Synoptophore Market Size to touch US$ 270 Million by 2025 at a CAGR of 5%
Noida, Uttar Pradesh, India, February 19 2021 (Wiredrelease) Report Ocean Pvt Ltd –:Growing visual acuity disorders incidences such as strabismus, amblyopia, diplopia, and other convergence insufficiency ailments are primary factors driving the synoptophore market’s growth. According to the American Academy of Ophthalmology, about 1-5% of the total world population suffers from amblyopia. The growing prevalence of risk factors leading to strabismus and amblyopia is expected to drive the demand in the long run. For instance, there are various risk factors causing amblyopia, including uncorrected refractive errors, strabismus, premature birth, ptosis, traumatic head injury, cataract, and hereditary factors. It is valued that almost 120,000 new strabismus cases are reported each year in the US alone. Driven by these promising developments, the Global Synoptophore Market is estimated to see healthy growth, pegged at a CAGR of ~5% during the forecast period 2020-2025.
Diagnostic application will be the focus to gain competitive market share in the global market
The diagnostic segment dominated with the largest revenue share of over 50% in 2019. Synoptophore is commonly used to diagnose ocular muscular imbalance through sensory and motor fusion, simultaneous perception, and stereopsis tests. However, the high availability of alternatives such as prism cover and photo screen tests that are less complex, patient compliant, and cost-effective in diagnosing amblyopia and strabismus will slow down the segment’s growth. For instance, in 2016, a handheld device named Pediatric Vision Scanner (PVS) got clearance from the FDA that showed 95% accuracy in diagnosing amblyopia and strabismus. Such factors will increase the segment growth in the future.
The synoptophore market has witnessed a steady growth globally due to the growing demand for non-invasive procedures and technological advancement in ophthalmic care. The need for synoptophore is highly segregated with the presence of local manufacturers in the market. The additional synoptophore benefits in various eye defects such as abnormal objective angle, cyclophoria, and retina correspondence, which is expected to offer new growth opportunities for the manufacturers in the market. Therapeutic uses of synoptophore for eccentric fixation and suppression are expected to bring lucrative growth opportunities for the market. The key players in the synoptophore market primarily focus on offering cost-effective products and offering the latest technological advancement. The growing prevalence of eye defects in the pediatric population is anticipated to act as a primary driving factor for the synoptophore market.
Segmentation Overview of the Global Synoptophore Market
The synoptophore market is segmented based on Application, Type, and End-user. These major market segments are further categorized into various sub-segments to study the market in detail.
By Application Outlook (Diagnostic, Therapeutic)
By Type Outlook (Manual, Automated)
By End-user Outlook (Hospitals, Clinics, Others)
Key Players Insights
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, among others, are some significant players included in the research study of the global synoptophore market. The players implement various strategies such as product launches, partnerships, collaborations, reinforcing distribution networks, and mergers & acquisitions to create the scope for a sustainable competitive advantage. For instance, in June 2020, Haag-Streit declared the acquisition of VRmagic, a German-based simulator for an ophthalmology training company. The investment will make Haag-Streit offerings healthy for eye care professionals in the critical field of training worldwide.
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