The dry eye disease is one of the most frequent ocular morbidities. The rapidly increasing incidence rate of keratoconjunctivitis sicca due to pollution and changing environmental conditions is a rising health concern imposing a significant economic burden globally. Ophthalmic strips are used as a diagnostic tool for the detection of dry eye disease.
Rise in demand for safe and non-invasive diagnosis of dry eye disease, rise in prevalence of dry eye disease globally, improvements in health care infrastructure in developing countries, rise in incidence rate of lifestyle-related disorders, and increase in number of new market entrants that are establishing strong local distribution network owing to aggressive marketing strategy are some of the major factors likely to drive the global ophthalmic strips market during the forecast period. However, intensified pricing pressure leading to reduced profit margins and limited availability of skilled eye care providers in rural areas, which results in delayed diagnosis of dry eye, are some of the factors projected to restrain the global ophthalmic strips market between 2018 and 2026.
The global ophthalmic strips market can be classified based on product, usage, application, end-user, and region. Based on product, the global ophthalmic strips market can be divided into fluorescein strips, Schirmer strips, rose bengal strips, phenol red strips, and lissamine green strips. In terms of usage, the global ophthalmic strips market can be bifurcated into human and veterinary. Based on application, the global ophthalmic strips market can be classified into diagnosis of dry eye (keratoconjunctivitis sicca) and IgE identification. In terms of end-user, the global ophthalmic strips market can be categorized into hospitals, ophthalmic clinics, research institutes, diagnostic laboratories, and ambulatory surgical centers.
Based on region, the global ophthalmic strips market can be segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. The ophthalmic strips market in North America is characterized by a strong presence of local manufacturers. The availability of proper reimbursement for diagnostic tests and presence of skilled eye care providers are some of the major reasons boosting the market share of North America in the global ophthalmic strips market. A few years ago in Europe, ophthalmic strips were included in the medical device section. However, with the adoption of a new definition of medical devices in terms of mechanical action, these strips are now included in the pharmaceuticals category as their mode of action is purely chemical. However, considering the fragmented market scenario and tedious process of pharmaceutical product approval, the ophthalmic strips market in Europe has witnessed a decrease in the number of manufacturers in past years, leaving ophthalmologists unequipped for dry eye diagnosis. In December 2015, the European Alliance for Vision Research and Ophthalmology published its views regarding fluorescein paper strips and their classification as medical devices. Owing to several rounds of discussion and opinions raised by key professional end-users, these strips are currently categorized under the medical devices category and have received the CE mark. The market in Asia Pacific is currently expanding at a significant pace due changing environmental conditions, pollution, and rising incidence rate of lifestyle-related diseases. Rapid increase in patient population in this region is resulting in increase in demand for tools for rapid diagnosis of dry eye, which provides significant market expansion opportunity for the global ophthalmic strips market in this region. Several emerging market players are establishing their distribution networks in countries such as China and India, which have low market entry barriers and are relatively untapped, thereby offering high growth potential.
Key players operating in the global ophthalmic strips market are Akorn, Incorporated, BIOTECH VISIONCARE, Amcon Laboratories, Optitech Eyecare, HUB Pharmaceuticals, LLC, Entod Research Cell UK Ltd., Gecis, Nomax Inc., Avalon Pharma Private Limited, Micromed International, Heil Pharma, Omni Lens Pvt Ltd, Ophtechnics Unlimited, and others.
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.