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Synoptophore Market Growth & Trends
The global synoptophore market size is estimated to reach USD 297.6 million by 2027, expanding at a CAGR of 4.6%, according to a new report by Grand View Research, Inc. The key factors such as increasing prevalence of visual acuity disorders such as amblyopia, strabismus, diplopia, and other convergence insufficiency ailments are expected to drive the market.
Increasing the prevalence of risk factors leading to amblyopia and strabismus is expected to drive the demand for synoptophore machines in the extended run. For instance, there are multiple risk factors causing amblyopia that includes strabismus, uncorrected refractive errors, premature birth, cataract, ptosis, traumatic head injury, and hereditary factors.
The growing awareness about the importance of early diagnosis to avoid surgical intervention in the future will increase the utilization rate of synoptophore. Moreover, the increasing inclination towards non-surgical treatment procedures is expected to propel the growth of the market.
The reliability, versatility, and accuracy of synoptophore in performing comprehensive binocular vision assessments in patient with ocular motility disorders have increased its installation rate. However, high cost, lack of portability, and the difficultly in setting up the pediatric patient for diagnosis are the factors restraining the growth of the market.
Synoptophore Market Report Highlights
- The diagnostic segment held the largest market share in the market in 2019
- The therapeutic application segment is expected to grow at the fastest rate during the forecast period owing to the factors such as excellent visual restoration rate, in the amblyopic eye using synoptophore, and rising demand for orthoptic exercise are the factors driving segment growth
- Automated synoptophore machines are expected to witness the fastest growth rate during the forecast period owing to their ability to perform visual acuity tests quickly and efficiently adhering to a standard protocol with minimal orthoptic intervention
- The hospital segment accounted for the largest revenue share in 2019 because of the factors such as large patient base, high procurement capabilities, and availability of skilled orthoptist
- The clinics segment is expected to grow at a significant rate over the forecast period owing to factors such as shorter wait time, increased accessibility, and low cost compared to hospitals is the factor expected to contribute towards the growth of the segment
- The presence of key market players, rising incidence of strabismus and amblyopia, and increasing inclination towards non-surgical treatment methods are factors that can be attributed to the growth of the market in North America.