Report Description of the APAC Ophthalmic Diagnostics Market Analysis
Research Scope and Assumption
- The report provides the market value for the base year 2020 and a yearly forecast up to 2028 in terms of revenue (USD billion)
- The key industry dynamics, regulatory scenario, reimbursement scenario, major market trends, and drug markets are evaluated to understand their impacts on the demand for the forecast period. The growth rates were estimated using correlation, regression, and time-series analysis
- We have used the combination of top-down and bottom-up approach for market sizing, analyzing key regional markets, dynamics, and trends for various solutions, services, and end uses
- All market estimates and forecasts have been validated through primary interviews with the Key Industry Players (KIPs) and secondary analysis
- Inflation has not been accounted for in order to estimate and forecast the market
- Numbers may not add up due to rounding off
Reason to buy the report:
- Facilitate decision-making based on strong current and forecast data for APAC Ophthalmic Diagnostics Market Analysis
- Develop strategies based on the latest regulatory framework
- Strategically analyze micro-markets with respect to individual growth trends, future prospects, and their contribution to the market
- Analyze competitive developments such as expansions, investments, mergers & acquisitions, new product developments, and research & developments in the APAC Ophthalmic Diagnostics Market Analysis
- Analyze the opportunities in the market for stakeholders and draw a competitive landscape for market leaders
- To strategically profile key players and comprehensively analyze their market shares and core competencies
- We have technically sound team which do a deep dive research and also provide strategy based consulting analysis
APAC Ophthalmic Diagnostics Market Analysis Executive Summary
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.
Market Size and Key Findings
The APAC Ophthalmic Diagnostics Market Analysis size stood at around USD 1.55 billion in 2020 and is projected to reach USD xx billion by 2028, exhibiting a CAGR of 4.3% during the forecast period.
The Asia-Pacific ophthalmic diagnostic devices market size was valued at $1,553.80 million in 2020 and is projected to reach xx million by 2028, registering a CAGR of 4.3% from 2020 to 2028.
Market Growth Drivers Analysis
The growth of the Asia-Pacific ophthalmic diagnostic devices market is majorly driven by aging population, increase in prevalence of ophthalmic diseases such as cataract and glaucoma, technological advancements in handheld devices for detecting glaucoma and macular degeneration, and increase in R&D activities. Imaging technologies in all fields of ophthalmology boosts the diagnostic capabilities. Recent advancements in these technologies help enhance the effect on retinal imaging during diagnosis.
Low awareness regarding eye-related diseases and dearth of skilled professionals are expected to hamper the growth of the market. On the contrary, the countries such as China, India, and other Asia-Pacific countries possess high growth potential, owing to improving healthcare infrastructures in these countries.
COVID-19 impact on “APAC Ophthalmic Diagnostics Market”
The emergence of the novel coronavirus SARS-CoV-2, and the resulting disease COVID-19, has created a major international public health challenge. This has impacted all the sectors, disrupting the supply chain, and creating a shortage of supplies. As the government has imposed lockdown, the ophthalmology diagnostics clinics and the surgeries are postponed. This is due to the ophthalmologists are at high risk, considering the proximity to patients when inspecting patients and transmission may happen, including the eyes.
Some of the key players operating in the Asia-Pacific ophthalmic diagnostic devices market include Carl Zeiss Meditec AG, Halma, plc., Topcon Corporation, Essilor International S.A., Alcon Vision, Nidek Co., Ltd., Haag-Streit Holding AG, Ametek, Inc., Optovue Corporation, and Coburn Technologies, Inc.
Products in Pipeline
Cataract is the clouding of the lens in the eye, which initially prevents clear vision and eventually progresses to blindness, if left untreated.
Notable Recent Deals
- In China, our latest research shows a USD3.6 billion market for ophthalmology treatment, performed in almost 6,500 hospitals including 500 specialised ophthalmology hospitals. This market is projected to grow at 13% a year to USD6.7 billion by 2020, led by vision correction surgery where we forecast over 8 million procedures will be performed in 2020. The number of specialised ophthalmology hospitals in China is forecast to increase by a massive 70% to 850 in the next five years, accounting for 70% of all procedures by 2020.
Healthcare Policies and Regulatory Landscape
Policy changes and Reimbursement scenario
The government has imposed guidelines for practice such as the use of teleophthalmology services for the patients who require urgent follow-up. 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.