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Tonometer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)

ReportLinker
·7-min read

The global Tonometer Market (henceforth, referred to as the market studied) was valued at USD 291. 42 million in 2020, and it is expected to reach USD 399. 53 million by 2026, registering a CAGR of 5. 60% during the period of 2021-2026.

New York, March 29, 2021 (GLOBE NEWSWIRE) -- Reportlinker.com announces the release of the report "Tonometer Market - Growth, Trends, COVID-19 Impact, and Forecasts (2021 - 2026)" - https://www.reportlinker.com/p06039519/?utm_source=GNW


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.

In addition, 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. According to a research study by Gabriela Thomassiny et al., published in ARVO Journal 2020, Glaucoma is one of the leading cause of blindness in Latin America. Latin Americans have an increased risk to develop glaucoma. In this region, around 75% of the affected population are undiagnosed. Mexico is the second most populated country in Latin America. The study results found that in Mexico, in 2030, the number of people with glaucoma is estimated to be 2.5 million, increasing to 3 million in 2040, and to 3.4 million in 2050, respectively. 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.

Therefore, high incidence of glaucoma is expected to rise demand for tonometer devices and expected to show significant growth over the forecast periodProviding favorable reimbursement policies for tonometers is expected to aid its adoption rate in hospitals and clinics.

Key Market Trends
Applanation Tonometry Segment is Expected to Hold Significant Market Share Over the Forecast Period

Applanation Tonometry test measures the fluid pressure in the eye. The test involves using a slit lamp equipped with forehead and chin supports and a tiny, flat-tipped cone that gently comes into contact with the patient’s cornea. The test essentially measures the amount of force needed to temporarily flatten a part of the cornea. It is used in the diagnosis of glaucoma.

During the COVID-19 pandemic 2020, Carl Zeiss market devices, instruments, systems, and others for ophthalmology recorded a significant decline, particularly in spring 2020. For instance, as per Carl Zeiss Annual report 2019-2020, stated that around 40% of revenue was declined during the second Quarter (April-June 2020). Moreover, for the year 2020, there was a revenue decline compared to 2019 revenue.

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.

The market adopting various strategies such as product launches and developments to increase market share. For instance, in January 2019, CATS Tonometer LLC launched CATS Tonometer Reusable Prism that has a United States FDA cleared, patented applanation surface delivering an immediate 94% improved IOP accuracy for the majority of the population, based upon peer reviewed research by the company. Increased usage of applanation surface is expected to aid market development in a positive manner.

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.

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.

During COVID-19 pandemic 2020, in the United States, Glaucoma Research Foundation stated that taking steps to protect vision is more challenging during the pandemic. Moreover, the COVID-19 pandemic has presented many challenges including cancellation or delay of regular medical appointments. In the United States, eye care professionals have gone to great lengths to make modifications to their offices and procedures to allow them to see patients safely.

Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase the market growth. In this region the United States has the maximum share due to supportive healthcare policies, the high number of patients, and a developed healthcare market. According to Brighfocus.org, glaucoma costs the United States economy USD 2.86 billion every year and more than 120,000 are blind from glaucoma, accounting for 9% to 12% of all cases of blindness. Moreover, recent product launches, growing number of optometrists, and increasing awareness regarding available treatment options are fueling the market growth. For instance, in January 2020, Revenio Group’s Icare ic200, the next generation tonometer for intraocular pressure screening, was granted marketing authorization in the United States.

According to United States Bureau of Labor Statistics 2018, there were 42,100 optometrist jobs in the United States. Employment of optometrists is projected to grow 10% from 2018 to 2028, faster than the average for all occupations. This signifies the increasing adoption of the various treatments.The statistics indicate that the increasing patient pool and increasing disposable revenue in this country are boosting the market growth of the region.

Competitive Landscape
The Tonometer market is moderately consolidated. 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. Additionally, the key players have been involved in various strategic alliances such as mergers and acquisitions, to secure the position in the global market. For instance, in April 2019, Revenio Group completed the acquisition of CenterVue SpA at an enterprise value of EUR 59 million. The Italian CenterVue is a leading global supplier of ophthalmic devices. Its products are an excellent complement to Revenio’s product portfolio which is focused on tonometry.

Reasons to Purchase this report:
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Read the full report: https://www.reportlinker.com/p06039519/?utm_source=GNW

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