Global Optometry Equipment Market: Overview
As global eye care makes progress, the global optometry equipment market is likely to provide viable prospects. Growing research investment, increased integration of automation and smart technology are just a few of the key growth drivers projected to have a significant influence on the global Optometry Equipment Market in the near future. As the demand for speedier testing and rapid results becomes more prominent, high-end optometry equipment is expected to remain in high demand for the purpose of treatment of various hospital outpatients. Faster turnaround times are assisting patients in receiving timely therapy to avoid additional visual loss. When it comes to sale of diagnostic ophthalmic equipment, green spaces are obvious, as seen by the presence of several producers.
Transparency market research offers a comprehensive understanding of the global optometry equipment market through this report.
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Global Optometry Equipment Market: Notable Developments
Grafton Optical introduced the "Cell V100 portable vision screener" in April 2019, which is intended for application on youngsters and at events of mass screening. The gadget can test both eyes from a distance of one meter away and can provide findings in less than a second.
The noted players that are operational in the global optometry equipment market are Foundation Medical Incorporation, Myriad Genetic Laboratories Inc., Abbott Laboratories, F. Hoffmann-La Roche AG, DermTech Inc. and ARUP Laboratories.
Global Optometry Equipment Market: Key Trends
Below-mentioned market trends and opportunities mark the global optometry equipment market:
High Prevalence of Diabetes to Cause Increasing Vision Impairment Worldwide
The increased incidences of eye disorders, technical developments in ophthalmic devices, and growing government measures to minimize visual impairment are some of the factors likely to drive the development of the global optometry equipment market.
The overall number of people with vision impairment as well as blindness is continually rising across the globe. With longer life expectancies, the number of persons with age-related eye disorders is expected to grow. Although cataracts are still the most common cause of vision loss and blindness worldwide, other age-related eye disorders such as degenerative myopia, age-related macular degeneration (AMD), diabetic retinopathy (DR), and glaucoma are becoming increasingly common in many of the developed countries across the globe.
Type-2 diabetes has become much more common over time, resulting in a large number of deaths throughout the world. According to the International Diabetes Federation, about 463 million individuals aged between 20 years to 79 years had diabetes in 2019, with the number predicted to rise to 700 million by 2050. Approximately 80% of these patients live in middle- and low-income nations. In addition to that, the illness has claimed the lives of approximately 4 Mn individuals.
400,000 people are projected to be blinded as a result of diabetic retinopathy, whilst around 2.6 million people suffer from vision impairment. Recognizing this, nations all over the world are stepping up to offer high-quality treatment to reduce the prevalence of diabetes-related blindness in critical parts of the world. Allergan and the International Diabetes Federation announced a collaboration in 2018 to create a global strategy for treating, diagnosing, and screening diabetic macular edoema (DME).
Cataract is the most common eye illness in the world, and it is a leading cause of blindness in both poor as well as developed countries, which is likely to foster growth of the global optometry equipment market in the forthcoming years. A variety of risk factors for glaucoma, age-related macular degeneration, and cataracts have been proposed, but only a handful have been proven.
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Global Optometry Equipment Market: Geographical Analysis
Increased prevalence rate of eye illnesses and an ageing population, as well as a well-developed healthcare infrastructure is likely to drive demand in the North America Optometry Equipment Market in near future. In addition, presence of several important market players in the region is also expected to foster growth of the regional market.
According to the American Academy of Ophthalmology and the Centers for Disease Control and Prevention, there has been an initial drop of around 80% in ophthalmology visits, and an accumulated decrease of 40% in ophthalmology visits in the US as of mid-June 2020.
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.