Ophthalmic Diagnostic Devices
- Ophthalmology is a branch of medicine related to the structure, functions, and diseases of the eye. Ophthalmic devices can be defined as medical devices utilized in the identification as well as treatment of eye defects or deficiencies and eye-related disorders. The devices have applications such as diagnostics, surgical, and vision correction. These are increasingly gaining importance and have high rate of adoption owing to high prevalence of several ophthalmic disorders such as glaucoma, cataract, and other eye-related issues.
- The global ophthalmic diagnostic devices market is anticipated to grow at a rapid pace during the forecast period, owing to increase in incidence and prevalence of eye-related diseases and technological advancements
Key Drivers of Global Ophthalmic Diagnostic Devices Market
- The ophthalmology industry is expanding at a consistent pace due to rise in prevalence of eye disorders that directly influence demand for various ophthalmology platforms. Cataract and glaucoma are the major disorders that hamper the daily lives of patients. According to the Atlantic Analysis, 4.8 billion people across the globe are likely to be nearsighted by 2050. This is expected to drive the global ophthalmic diagnostic devices market during the forecast period.
- Technological advancements also augment the global ophthalmic diagnostic devices market. Novel technology platforms offer enhanced imaging reliability, accuracy, safety, and minimal post-operative pain with the adoption of minimally invasive surgeries. Several manufacturers are making significant investments in the development of novel diagnostic and surgical platforms in order to cater to the need and demand among patients. This results in enhanced growth and acceptance of ophthalmology devices. These factors are expected to fuel the growth of the global ophthalmic diagnostic devices market during the forecast period.
- Cataract is the clouding of the lens in the eye, which initially prevents clear vision and eventually progresses to blindness, if left untreated. The WHO estimates that more than 22 million people across the world were bilaterally blind from cataract in 2017. The WHO Action Plan for the prevention of blindness from 2014 to 2019 was approved by the World Health Assembly in May, 2013. VISION 2020 is based on the concept of a broad coalition of all international, nongovernmental, and private organizations that collaborated with the WHO in order to prevent blindness. Hence, increase in the number of cataract awareness programs is likely to boost market growth.
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High Price of Hi-tech Ophthalmology Systems to Hamper Market
- Demand for efficient diagnostic devices is increasing owing to rapid technological advances. Several device manufacturers are making significant investments in research and development in order to develop novel diagnostic and surgical platforms. This increases the cost of the devices.
- Requirements for product approval of regulatory authorities such as the U.S. Food and Drug Administration (FDA), European CE Mark, and Japan FDA have increased. This has led to high pricing of the medical devices. Primary customers of these devices such as hospitals, commercial diagnostic laboratories & research centers, are adversely affected by the high price of the devices. This is likely to restrain the market during the forecast period.
Asia Pacific to Capture Major Share of Global Ophthalmic Diagnostic Devices Market
- Asia Pacific is a leading market for ophthalmic diagnostic devices, followed by North America and Europe. China and India are key markets in the region. In terms of revenues, the two countries account for more than 30% share of the ophthalmic diagnostic devices market in Asia Pacific.
- Increase in incidence of eye-related diseases, surge in disposable income, and rise in awareness programs on eye disorders in developing countries in Asia Pacific are likely to drive the market in the region during the forecast period
- The ophthalmic diagnostic devices market in Middle East & Africa is projected to expand at a rapid pace during the forecast period. This can be attributed to increase in investments in health care in the region.
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Key Players Operating in Global Ophthalmic Diagnostic Devices Market
The global ophthalmic diagnostic devices market is highly competitive, with top manufacturers adopting various strategies to capture market share. Key players operating in the global ophthalmic diagnostic devices market are:
- AMETEK, Inc.
- Haag-Streit AG
- NIDEK Co. Ltd.
- Optovue, Incorporated
- Carl Zeiss Meditec AG
- Topcon Corporation
Global Ophthalmic Diagnostic Devices Market: Research Scope
Global Ophthalmic Diagnostic Devices Market, by Product Type
- Fundus Camera
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.