Near vision devices are implantable devices used for near vision correction in patients who didn’t had cataract surgery. The device blocks unfocused light rays from entering the eye to improve patients near vision. These devices resemble the contact lenses and are made from hydrogel material. The device is implanted on a cornea of one eye to improve near vision in patients with presbyopia. Many of the surgeons use a laser to make a lappet on a cornea in order to implant near vision device. Presbyopia occurs in people aged between 40 to 50 years that results in difficulty with near vision. The growing prevalence of presbyopia has propelled the use of near vision devices owing to the ease of usage and effectiveness compared to cataract surgery. According to Medscape, around 14% of people of 80 million presbyopia patients develops from emmetropic presbyopia.

Currently, there are only two near vision devices are approved by FDA i.e. Raindrop Near Vision Inlay and KAMRA inlay. AcuFocus manufactured Kamra Inlay was the first implantable near vision device approved by FDA in April 2015. Now the devices are commercially available in around 50 countries across the globe. Similar, ReVision Optics manufactured Raindrop Near Vision Inlay was approved in June 2016 and is commercially available in the U.S.  Apart from these two; there are many vision care products manufacturers looking forward to develop implantable near vision devices. For example, Presbia PLC, an Ireland-based manufacturer has designed innovative corneal inlay i.e. flexivue microlens for the correction of presbyopia. The specialty of this devices is that it can be removed and replaced with a higher or lower power according to requirement. The devices did not receive FDA approval; however, it received CE mark for commercialization in European countries.

The growth of the global near vision devices market is driven by increasing geriatric population prone to ophthalmic disease, growing prevalence of presbyopia and technological advancement in the healthcare industry. Similarly, sedentary lifestyle and increased usage of computer, television viewing would contribute towards the growth of near vision devices globally.  Moreover, with the increase in the disposable income levels and health consciousness among the general population, the adoption of near vision device is expected the boost in the near future. Despite several advantages, the devices have few drawback such as, it cannot be used by patients with severe dry eye and active eye infection, the use of devices can lead to a risk of eye infection and inflammation, and can cause a decrease in distance vision.

The global near vision devices market can be segmented based on end user and geography:

By End User:

  • Hospitals
  • Ophthalmic Clinics

By Geography:

  • North America
  • Latin America
  • Europe
  • Asia-Pacific
  • MEA

Geographically, North America occupies the substantially larger market share, which is followed by Europe. The high attentiveness level in this region will lead the increasing adoption of implantable near vision devices. According to the American Academy of Ophthalmology, one of 5 American use reading glasses, which depicts the huge need for implantable near vision devices in North America. Moreover, it has been estimated that around 2.1 billion people are expected to suffer from an eye disease known as presbyopic by 2020.  However, in the case of emerging economies, affordability has become a restraining factor for implantable near vision devices in, Asia Pacific and Latin America. Similarly, increase in disposable income, rising aging population, and growing awareness level are some of the key factors driving the global implantable near vision devices market. The Asian market is expected to witness entry of the higher number of new players compared to those in developed regions. Some of the top players in the global near vision devices market are AcuFocus, Presbia PLC, ReVision Optics, etc.

This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.

Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:

  • Customer Experience Maps
  • Insights and Tools based on data-driven research
  • Actionable Results to meet all the business priorities
  • Strategic Frameworks to boost the growth journey

The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.

The following regional segments are covered comprehensively:

  • North America
  • Asia Pacific
  • Europe
  • Latin America
  • The Middle East and Africa

The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.

Below is a snapshot of these quadrants.

1. Customer Experience Map

The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.

2. Insights and Tools

The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.

3. Actionable Results

The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.

4. Strategic Frameworks

The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.

The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:

1. What can be the best investment choices for venturing into new product and service lines?

2. What value propositions should businesses aim at while making new research and development funding?

3. Which regulations will be most helpful for stakeholders to boost their supply chain network?

4. Which regions might see the demand maturing in certain segments in near future?

5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?

6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?

7. Which government regulations might challenge the status of key regional markets?

8. How will the emerging political and economic scenario affect opportunities in key growth areas?

9. What are some of the value-grab opportunities in various segments?

10. What will be the barrier to entry for new players in the market?

Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.

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