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.
Medical Loupes Market Size Study
“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.
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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,
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 unbiased assessment on 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.
About Future Market Insights (FMI)
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, and has delivery centers in the UK, 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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