Synoptophore Market by Size Estimation, Share Analysis with Recent Developments, Business prospects and Forecast 2022-2031
The synoptophore market is projected to register a CAGR of around 4% during the forecast period.
The emergence of the COVID-19 pandemic has caused healthcare services to lead to a reduction in eye care activities. This is because the examination procedures related to ophthalmology involve close interactions with the patient which increases the risk of infection. As per a March 2020 article by the American Academy of Ophthalmology (AAO), during the COVID-19 outbreak, the AAO recommended ophthalmologists to cease providing non-urgent care. In addition, as per a 2020 membership survey of 416 members, conducted by the American Association of Pediatric Ophthalmology and Strabismus (AAPOS), devastating and potential impacts were observed on pediatric ophthalmology practices.
The studied market growth can be largely attributed to the increasing incidences of visual acuity disorders, growing awareness pertaining to the early diagnosis of visual acuity disorders, and rising demand for non-invasive processes. These factors are majorly contributing to the rising demand for synoptophore devices in healthcare facilities.
Increasing incidences of visual acuity disorders is contributing to the rising demand for synoptophore. Visual acuity is defined as the sharpness or clarity of vision. The loss of visual acuity occurs in patients suffering from amblyopia, strabismus, under corrected refractive disorders and other convergent disorders. Increase in multiple risk factors such as stroke and traumatic head injury is associated with visual acuity disorders. Synoptophore devices are considered reliable for correction of such disorders. As per the 2019 statistics by the National Eye Institute (NEI), between 4% and 17% of people suffer from convergence insufficiency (CI) disorder. Moreover, young and adult population is more prone to visual acuity disorders. For instance, as per the 2020 statistics by the American Association for Pediatric Ophthalmology and Strabismus (AAPOS), approximately, 4% of the population in the United States is suffering from strabismus. Furthermore, as per a 2019 article by the National Eye Institute (NEI), amblyopia commences in childhood, and is the most common cause of vision loss in children and 3 out of 100 children suffer from the disorder. Thus, the increase in such numbers will fuel the demand for synoptophore device.
Also, growing awareness pertaining to the early diagnosis of acuity disorders is anticipated to fuel the market growth. Several orthoptic associations across the globe are engaged in encouraging the early diagnosis of acuity disorders that is fueling the demand for synoptophore device. As per a 2020 article by the International Orthoptic Association (IOA), the Brazilian Orthoptic Association determines the first Monday in June as the “World Orthoptic Day”. The celebration aims at encouraging the detection of low vision acuity at an early age. In addition, as per the International Agency for the Prevention of Blindness (IAPB), World Sight Day (WSD) is an annual day of awareness held on the second Thursday of October, to focus global attention on blindness and vision impairment. Such initiatives are increasing the early diagnosis of visual acuity disorders, thereby propelling the demand for synoptophore. Moreover, several schools and colleges are engaged in organizing eye examination camps that may further contribute to the demand for synoptophore device. Thus, in view of the above-mentioned factors, the market will witness a significant growth over the forecast period.
However, high cost of the synoptophore device and access to alternatives for treatment of visual acuity disorders are some of factors impeding the market growth.
Key Market Trends
Therapeutic Application is Expected to Witness a Significant Growth Over the Forecast Period
By application, the therapeutic segment is expected to witness significant growth over the forecast period. Synoptophore device is majorly used in the treatment of ocular motility disorders. It performs the most comprehensive binocular vision assessment available nowadays and is reliable. Standard measurements allow assessment of fusional amplitudes, simultaneous perception, and stereopsis in case of abnormal retinal correspondence, or horizontal, vertical, or torsional ocular misalignment. In children, amblyopia is the most common cause of monocular visual impairment. As per the 2019 statistics by the American Academy of Ophthalmology (AAO), the prevalence of anisometropic amblyopia is about 4.7% in children. Moreover, as per the same above-mentioned source, amblyopia is the most common cause of low visual acuity in children and adults in developed countries with an incidence of 3% to 6%. The success rate has not been well achieved via occlusion therapy and the vision is improved to a high degree by using a synoptophore to stimulate the amblyopic eye. Therefore, the demand for synoptophore device is augmenting in the healthcare facilities for the treatment of visual acuity disorders. Thus, in view of the above-mentioned factors, the segment is expected to grow significantly over the forecast period.
North America is Expected to Witness a Significant Growth over the Forecast Period
Within North America, the United States is anticipated to witness significant growth over the forecast period. The major factors contributing to the growth of the market in the country are the increasing incidence of visual acuity disorders such as strabismus and amblyopia, and rising inclination towards non-surgical treatment procedures have propelled the growth of synoptophore devices in the United States. As per the 2021 statistics by Prevent Blindness, in the United States, more females than males experience permanent vision loss; 3 females for every 2 males experience visual acuity loss or blindness. This factor is fuelling the adoption of vision correction through the use of synoptophore. Moreover, increasing research and development in the region is anticipated to fuel the demand for synoptophore devices in the region. For instance, in the United States, as per a 2021 update by the Research to Prevent Blindness (RPB), it provides major eye research funding to 37 leading scientific institutions and supports the work of vision scientists that are engaged in a diverse range of disease-oriented research. Furthermore, the technologically advanced infrastructure of North America is anticipated to fuel the production of advanced automatic synoptophore devices. Thus, in view of the above mentioned factors, synoptophore market is anticipated to grow significantly over the forecast period in North America.
The synoptophore market is nearly fragmented due to the presence of several regional and global market players. These players focus on growth strategies such as new product launches, innovations in existing products, and mergers & acquisitions. Key market players operating in the global market are HAAG-STREIT GROUP, APPASAMY ASSOCIATES, Prakamya Visions, Nanjing Redsun Optical Co., Ltd., and Gem Opticals Instruments Industries. Additionally, the key players have been involved in various strategic alliances such as acquisitions, collaborations to secure the position in the global market.
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