An exclusive market study published by Fact.MR on the Optometry Equipment market offers insights related to how the market is projected to grow over the forecast period (2019-2029). The objective of the report is to enable our readers to understand the various aspects of the Optometry Equipment market and assist them to formulate impactful business strategies. Furthermore, the different factors that are expected to influence the current and future dynamics of the Optometry Equipment market are discussed in the presented study.
According to the report, the Optometry Equipment market is set to reach a market value of ~US$ XX by the end of 2029 and register a CAGR growth of ~XX% during the assessment period. The report offers an in-depth understanding of the Optometry Equipment supply chain, value, and volume chain across the various regional markets.
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Important Insights Enclosed in the Report:
- Technological developments within the Optometry Equipment market sphere
- Growth prospects for new market players across different regions
- Company profiles of leading players in the Optometry Equipment market
- Up-to-date insights related to the key success factors impacting the growth of the Optometry Equipment market
- Recent mergers, acquisitions, partnerships, and strategic alliances
The published report provides a deep understanding of the Optometry Equipment market by segregating the market into different segments such as region, application, and end-use industry.
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Optometry Equipment Market Segmentation
The regional analysis of the Optometry Equipment market dives deep to understand the market scenario in different regions. The market size, share, and value of each regional market is analyzed and presented in the report along with informative tables and figures.
The report offers a clear picture of how the Optometry Equipment is utilized in various applications. The different applications covered in the report include:
By End-Use Industry
The end-use industry assessment throws light on the consumption of the Optometry Equipment across various end-use industries including:
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 queries addressed in the Optometry Equipment market report:
- How will the evolving trends impact the growth of the Optometry Equipment market over the forecast period?
- Which companies are currently dominating the Optometry Equipment market in terms of market share?
- How can market players capitalize on the lucrative opportunities in Region 1?
- What is the projected growth rate of the Optometry Equipment market in various regions during the forecast period?
- Is the current market scenario favorable for the growth of new market players?
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