Market Trends of Retinoscopes Industry
Streak Retinoscopes Segment is Expected to Witness Significant Growth Over the Forecast Period
A streak retinoscope is a device used to measure the refractive error of an eye. The device has a light source that produces a streak or line of light. The increasing cases of refractive errors like myopia, astigmatism, hypermetropia, and presbyopia are projected to grow in the coming years, owing to the rising geriatric population, increased screen timing, and other chronic conditions leading to visual impairments.
- According to the World Health Organization, vision loss can affect people of all ages. However, vision impairment and blindness are most seen in people aged over 50 years. According to the data published by The International Agency for the Prevention of Blindness (IAPB), there were around 1.10 billion people with vision loss in 2020, and the number is projected to grow to 1.80 billion by 2050. Such instances suggest the increasing need for vision correction devices.
- During the COVID-19 pandemic, treatment delays caused the progression of visual impairment in patients. An article published by the National Library of Medicine in May 2023 stated that the pandemic had an adverse psychosocial impact on people with visual impairment due to delayed treatment. Such studies highlighted the influence of the outbreak on ophthalmology visits, which impacted the adoption of vision correction devices among the patient population.
- The onset of retail and online stores offering vision correction devices for patients suffering from refractive errors contributes to segmental growth. For instance, in December 2023, Haag-Streit UK launched a brand-new e-shop with a comprehensive product portfolio, including retinoscopes. The e-shop includes an integrated, powerful shopping cart technology that allows customers to order online seamlessly.
- Due to the abovementioned factors, the streak retinoscope segment is expected to witness significant growth in the coming years.
North America is Expected to Dominate the Retinoscopes Market
North America is expected to dominate the market owing to factors such as increasing cases of eye disease and a rapidly aging population, developed healthcare infrastructure, new product launches, and the presence of established players in the region. According to the data published by the American Optometric Association, in July 2023, around 12.0 million adults aged 40 years and older suffer from uncorrectable vision loss in the United States, out of which more than 1 million Americans are blind. The number of blind individuals is estimated to reach 8.96 million by 2050.
- As per the data published by the Canadian Council of the Blind, in February 2022, 1.2 million Canadians were living with vision loss in 2020, and the number is projected to reach 1.58 million by 2030. Such instances of vision loss are anticipated to boost the adoption of visual impairment devices, thus influencing the market's growth in the region.
- The market is also driven by increased government initiatives and consumer awareness of eye health in the region. For instance, in March 2023, the Government of Canada showed leadership toward healthcare in the country. The national vision health stakeholders came together to address vision care in Canada. In January 2024, HOYA, a vision care company, launched a new Canadian public awareness campaign highlighting the benefits of MiYOSMART spectacle lenses for myopia children. The campaign aims to spread awareness concerning the impacts of myopia on children. Such initiatives are boosting the adoption of ophthalmology devices.
- Several prominent players in the market are focused on expanding their geographical presence, which is projected to create numerous growth opportunities for the market. For instance, in January 2023, Espansione Group and Essilor Instruments, a division of EssilorLuxottica, announced a long-term exclusive partnership for North America. Essilor Instruments became an official distributor for the North American market. Espansione Group is a medical technology company focused on ophthalmic and dermatological solutions to treat several conditions. Essilor Instruments aims to create immense value for the North American ophthalmology and optometry communities. Such strategic initiatives by key players are contributing to the growth of the market.
Therefore, owing to the factors mentioned above, the growth of the market is anticipated in the North American region.
