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(Health-NewsWire.Net, January 20, 2022 ) Synoptophore market size was estimated at $220.45 million in 2020, growing at a CAGR of 4.8% during the forecast period 2021-2026. Synoptophore is a device that is used to test binocular vision, measure angles of deviation, and treat binocular aberrations using traditional orthoptic and peptic procedures. It offers standard measurements as well as simple treatments. A conventional Synoptophore is made up of two cylinder tubes with mirrored angle bends in them. Synoptophore's eyepiece is made up of perfect magnification lenses. Picture slides are loaded into the slide transporter at the Synoptophore's tube end. An increasing number of visual acuity disorders including diplopia, amblyopia, strabismus and other disorders is one of the major factors driving the growth of the market. Changing preference of the people from surgical method to non-surgical process in ophthalmic care is set to further enhance the overall market development of the Synoptophore Market for the period 2021-2026.
Synoptophore Market Segment Analysis – By Type
On the basis of type Synoptophore market is categorized in Automated and Manual. Manual category held the largest market share by type in 2020. Manual synoptophore has cheap maintenance costs compare to other and most synoptophore instrument are available in manual form in the market. In some developing nations with price-conscious clients, the manual kind of synoptophore is still in demand thereby increasing Synoptophore market. However, automated is estimated to register higher CAGR of 4.9% during the forecast period 2021-2026 owing to automated synoptophore's capacity to conduct visual acuity test which is quick and efficient while following a consistent protocol and requiring minimal orthoptic intervention.
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Synoptophore Market Segment Analysis – By End-User
Based on End User Synoptophore market is segmented into Hospitals, Clinics and Others. Hospitals dominated the market with largest share in 2020. The demand of synoptophore in hospitals is expected to rise as the frequency of emergency patient visits with traumatic brain injury, stroke, and cerebral palsy rises. According to the American Optometric Association, Convergence insufficiency is found in 32% of traumatic brain injury patients. Synoptophore are used for a variety of purposes in such circumstances, ranging from vision therapy during the active rehabilitation stage to a follow-up visual acuity examination during the post-rehabilitation stage. However, clinics is estimated to register higher CAGR of 5.1% during the forecast period 2021-2026 owing to in comparison to hospitals, there is a shorter wait time, better accessibility, and a lower cost.
Synoptophore Market Segment Analysis – By Geography
North America dominated the Synoptophore market with a major share of 43% in 2020. This is attributed to increasing incidence of strabismus and amblyopia in this region. According to the American Academy of Ophthalmology amblyopia affects around 12 million people in the United States. Furthermore, growing awareness about non-invasive technique among the people which are contributing to the growth of the market in this region.
However, Asia Pacific is estimated to grow at a higher CAGR during the forecast period 2021-2026 owing to rising government investment and funding in healthcare sector in this region. Increasing disposable income of the people coupled with rising healthcare expenditure in this region is also increasing the growth of the market in this region.
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Synoptophore Market Drivers
Increasing Prevalence of Visual Acuity Disorders
Increasing incidence of visual acuity disorders such as amblyopia, diplopia, strabismus, and others is increasing the growth of the Synoptophore Market. According to the American Academy of Ophthalmology, Amblyopia affects about 1-5% of the world's population. Additionally, increase in awareness about non-invasive techniques is also practiced to increase the growth of the Synoptophore market during the forecast period 2021-2026.
Increasing Technological Advancement
Increasing technological advancement in synoptophore is increasing the growth of the Synoptophore market. Rising research and development activities by key players that helps to development of new treatment for eye problems thereby increasing the growth of the Synoptophore Market during the forecast period 2021-2026.
Synoptophore Market Challenges
High Cost
Major factor that is set to impede the growth of the Synoptophore market is high of Synoptophore. Another factor which hamper the growth of market is lack of portability of synoptophore.
Synoptophore Market Landscape
Product launches, mergers and acquisitions, joint ventures, and R&D activities are key strategies adopted by players in the Synoptophore Market. In 2020, the Synoptophore Market share is consolidated by the top ten players present in the market. The Synoptophore Market, top 10 companies are, Shanghai Link Instrument Co. Ltd., Takagi Seiko Co., Ltd, Haag-Streit group, Appasamy Associates, Prkamya Visions, Gem Optical Instruments Industries, Nanjing Redsun Optical Co., Ltd., 66 Vision Tech Co., Ltd., Oculus Optikgerate GmbH, and Huaian Meide Medical Instrument Co., Ltd
Development:
In April 2020, Haag-Streit acquired a majority stake in VRmagic, Germany based company. This acquisition will help Haag-Streit to expand its services for ophthalmologists in the crucial area of training.
Key Takeaways
North America dominated the Synoptophore Market in 2020 owing to increasing incidence of strabismus and amblyopia among the people in this region. The Synoptophore Market scope for different regions will be provided in the final report.
Growing technological advancement and research & development activities by market players is set to aid the market growth of the Synoptophore Market report.
Detailed analysis of the Strength, Weakness, and Opportunities of the prominent players operating in the market will be provided in the Synoptophore Market report.
High price of synoptophore is poised to create the hurdles for the Synoptophore Market.
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