Tonometer Market Size, Share & Trends, Market Research and Industry Forecast Report, 2019-2026 (Includes Business Impact of COVID-19)

                                          
Industry Insights, Market Size, CAGR, High-Level Analysis: Tonometer Market


The global tonometer market size was valued at USD 319.3 million in 2018 and is projected to register a CAGR of 5.3% over the forecast period. 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.

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.

Increasing awareness among patients about early diagnosis and regular monitoring of intraocular pressure (IOP) to prevent avoidable vision loss is expected to drive the market in the near future. Provision of favorable reimbursement policies for tonometers is expected to aid its adoption rate in hospitals and clinics. For instance, in U.S., United Healthcare, a company that offers insurance services, reimburses the cost of standard and advanced tonometers such as Pascal dynamic contour tonometer under Category III CPT 0198T code.

Increasing number of glaucoma screening programs organized by private, semi-public, and public healthcare sectors is expected to foster the market growth over the forecast period. Since glaucoma does not show noticeable symptoms, frequent eye check-ups is the only solution for early diagnosis. Increasing number of eye checkup camps leads to rise in awareness about glaucoma and its impact on vision, thereby driving the demand for tonometers. Rising number of eye screening programs is also expected to boost market growth. For instance, Vision 2020: The Right to Sight - India organized a national conference on community ophthalmology to provide a platform for eye care practices and its successful management, while also conducting free eye checkup camps.

Type Insights of Tonometer Market

Based on type, the market is classified into applanation,rebound, indentation, and dynamic contour. The applanation market is further segmented into Goldmann and Perkins applanation tonometry, non-contact tonometer, and ocular response analyzer. Indentation tonometers include Schiotz tonometers, pneumotonometers, and tono-pens.

Applanation tonometer held the largest market share in 2018 and is expected to grow at a significant rate over the forecast period. The advent of technologically advanced tonometers with improved diagnostic accuracy and patient comfort features contributes to segment growth. For instance, Ocular response analyzer G3 by Reichert measures IOP accurately without corneal contact, thereby eliminating the need for anesthesia and sterilization. However, risks associated with traditional Goldmann and Perkins tonometers, such as cross contamination or corneal abrasion, are expected to hamper segment growth in future.

Rebound tonometer is expected to experience significant growth during the forecast period. Increasing inclination toward quick, easy to use, sensitive, and portable devices is contributing to the growth of this segment. Rebound tonometer is a handheld device that does not require professional skills or intensive pre-training, and is hence a popular choice in home care and screening programs. Icare Finland is a major market player in this segment wherein majority of its rebound tonometers are approved by regulatory bodies such as the U.S. FDA and EU.

Portability Insights

Based on portability, the tonometer market is classified into desktop and handheld devices. Handheld tonometer held the largest market share in 2018 and expected to grow at a steady rate over the forecast period. The significant share of this segment can be attributed to factors such as ergonomic design and affordable prices.

Desktop tonometers such as Ocular Response Analyzer (ORA) or Dynamic Contour Tonometer (DCT) measure IOP independent of the corneal biochemical properties. Increasing number of ocular surgeries such as keratoplasty, glaucoma, cataract, and other refractive surgeries is expected to drive the segments growth. IOP measurement supported with a detailed study of corneal biomechanical properties is crucial in the treatment of these conditions to reduce future medical costs.

Handheld tonometer is expected to grow at a significant rate during the forecast period. Tono-pen, Perkins tonometer, and rebound tonometer are commercially available as handheld devices. Portability, usage convenience, and enhanced patient comfort of handheld tonometer are the factors expected to drive the growth of this market over the forecast period. For instance, Icare HOME by Icare Finland is a compact handheld rebound tonometer that accurately measures IOP with a single push of a button and can even be used by the patient at home once the patient has been properly trained regarding its usage.

End-use Insights

Based on end user, the market is segmented into hospitals, ophthalmic centers, and others. The ophthalmic centers segment accounted for the largest market share in 2018 and is expected to grow at a significant rate over the forecast period. The growth of this segment is attributed to large patient pool, increasing government and private funding, and availability of skilled professionals.

The ophthalmic centers segment is also expected to grow at a steady rate over the forecast period. Cost-effectiveness and accessibility are the major factors expected to drive the market growth over the forecast period. Glaucoma management requires regular check-ups and follow-ups. Considering its growing prevalence, it could only be managed by a collaborative effort of all the end-users such as ophthalmic clinics and hospitals. Furthermore, with glaucoma care cost being reimbursed in several countries such as U.S. and Germany, the market is expected to grow at a significant rate over the forecast period.

Regional Insights of Tonometer Market

North America held the largest share in the global market in 2018. The presence of major players, streamlined reimbursement policies, and rising prevalence of glaucoma is expected to drive the growth of the regional market. According to the American Academy of Ophthalmology (AAO), glaucoma affects over 2.7 million of the population aged 40 and older in U.S.

Europe accounted for the second-largest share in the market in 2018. Increasing prevalence of glaucoma risk factors such as diabetes, myopia, and hypertension is further expected to drive the growth. According to the WHO, there are over 60 million people living with diabetes in the European region. This is mainly due to rising behavioral risk factors such as smoking, alcohol consumption, unhealthy food habits, and sedentary lifestyle.

Asia Pacific is anticipated to register the highest CAGR over the forecast period. Rapid urbanization and increasing awareness about glaucoma are expected to contribute to this growth, especially in developing countries such as India and China. Large unmet healthcare needs, developing healthcare infrastructure, and increased life expectancy are expected to drive the growth of the Asia Pacific market over the forecast period.

Market Share Insights of Tonometer Market

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.

Segmentations, Sub Segmentations, CAGR, & High-Level Analysis overview of Tonometer Market Research Report
This report forecasts revenue growth at global, regional, and country levels and provides an analysis on latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, this market research report has segmented the global tonometer market report on the basis of type, portability, end use, and region:

Type Outlook (Revenue, USD Million, 2019 - 2030)

  
Applanation Tonometer
  
Goldmann and Perkins applanation tonometry
  
Non-contact tonometer
  
Ocular Response Analyzer
  
Rebound tonometer
  
Indentation tonometer
  
Pascal Dynamic Contour Tonometer

Portability Outlook (Revenue, USD Million, 2019 - 2030)

  
Desktop
  
Handheld

End-use Outlook (Revenue, USD Million, 2019 - 2030)

  
Hospitals
  
Ophthalmic centers
  
Others