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


Posted April 29, 2021 by manojshinde

The global Tonometer Market was valued at about USD 331 million in 2020 and is expected to reach 488 million in 2026 with a CAGR of 5.2 % over the forecast period.
 
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. 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. 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. Providing favorable reimbursement policies for tonometers is expected to aid its adoption rate in hospitals and clinics.

Key Market Trends

Applanation Tonometry Segment is Dominating the Market Studied

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.

Applanation tonometer is widely used as it is easy to use, accurate, and affordable. 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.

However, risks associated with traditional Goldmann and Perkins tonometers, such as cross-contamination or corneal abrasion, are expected to hamper segment growth in the future.

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.

Furthermore, beneficial government initiatives and an increase in the number of research partnerships are some of the drivers expected to increase 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. 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 and consists of a few major players. 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.

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Issued By Statzy Market Research
Country India
Categories Health
Tags tonometer market , tonometer market forecast , tonometer market share , tonometer market size
Last Updated April 29, 2021