The research study presented in this report offers complete and intelligent analysis of the competition, segmentation, dynamics, and geographical advancement of the Global Optometry Equipment Market. The research study has been prepared with the use of in-depth qualitative and quantitative analyses of the global Optometry Equipment market. We have also provided absolute dollar opportunity and other types of market analysis on the global Optometry Equipment market.
It takes into account the CAGR, value, volume, revenue, production, consumption, sales, manufacturing cost, prices, and other key factors related to the global Optometry Equipment market. All findings and data on the global Optometry Equipment market provided in the report are calculated, gathered, and verified using advanced and reliable primary and secondary research sources. The regional analysis offered in the report will help you to identify key opportunities of the global Optometry Equipment market available in different regions and countries.
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The authors of the report have segmented the global Optometry Equipment market as per product, application, and region. Segments of the global Optometry Equipment market are analyzed on the basis of market share, production, consumption, revenue, CAGR, market size, and more factors. The analysts have profiled leading players of the global Optometry Equipment market, keeping in view their recent developments, market share, sales, revenue, areas covered, product portfolios, and other aspects.
Competitive Landscape Analysis
This section of the optometry equipment market report features the profiles of the key players operating in the optometry equipment market based on their marketing and differential strategies. Touted as a highly consolidated competition landscape, the global optometry equipment market is characterized by the fact that the top two players account for half the global revenues. The leading competitors are currently concentrating on innovative product launches, targeting portfolio expansion, in an attempt to solidify brand position in the eye care space. A majority of market participants are leveraging the aggravating need for efficient and reliable diagnostics, and are thus augmenting investments in the introduction of optometry equipment for diagnosis.
Prominent manufacturers operating in the optometry equipment market are keen on implementing new and differentiating strategies to meet not only product demand but also dominate the respective regional markets. These companies are focused on partnerships and alliances with regional leaders, in an effort to exhibit stronger sales and after-sales services portfolios in the field of medical devices, such as optometry equipment. Several companies operating in the optometry equipment industry are also prioritizing the establishment of new manufacturing and sales units in developing European and Asian markets so as to cater to growing demand for ophthalmic products, and thereby better their market foothold.
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Key Growth Influencers – Optometry Equipment Market
Increase in Geriatric Population Weighing on Same Scale as Prevalence of Ophthalmic Disorders
Increasing geriatric population is resulting in an increase in the patient pool in the optometry market due to the increasing incidence of major eye diseases and vision loss, which have become among the major public health concerns. Moreover, the geriatric population is more prone to diabetes, which results in vision impairment, and this can be a major factor driving the optometry devices market.
According to major studies, low vision or blindness has affected about 3.3 million individuals aged 40 years and above in the U.S. This number is anticipated to reach 5.5 million by 2020. The prevalence of major eyes-related diseases, such as macular degeneration, glaucoma, diabetic retinopathy, and cataract, is boosting the chances of vision loss among the geriatric population. A cataract is the most common vision disorder among the geriatric population these days.
Expanding Diabetic Patient Pool
Increasing prevalence of diabetes is also one of the primary factors expected to drive the demand for optometry equipment and devices. Diabetic eye disease is responsible for causing vision loss and consists of a group of conditions, which include diabetic macular edema, diabetic retinopathy, glaucoma, and cataract.
The highest prevalence of diabetes is found in the Eastern Mediterranean (14%). In Africa, almost two-third of people remain undiagnosed. China, India, Indonesia, and Bangladesh alone represent 45% of the global diabetic retinopathy burden.
‘Digital Eye Strain’ Prevalent among Teenagers
The prevalence of eye diseases is increasing, especially among young children. The excessive usage of computers and mobile phones is responsible for the increasing chances of eye disorders. Such poor lifestyle habits lead to digital eye strain, which is also known as computer vision syndrome.
A multination European study, which included England, reported that by 3 years of age, 68% of children regularly use a computer and 54% undertake online activities. According to a study in 2016, UK adults in general spend more than four hours per day using digital media. However, in the U.S., approximately 75% of adults aged 30-49 years spend five or more hours on digital devices, which repeatedly highlights the need for reliable diagnosis with the help of a trained optometrist to detect defects in vision, signs of injury, ocular diseases or abnormality, and other related problems such as high blood pressure or diabetes.
Key Challenges Facing the Optometry Equipment Market
The Challenge Posed by Dubious Nature of Results Still Persists
- The results obtained from optometry tests can vary based on the ophthalmologist conducting the screening, the type of training provided to the person operating the screener, and the procedure of the optometry test.
- Differences in visual acuity screenings can also be attributed to the varying guidelines associated with optometry tests. Hence, less effective results of optometry tests tend to decrease the number of people opting for optometry, thus restraining the overall growth of the optometry equipment market.
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As manufacturers of optometry equipment are embracing advancing technologies, it is highly likely that the incorporation of smart technologies in medical devices and diagnostic equipment will be on the rise in years to come. For instance, young children with ‘lazy eye’ are increasingly getting treated by high-tech solutions, such as amblyoplay, which is a gamified therapy for correcting vision related problems. Moreover, smartphones and other mobile devices are finding greater applicability in eye disease screening and diagnosis. The widening expanse of technology will remain a key contributor towards the growth of optometry equipment market.
The optometry equipment market has been estimated based on an epidemiology-based approach. The optometry equipment market was studied by estimating the base year market in different regions/countries. In addition, the market was estimated based on the usage of reagents kits in the top 20 countries worldwide.
Other qualitative factors analyzed during market value estimation include awareness about the usage of optometry equipment, which include products usage, regional product adoption, and the availability of optometry equipment. This information was further validated with rigorous primary research, which includes interviews, surveys, in-person interactions, and viewpoints of seasoned analysts, as well as secondary research, which includes verified paid sources, authentic trade journals, and resourceful databases.
The research study on the optometry equipment market also includes the top trends and macro as well as microeconomic factors shaping the optometry equipment market. With this approach, the report on the optometry equipment market estimates the industry attractiveness of every major segment in the optometry equipment market over the forecast period.
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Optometry Equipment Market Size and Forecast
In terms of region, this research report covers almost all the major regions across the globe such as North America, Europe, South America, the Middle East, and Africa and the Asia Pacific. Europe and North America regions are anticipated to show an upward growth in the years to come. While Optometry Equipment Market in Asia Pacific regions is likely to show remarkable growth during the forecasted period. Cutting edge technology and innovations are the most important traits of the North America region and that’s the reason most of the time the US dominates the global markets. Optometry Equipment Market in South, America region is also expected to grow in near future.
The Optometry Equipment Market report highlights is as follows:
This Optometry Equipment market report provides complete market overview which offers the competitive market scenario among major players of the industry, proper understanding of the growth opportunities, and advanced business strategies used by the market in the current and forecast period.
This Optometry Equipment Market report will help a business or an individual to take appropriate business decision and sound actions to be taken after understanding the growth restraining factors, market risks, market situation, market estimation of the competitors.
The expected Optometry Equipment Market growth and development status can be understood in a better way through this five-year forecast information presented in this report
This Optometry Equipment Market research report aids as a broad guideline which provides in-depth insights and detailed analysis of several trade verticals.
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