A recent study published by Fact.MR on the global Optometry Equipment market offers an in-depth understanding of the overall prospects of the market. The study also broadly covers the impact of the novel COVID-19 pandemic on the Optometry Equipment market and offers insights related to how market participants should align their business operations to mitigate losses and retain their foothold in the current market landscape. Further, the summary of the key findings of the research along with the megatrends influencing the growth of the Optometry Equipment market is highlighted in the presented study. The market introduction and definition is included to help our readers understand the basic concepts of the study on the Optometry Equipment market.
As per the report, the Optometry Equipment market is set to grow at a CAGR of ~XX% over the forecast period (20XX-20XX) and reach a value of ~US$XX towards the end of 2029. The regional trade analysis along with the leading importers and exporters is included in the study. In addition, the supply-demand analysis and the key developments in the Optometry Equipment market are highlighted in the report. Although the Optometry Equipment market is slated to grow at a consistent pace during the forecast period, the COVID-19 pandemic is expected to dent the growth of the market particularly in 2020.
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Important Findings of the Report
- Analysis of the factors that are expected to hinder the growth of the market
- Competition analysis within the Optometry Equipment market
- Notable observable trends across various regional markets amidst the COVID-19 pandemic
- Pricing strategies and market structure of the Optometry Equipment market in different geographies
- Regulatory and government policies impacting the Optometry Equipment market
Segmentation of the Optometry Equipment Market
This chapter of the report highlights the current market size (US$) and includes the volume analysis and forecast for various geographical regions.
The application analysis in the report offers a clear understanding of how the Optometry Equipment is used in different applications.
This chapter of the report throws light on the supply-demand pattern for the different products within the Optometry Equipment market.
Competitive Landscape Analysis
This section of the optometry equipment market report features the profiles of the key players operating in the optometry equipment market based on their marketing and differential strategies. Touted as a highly consolidated competition landscape, the global optometry equipment market is characterized by the fact that the top two players account for half the global revenues. The leading competitors are currently concentrating on innovative product launches, targeting portfolio expansion, in an attempt to solidify brand position in the eye care space. A majority of market participants are leveraging the aggravating need for efficient and reliable diagnostics, and are thus augmenting investments in the introduction of optometry equipment for diagnosis.
Prominent manufacturers operating in the optometry equipment market are keen on implementing new and differentiating strategies to meet not only product demand but also dominate the respective regional markets. These companies are focused on partnerships and alliances with regional leaders, in an effort to exhibit stronger sales and after-sales services portfolios in the field of medical devices, such as optometry equipment. Several companies operating in the optometry equipment industry are also prioritizing the establishment of new manufacturing and sales units in developing European and Asian markets so as to cater to growing demand for ophthalmic products, and thereby better their market foothold.
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Key Growth Influencers – Optometry Equipment Market
Increase in Geriatric Population Weighing on Same Scale as Prevalence of Ophthalmic Disorders
Increasing geriatric population is resulting in an increase in the patient pool in the optometry market due to the increasing incidence of major eye diseases and vision loss, which have become among the major public health concerns. Moreover, the geriatric population is more prone to diabetes, which results in vision impairment, and this can be a major factor driving the optometry devices market.
According to major studies, low vision or blindness has affected about 3.3 million individuals aged 40 years and above in the U.S. This number is anticipated to reach 5.5 million by 2020. The prevalence of major eyes-related diseases, such as macular degeneration, glaucoma, diabetic retinopathy, and cataract, is boosting the chances of vision loss among the geriatric population. A cataract is the most common vision disorder among the geriatric population these days.
Expanding Diabetic Patient Pool
Increasing prevalence of diabetes is also one of the primary factors expected to drive the demand for optometry equipment and devices. Diabetic eye disease is responsible for causing vision loss and consists of a group of conditions, which include diabetic macular edema, diabetic retinopathy, glaucoma, and cataract.
The highest prevalence of diabetes is found in the Eastern Mediterranean (14%). In Africa, almost two-third of people remain undiagnosed. China, India, Indonesia, and Bangladesh alone represent 45% of the global diabetic retinopathy burden.
‘Digital Eye Strain’ Prevalent among Teenagers
The prevalence of eye diseases is increasing, especially among young children. The excessive usage of computers and mobile phones is responsible for the increasing chances of eye disorders. Such poor lifestyle habits lead to digital eye strain, which is also known as computer vision syndrome.
A multination European study, which included England, reported that by 3 years of age, 68% of children regularly use a computer and 54% undertake online activities. According to a study in 2016, UK adults in general spend more than four hours per day using digital media. However, in the U.S., approximately 75% of adults aged 30-49 years spend five or more hours on digital devices, which repeatedly highlights the need for reliable diagnosis with the help of a trained optometrist to detect defects in vision, signs of injury, ocular diseases or abnormality, and other related problems such as high blood pressure or diabetes.
Key Challenges Facing the Optometry Equipment Market
The Challenge Posed by Dubious Nature of Results Still Persists
- The results obtained from optometry tests can vary based on the ophthalmologist conducting the screening, the type of training provided to the person operating the screener, and the procedure of the optometry test.
- Differences in visual acuity screenings can also be attributed to the varying guidelines associated with optometry tests. Hence, less effective results of optometry tests tend to decrease the number of people opting for optometry, thus restraining the overall growth of the optometry equipment market.
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As manufacturers of optometry equipment are embracing advancing technologies, it is highly likely that the incorporation of smart technologies in medical devices and diagnostic equipment will be on the rise in years to come. For instance, young children with ‘lazy eye’ are increasingly getting treated by high-tech solutions, such as amblyoplay, which is a gamified therapy for correcting vision related problems. Moreover, smartphones and other mobile devices are finding greater applicability in eye disease screening and diagnosis. The widening expanse of technology will remain a key contributor towards the growth of optometry equipment market.
The optometry equipment market has been estimated based on an epidemiology-based approach. The optometry equipment market was studied by estimating the base year market in different regions/countries. In addition, the market was estimated based on the usage of reagents kits in the top 20 countries worldwide.
Other qualitative factors analyzed during market value estimation include awareness about the usage of optometry equipment, which include products usage, regional product adoption, and the availability of optometry equipment. This information was further validated with rigorous primary research, which includes interviews, surveys, in-person interactions, and viewpoints of seasoned analysts, as well as secondary research, which includes verified paid sources, authentic trade journals, and resourceful databases.
The research study on the optometry equipment market also includes the top trends and macro as well as microeconomic factors shaping the optometry equipment market. With this approach, the report on the optometry equipment market estimates the industry attractiveness of every major segment in the optometry equipment market over the forecast period.
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Important questions pertaining to the Optometry Equipment market catered to in the report:
- What is the projected revenue generated by the Optometry Equipment market in 2018?
- What are the future prospects of the Optometry Equipment market post the COVID-19 pandemic?
- What is the scope for innovation in the Optometry Equipment market?
- How have government policies impacted the growth of the Optometry Equipment market?
- Which region has the highest concentration of tier 1 companies?
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