Global Next Generation Contact Lenses and Visual Prostheses Market: Overview
There are many different ways to improve or correct visions problems and no single procedure is the best solution for all the people suffering from one type of eye problem or the other. Contact lenses and visual prostheses are such effective solutions for many.
According to the findings of Brien Holden Vision Institute, an Australia-based organization with focus on eye care research, more than 130 mn people wear contact lenses across the globe. The findings also highlight that there are in excess of 2 bn myopic people worldwide to cater to now and the figure would reach 5 bn by 2050. The global next generation contact lenses and visual prostheses market is likely to ride high on the back of such growing prevalence eye diseases.
Transparency Market Research provides an in-depth analysis of global next generation contact lenses and visual prostheses market. It elucidates the opportunities, challenges, market drivers, competitive landscape, and quantitative insights to offer vital suggestions to market players on successful strategies.
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Global Next Generation Contact Lenses and Visual Prostheses Market: Notable Developments
Global next generation contact lenses and visual prostheses market has undergone key developments over the past decade, and one of these developments is
- July 2019, Paris-based Pixium Visions invented The Prima System. Five patients affected with dry Age-related Macular Degeneration (AMD) were put on trial for this newly-invented procedure. This new invention comprised augmented reality glasses and tiny, wireless sub-retinal implant. The system aimed to offer vision to patients rendered blind by retinal dystrophies.
The global next generation contact lenses and visual prostheses market profiles prominent market players such as Abbott Laboratories, Johnson & Johnson, Bausch & Lomb, Pixium Vision, and Bionic Sight.
Global Next Generation Contact Lenses and Visual Prostheses Market: Key Trends
The following trends, restraints, and opportunities could define the nature of the global next generation contact lenses and visual prostheses market during the review period.
Rise in Ocular Diseases is Likely to Propel Growth of the Market
Blindness can be caused due to various eye diseases such as retinitis pigmentosa, macular degeneration, glaucoma, and cataract. According to IAPB Vision Atlas, 253 mn people are visually impaired out of which 36-mn people are blind. Such high prevalence of ocular diseases is highly likely to propel the growth of global next generation contact lenses and visual prostheses market over the assessment period.
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Millions of patients are either blind or gradually losing their eyesight owing to age-related macular degeneration (AMD) and retinal degenerative diseases. In addition to diseases, accidents or injuries also contribute to loss of vision.
Use of artificial means to treat extreme cases of visual impairment is no more a far-fetched reality, thanks to the incredible ophthalmological breakthroughs. Development of devices and tools were developed to interface with the nervous system for prosthetic purposes. A visual prosthesis, often referred to as a bionic eye is still in the trial stage. Nevertheless, it holds immense promise for restoring vision to many different cases of blindness.
Global Next Generation Contact Lenses and Visual Prostheses Market: Geographical Analysis
North America, South America, Europe, Middle East and Africa, and Asia-Pacific (APAC) are the major regions of the report on global next generation contact lenses and visual prostheses market.
North America holds a large chunk of the market share owing to the surge in eye diseases, concentration of leading market players in the region and better awareness about ocular diseases. According to Centers for Disease Control and Prevention, 45 million people in the U.S. who wear contact lenses. Many technological breakthroughs in ophthalmology such as LASIK treatment, bionic implants had their inception and initiation in North America.
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
- 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.