According to a new market research study titled “Medical Loupes Market Forecast to 2027 – COVID-19 Impact and Global Analysis – by Type, Lens Type, Application, and Distribution Channel,” the market is expected to reach US$ 658.49 million by 2027 from US$ 393.64 million in 2019. The market is estimated to grow at a CAGR of 6.8% from 2020 to 2027. The report highlights the trends prevailing in the global medical loupes market and the factors driving the market along with those that act as deterrents to its growth. The market is expected to grow due to increasing product launches and rising need of medical loupes during surgical procedures during the forecast period.
Growing developments in medical technology are enabling various product launches in the market. Several leading and startup companies have enhanced their product development and upgrade activities that are leveraging the market’s growth. For instance, in February 2020, Orascoptic announced a new range of medical loupe, Tempo Refined Fit, for its custom product portfolio. The product is designed to provide extra comfort for clinicians. The customized product is designed to fit facial structures with a lower nose bridge and higher cheekbones, providing definitive comfort and function. The company has also announced another breakthrough in July 2019 by introducing TruColor. It is a development in the loupe illumination segment. The device is designed to achieve high color rendering index (CRI) illumination. The development has enabled integration of LED lights with 90 CRI illumination in the headband medical loupe. TruColor offers to visualize rendering colors much closer to the natural colors. Thus, it enables a clear vision of the surgical site and oral surfaces that are washed-out during cleaning process and provide low color accuracy during the surgical procedures.
Similarly, in February 2019, Enova Illumination announced its crafted loupes for commercialization in the US. The company launched products in different color variants, such as green, blue, pink, silver, and black. In November 2020, it introduced Axis LED Light with Activ Battery System. It is an LED light solution designed with a clip-on magnetic light with a wearable neckband battery. It offers improved comfort and visualization to users while performing dental, oral and maxillofacial, and cosmetic facial procedures. The product provides 30,000-lux illuminance for over five working hours and delivers uniform light across the surgical sites without a shadow. The developments have enabled providers to offer comfort to the users and maintain their posture during the procedures. In addition, the additional features allow easy brightness control settings during clinical and surgical procedures. Such product launches in the market are likely to drive the market during the forecast period.
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Based on type, the global medical loupes market is segmented into through the lens [TTL] Loupes and flip up loupes. In 2019, the through the lens [TTL] Loupes segment held the largest share in the market. The same segment is also expected to dominate the market by 2027 as TTL loupes is the closer positioning of the inner loupe barrel to the eye, which gives a larger field of view. Moreover, The TTL loupes are fixed at the steepest angle of declination possible to enable the user to achieve the most ergonomic position possible.
The COVID-19 pandemic is estimated to have a significant positive impact on the medical loupes market. Majority of the pharmaceutical companies across the world are engaged in the development of vaccines for COVID-19. Moreover, most dental and surgical practices closed except in emergencies which is anticipated to have a negative impact on the other segments of the market in the coming months. However, disruptions in the supply chain caused due to the halt in global operations are hindering the market growth.
The medical loupes market is highly competitive in nature with considerable number of players, having a high level of consolidation overall revenue share. Most of the companies operating in the medical loupes market are present globally and have wide distribution and sales network through partnerships or authorized dealers.
Market leaders are involved in extensive research for the development of new medical loupes with better efficiency and treatment outcomes. For instance, in Feb. 2019, Enova Illumination announced that its new line of masterfully crafted loupes was released to the public last week and are now available for order. The loupes, made in the United States, are the first on the market to feature colored oculars and are available in green, blue, pink, silver, and black.
Many well-known as well as small local companies are present in the market to provide diversified products to its customers. The larger firms are adopting the strategy of acquiring small firms to enhance its product portfolio and expand its footprint in different geographies. Additionally various companies are also undergoing other strategic alliances such as collaborations and others to garner their significance and remain competitive in the market.
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The most notable market participants are Carl Zeiss Meditec AG, SurgiTel, Sheervision Loupes & Headlights, Keeler Ltd (Halma plc), Neitz Instruments Co.,Ltd, Orascoptic, Univet S.r.l., Designs for Vision, Inc., Den-Mat Holdings, LLC, and Enova Illumination occupying a considerable share of the market owing to their offerings to the market.