six months ended 2020, company revenue is USD 3,020 million compared to the USD 3,640 million in six months ended 2019. According to the study published in the British Journal of Surgery, in May 2020, based on a 12-week period of peak disruption to hospital services due to COVID-19, around 28.4 million elective surgeries worldwide will be canceled or postponed in 2020. More than 580,000 planned surgeries in India might be canceled or delayed as a result of the COVID-19 pandemic, according to a study conducted by an international consortium in May 2020. The above factors can lead to negative market development for tonometer in the next few months.
The major factor attributing to the growth of the studied market is the increasing incidence of glaucoma, rising geriatric population, and diabetic patients who are more prone to developing glaucoma are further boosting the market growth. According to Glaucoma Research Foundation (2019), about 3 million Americans are living with glaucoma, and 2.7 million of whom-aged 40 and older are affected by its most common form, open-angle glaucoma. Increasing awareness among patients about early diagnosis and regular monitoring of intraocular pressure (IOP) to prevent avoidable vision loss is anticipated to drive the market in the close future. Providing favorable reimbursement policies for tonometers is expected to aid its adoption rate in hospitals and clinics.
Key Market Trends
Applanation Tonometry Segment is Dominating the Market Studied
In applanation tonometry, the cornea is flattened and the IOP is determined by varying the applanating force or the area flattened. There are three types of applanation tonometers; Goldmann applanation tonometer, Non-Contact Tonometer, Ocular Response Analyzer. The advantages of applanation tonometry include its almost universal acceptance as the clinical standard method of IOP assessment, ease of use from the technician’s perspective, and acceptability for most patients.
Moreover, Companies, such as Carl Zeiss offer applanation tonometers (AT 020 and AT 030) that were designed on the principle introduced by Professor Goldmann, which provides precise measurements of intraocular pressure (IOP) & represents the gold standard in tonometry. Measurement of IOP forms a crucial component in the diagnosis & management of multiple ocular conditions, especially glaucoma.
Applanation tonometer is widely used as it is easy to use, accurate, and affordable. Apart from the advantages of the applanation tonometer, the factors that are boosting the segment growth include increasing glaucoma prevalence, which is fuelled by the increasing geriatric population and the diabetic population who are more prone to glaucoma.
However, risks associated with traditional Goldmann and Perkins tonometers, such as cross-contamination or corneal abrasion, are expected to hamper segment growth in the future.
North America Dominates the Market and Expected to do Same in the Forecast Period
North America is expected to dominate the overall market, throughout the forecast period. The market growth is due to the factors such as the presence of key players, high prevalence of glaucoma in the region, established healthcare infrastructure.
Competitive Landscape
The Tonometer market is moderately consolidated and consists of a few major players. Some of the companies which are currently dominating the market are Keeler Ltd, Carl Zeiss, Icare Finland Oy, Ametek, Inc., Oculus, Kowa American Corporation, Nidek Co. Ltd, Rexxam Co. Ltd, Canon, Haag-Streit Group, etc.
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