Synoptophore Market size in 2019 is estimated to be $200 million, growing at a CAGR of 4.5% during the forecast period 2020-2025. Synoptophore is a specialized diagnosis and correction device utilized in the treatment of strabismus or squint in the eyes. Synoptophore uses orthotic means to correct the imbalance of eye, and involves non-surgical management of imbalance of the eye. Increasing prevalence of visual disorders and technological advancement are the major factors driving the growth of the market. Moreover, rising disposable income and advancement of R&D activities further enhance the overall market demand for synoptophore during the forecast period 2020-2025.
Synoptophore Market Segment Analysis - By Application
Based on the Application, Synoptophore Market is segmented into Diagnostic, Therapeutic. The diagnostic segment is forecast to be the fastest-growing segment and is projected to grow at a CAGR of 4% during the forecast period 2020-2025. Synoptophore is commonly used in the diagnoses of ocular muscular imbalance through simultaneous perception, sensory and motor fusion, and stereopsis tests. However, the availability of alternatives such as photo screen and prism cover test that are less complex, patient compliant, and cost-effective in the diagnosis of amblyopia and strabismus are contributing to the growth of the segment.
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Synoptophore Market Segment Analysis - By Type
Based on the Type, Synoptophore Market is segmented into Manual, Automated. In 2019, manual held the largest share in the Synoptophore Market. This is mainly owing to its low maintenance cost and the availability of most synoptophore instruments in manual type.
Synoptophore Market Segment Analysis - By Geography
North America dominated the Market share accounting for 45% of the market in 2019. This is mainly owing to rising incidence of strabismus and amblyopia, and increasing inclination towards non-surgical treatment methods. According To American Academy of Opthalmology, about 12 million people in U.S. are suffering from amblyopia which increases the demand for synoptophore market.
However, the Asia Pacific region is projected to be the fastest-growing during the forecast period 2020-2025. This is owing to increasing disposable income and increasing healthcare expenditure.
Synoptophore Market Drivers
Increasing Prevalence of Visual Acuity Disorders
Increasing prevalence of visual acuity disorders such as amblyopia, strabismus, diplopia, and other convergence insufficiency ailments are some factors driving the market growth of this segment. Moreover, growing awareness about early diagnosis of amblyopia and strabismus to avoid surgical interventions are increasing the market growth of synoptophore.
Technological Advancement
Increasing technological advancement and rising research are driving the growth of the market. Moreover, increasing research and development activities helps to develop new treatments for these eye problems are contributing to the growth of Synoptophore Market.
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Synoptophore Market Challenges
High cost of synoptophore are challenging the growth of the market. Moreover, lack of portability, and the difficultly in setting this for pediatric patients are further restraining its market growth during the forecast period 2020-2025.
Synoptophore Industry Outlook
Product launches, Merger & Acquisitions, joint ventures and R&D activities are key strategies adopted by players in the Synoptophore Market. Synoptophore top 10 companies are Metall Zug AG (Haag-Streit AG), Takagi Seiko Co., Ltd., Oculus Optikgerate GmbH, Appasamy Associates Pvt. Ltd., Prkamya Visions, 66 Vision Tech Co., Ltd., Nanjing Redsun Optical Co., Ltd., Gem Optical Instruments Industries, and Shanghai Link Instruments Co., Ltd.
Acquisitions/Product Launches:
On June 2020, Haag-Streit has acquisition with VRmagic in order to develop in the field of providing simulators for ophthalmology training.
Key Takeaways
In 2019, North America dominates the Synoptophore Market owing to rising incidence of strabismus and amblyopia, and increasing inclination towards non-surgical treatment methods.
Increasing prevalence of visual acuity disorders and technological advancement is driving the market growth of synoptophore.
Detailed analysis of the Strength, Weakness, and opportunities of the prominent players operating in the market will be provided in the Synoptophore Market report.
High cost of synoptophore are challenging the growth of the market.
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