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Medical Loupes Market to Grow at 5.4% CAGR through 2029
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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 a CAGR of 5.4% from 2019 through 2029 as manufacturers and customers continue to invest in technology.
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 a 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 the 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 the 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. The tech-enabled transformation will enable market players to boost revenues, expand margins, and pursue new revenue lines with innovative business models,” says an analyst at FMI.
COVID-19 Impact on Medical Loupes Market
The impact of the COVID-19 pandemic has been negative on the medical loupes market as several aesthetic procedures – liposuction surgery, breast implantation, and non-essential dental procedures - have been delayed due to pandemic-induced restrictions.
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 the 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 a 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.
Sturgill 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.
Want to Know More About Medical Loupes Market?
Future Market Insights, in its new study, provides compelling insights about the medical loupes market that encloses industry analysis for 2015 – 2019 and opportunity assessment for 2020 – 2030. The report offers an unbiased assessment of the medical loupes market through five different categories – type, lens type, application, sales channel, and region. The global medical loupes market research study delivers insights of pricing by different life cycle analysis, product life cycle, major market trends, and technologies that are being utilized in the development of medical loupes as well as their adoption in various end-users.
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About Consumer Products division of FMI
Expert analysis, in-depth insights, and strategic recommendations - the Retail & Consumer Products team at Future Market Insights helps clients from all over the globe with their unique business intelligence needs. With a repertoire of over 500+ reports, the team has analyzed the consumer goods industry lucidly in 80+ countries for over a decade. We provide an end-to-end research database on retail & consumer products market and consulting services; reach out to explore how we can help.
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Future Market Insights (FMI) is a leading provider of market intelligence and consulting services, serving clients in over 150 countries. FMI is headquartered in Dubai, the global financial capital, and has delivery centers in the U.S. and India. FMI's latest market research reports and industry analysis help businesses navigate challenges and make critical decisions with confidence and clarity amidst breakneck competition. Our customized and syndicated market research reports deliver actionable insights that drive sustainable growth. A team of expert-led analysts at FMI continuously tracks emerging trends and events in a broad range of industries to ensure that our clients prepare for the evolving needs of their consumers.
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