Tonometer Market To Hit Value 3.6 Million By 2026 |Grand View Research, Inc.

Posted by Mrudula Anil Karmarkar on January 13th, 2022

The global tonometer market size is anticipated to reach USD 483.6 million by 2026, according to a new report by Grand View Research, Inc., registering a CAGR of 5.3% over the forecast period. Rapidly increasing geriatric population and improving life expectancy are some of the major factors expected to contribute toward market growth. People aged 60 and above have an increased risk of developing glaucoma. As these devices play a significant role in the diagnosis and management of glaucoma, the market is anticipated to witness significant growth over the forecast period.

According to the Glaucoma Research Foundation, people with diabetes are twice as likely to develop glaucoma as compared to non-diabetics. Additionally, the International Diabetes Federation reported that around 463 million adults (aged 20-79 years) were living with diabetes in 2019, and the number is expected to reach 700 million by 2045. Increasing prevalence of glaucoma risk factors, such as myopia, hypertension, and diabetes, is expected to drive the demand for advanced tonometers in the long run. These devices significantly reduce the risk of infection, are highly convenient and easy to use, and can be used at home as well once the patients have been trained.   

Frequent introduction of advanced tonometers is an emerging trend in the market. For instance, Icare ic100 by Icare Finland measures IOP at greater accuracy, eliminating the need for general/topical anesthesia or any air puff pressure.Increasing prevalence of glaucoma, diabetes, myopia, and hypertension is a major factor expected to contribute toward market growth. Studies have shown that diabetes increases the risk of glaucoma by 36.0%. According to an article published in the American Academy of Ophthalmology, the global prevalence of glaucoma in patients aged 40-80 years is expected to be 76.0 million in 2020 and reach 111.8 million by 2040. 

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Rapidly growing geriatric population, increasing life expectancy, and decreasing mortality rates are factors expected to drive the demand for tonometers in the coming years. People aged 60 and above are at higher risk of developing glaucoma and the risk increases each year after the age of 40. According to the Federal Statistics Office report of Germany, 22.0% of the total population in Germany were aged 60 and above in 2014 and this figure is expected to reach 27.0% by 2030.     

Tonometer Market Report Highlights

• Based on type, the applanation segment held the largest share in the global market as it has been the conventional method of measuring IOP for more than 50 years. However, due to its inaccuracy in measuring IOP in patients with unusual cornea, such as thick or thin cornea, its adoption rate has reduced in recent years
• The rebound and dynamic contour segments are expected to grow at a significant rate over the forecast period. Rebound tonometer is quick, easy to use, and portable, whereas dynamic contour tonometer is considered to be more accurate than conventional methods, thereby driving the growth of these segments over the forecast period  
• Based on end use, the ophthalmic clinics segment held the largest share in 2018 and is expected to grow at a steady rate over the forecast period. Large patient pool, availability of technologically advanced products, and skilled professionals are key factors expected to drive the growth of the segment
• North America held the largest share in the global tonometer market in 2018. Asia Pacific is projected to grow at a significant rate over the forecast period due to factors such as rising incidences of glaucoma. Organizations such as the Asia-Pacific Glaucoma Society (APGS) focus on promoting diagnosis and care of patients with glaucoma through initiatives such as conducting and funding research programs to spread awareness about the causes, prevention, and treatment of glaucoma, further driving the market in the region.
• Based on portability, handheld tonometer accounted for the largest share in 2018. Flexibility of usage provided by the product is driving the growth of this segment

The leading players in the market include Keeler Ltd.; Topcon Corporation; Icare Finland Oy.; Amtek, Inc. and Reichert, Inc.; OCULUS; Kowa American Corporation; and NIDEK CO., LTD. The market is highly fragmented with the presence of numerous players at regional and local levels. Mergers and acquisitions are the major strategies adopted by most of the companies.

Market participants are observed to be involved in expanding their product portfolio in the ophthalmic diagnostics devices category, which would increase the number of acquisitions over the forecast period. For instance, in April 2019, Revenio, the parent organization of Icare Finland, acquired CenterVue, a leader in ophthalmic diagnostic device manufacturing for a deal of USD 65.0 million.  This acquisition is expected to strengthen the product portfolio of Revenio in ophthalmic care.