As the world continues to deal with COVID-19 pandemic, the global market for medical loupes will decline during Q1 and Q2 of 2020 before returning to healthy growth in 2021, according to Future Market Insights (FMI) Yearly Medical Loupes Tracker.
The market has confronted a temporary setback in 2020 as supply chain disturbances have impacted revenue pool during early months and estimated product shipments have slowed the market mid-year.
That said, FMI estimates shipments of medical loupes to grow rapidly with CAGR of 5.4% from 2019 through 2029 as manufacturers and customers continue to invest in technology.
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Medical Loupes Market Size Study
- Sales of medical loupes to rise at 5.4% CAGR during 2019-2029
- Flip up loupes continue to capture leading revenue share, about 60%
- About 6 out of 10 medical loupes to be sold will have Galilean lens, given their high magnification level, minimal weight, and easy usage
- Adoption of medical loupes will remain high in surgical procedures through 2029
- Markey players to remain glued to offline channels for sales of medical loupes over following decade
- Substantial sales to come from North America, markets in East and South Asia to experience tremendous growth
“Tech-advanced products are continuously required in medical device industry. Safe and high-tech medical equipment curb medical expenses for patients. Medical loupes are becoming increasingly advanced with regards to magnification power, product weight, and high powered optics. Tech-enabled transformation will enable market players to boost revenues, expand margins, and pursue new revenue lines with innovative business models,” says analyst at FMI.
COVID-19 Impact on Medical Loupes Market
The impact of COVID-19 pandemic has been negative on medical loupes market as several aesthetic procedures – liposuction surgery, breast implantation, and non-essential dental procedures – have been delayed due to pandemic-induced restrictions.
In order to free up limited space for individuals getting treated for COVID-19, hospitals have postponed – or canceled – several elective operations, particularly those considered non-urgent or non- essential.
Recent estimates have revealed that 15-30% of elective surgeries have been canceled in March 2020. Global market bariatric surgeries, implants, and cosmetic procedures will remain particularly vulnerable as these procedures are non-urgent, and can be delayed without significantly impacting quality of life.
That said, surgeries will return to pre-crisis rates by Q4 2020, with total numbers returning to pre-crisis levels by Q1 2022.
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Medical Loupes Market – Competitive Intelligence
The global medical loupes market is fairly consolidated, wherein leading players are highly focused on developing innovative products to broaden their product portfolio as well as regional footprint. At present, market players are investing in R&D activities to come up with cutting-edge technologies. For instance,
- Schultz Optical Co. Inc. has rolled out dental surgical loupes that offer 25% larger viewing field compared to others, and up to 5.5x magnification, as well as are lightweight, making dental surgeries extremely easier compared to conventional versions.
- SurgiTel has developed two sorts of customized loupes – through-the-lens (TTL) loupes and front-lens-mounted (FLM) loupes. Customized FLM loupes allow re-adjustment of declination angle and field shape as per user requirement.