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  • Refractive Correction and Global Visual Acuity Market Analysis | 2019-25

    Refractive Correction and Global Visual Acuity Market Analysis | 2019-25

    Refractive Correction and Global Visual Acuity Market Analysis | 2019-25
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    This report provides a comprehensive analysis of the demands and opportunities in the Refractive Correction and Visual Acuity Market realities and future possibilities for the forecast period of 2019 to 2025. The report analyzes the refractive correction and visual activity market size, trends and forecasts in the most detailed manner to provide a panoramic view of the market. The vital data/information provided in the report can play a crucial role for market participants and investors to formulate growth strategies.
     

    Refractive Correction and Visual Acuity Market Insights  

    Stratview Research reiterates the fact that in large areas of the world, there are no optometrists. There’s minimal testing of people, especially children. There are millions of people who are suffering from vision problems and hence the refractive correction and visual acuity market holds immense opportunity for new and established players.
     
    Visual acuity is influenced by a wide variety of factors, which are determined not only by the eye itself, but also environmental influences. The interaction of the eye media such as cornea, lens or vitreous humour with the retina can lead to reduced visual acuity, for instance, if the media do not focus the incoming light on the retina, but instead focus it in front of the retina (short-sightedness), or behind it (long-sightedness), or if one focus point on the retina is not attained (astigmatism). In addition, damage to the eye media, the retina or the optic nerve can lead to reduced visual acuity. Due to paucity of trained optometrist in most of the developing world, this segment remains a high-demanding and opportunistic segment for many.
    Although the refractive correction and acuity market has been affected by the stagnant economy in some parts of the world, new technologies allowing for safer and more precise vision correction will eventually overcome any short-term hurdle. More than 650 million people suffer from insufficient or no refractive correction globally, and about 285 million of those (8.2 million in US4) become visually impaired, resulting in 250-billion-dollar productivity loss. Monitoring the RE can significantly reduce the risk of vision loss especially in developing countries, where there is inadequate access to screening facilities. The reliable screening of refractive error is one of the challenging goals of the World Health Organization, especially in areas with little or no access to examination facilities such as Central African markets, few East European countries and few markets in APAC. 
       

    Refractive Correction and Visual Acuity Market Share: By Type of Visual Acuity Testing equipment (VAT)

    In order to determine the corrected visual acuity, a variety of test symbols are used by ophthalmologists and opticians. In addition to Landolt rings, Snellen charts, letters and numbers, symbols can also be used which are displayed at a specified distance via charts or test symbol projectors. Despite their differences in appearance, all these test symbols have one thing in common - their size is always five times the thickness of the line, and in the case of the Landolt ring, the gap width is also the same as the thickness of the line. In most of the market the conventional or manual chart projector are used. However, with new products and technology flooding this segment, optometrist have the choice between Automated Chart Projector, Polarized Digital Acuity System or conventional low-cost systems.
     

    Refractive Correction and Visual Acuity Market Share: By Platform

    Several apps help in assessing visual acuity (near and distance), and a recent study concluded that in an emergency setting, visual acuity by a smartphone app is quite reliable though the brightness and contrast of the smartphone screens and the optotype sizes have to be standardized. Unique in visual acuity apps is the Peek Acuity app made for rapid mass vision screening which uses a tumbling E chart and unique gesture-based feedback. Other apps such as Eye Chart Pro are examples of newly formed market dynamics where patients and optometrists have a choice between conventional and app-based testing tools. This is an exciting segment and gives insights on the current and future trends of the market as well as the perception of the end user.
     

    Refractive Correction and Visual Acuity Market Share: By Procedures and Corrective Measures

    Eyeglasses are the simplest and safest way to correct refractive errors. Your eye care professional can prescribe appropriate lenses to correct your refractive error and give you optimal vision. Contact Lenses work by becoming the first refractive surface for light rays entering the eye, causing a more precise refraction or focus. In many cases, contact lenses provide clearer vision, a wider field of vision, and greater comfort. They are a safe and effective option if fitted and used properly. It is very important to wash your hands and clean your lenses as instructed in order to reduce the risk of infection. Last but not least, surgery is another major segment in this market. 
    Eyeglasses segment usually account for the largest share of the vision correction market (>55%) representing $25-28 billion market followed by surgery. Phakic IOLs, refractive lens exchange and conductive keratoplasty still only account for a small portion of the procedures in relation to the total market. Excimer laser procedures still account for almost 97% of refractive surgery in USA market. However, new technology has increased the variety of refractive surgical procedures and makes it more difficult to track volumes and prices. Refractive surgery can be classified into four categories: myopia, presbyopia, hyperopia and cataracts, although presbyopia overlaps with the other three categories. The refractive corrective surgeries revolve around these four categories. In USA, Myopes are the primary market for laser refractive surgery, followed by other three.
     

    Refractive Correction and Visual Acuity Market Share: By End Users

    Earlier this segment was driven by Ophthalmologists and Optometrists, but with the recent advances in home healthcare, several other players are active and that includes healthcare workers (operating mobile clinics in rural areas) and urban population with access to smart technologies (app based). The marketing of such tools depends on the end user and hence, information on the preferences matter for manufacturers and suppliers of devices in the acuity and refractive correction segment.
     

    Refractive Correction and Visual Acuity Market Share: By Region

    Markets outside of the United States are growing at a faster rate due to growing demand for refractive surgery in India and China. There are more than 5000 clinics in India which manages refractive correction. In 1999, the average price was over $2,000, but prices declined through 2003 and then began to increase again with the introduction of wavefront-guided LASIK, the prices came down further in 2018-2019.

     

    Refractive Correction and Global Visual Acuity Market: Competitive Analysis   

    When the market was nascent i.e. 2005-2006, the market in USA was very different. Players such as Visx, WaveLight, Bausch & Lomb, Alcon, and Nidek had the major share of the market. New players and market dynamics have changed the entire market in 2019. Now new players capture a considerable amount of market share in USA. New players such as 6over6 (Israel), Apple (USA), Ucansi (USA) and more have taken over the market by storm and have offered options for Practioners and users.
     
    Research Methodology
    This report offers high-quality insights and is the outcome of detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders and validation and triangulation with Stratview Research’s internal database and statistical tools. More than 1,000 authenticated secondary sources, such as company annual reports, fact book, press release, journals, investor presentation, white papers, patents, and articles have been leveraged to gather the data. We usually conduct more than 10 detailed primary interviews with the market players across the value chain in all four regions and with industry experts to obtain both the qualitative and quantitative insights.
     

    Report Features

    This report provides market intelligence in the most comprehensive way. The report structure has been kept such that it offers maximum business value. It provides critical insights into the market dynamics and will enable strategic decision making for the existing market players as well as those willing to enter the market. The following are the key features of the report:
    • Market structure: Overview, industry life cycle analysis, supply chain analysis
    • Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis
    • Market trend and forecast analysis
    • Market segment trend and forecast
    • Competitive landscape and dynamics: Market share, product portfolio, product launches, etc.
    • Attractive market segments and associated growth opportunities
    • Emerging trends
    • Strategic growth opportunities for the existing and new players
    • Key success factors
     

    The Refractive Correction and Visual Acuity Market Segmentation 

     
    By Type of visual acuity testing equipment
    • Automated Chart Projector Market (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Polarized Digital Acuity System (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Manual Chart Projectors (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
     
    By Platform
    • Phone App Based (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Software enabled clinician devices (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
     
    By Procedures/Corrective Measures
    • Glasses (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Contact Lenses (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Surgery (Excimer Laser Procedure, Phakic IOLs, refractive lens exchange, conductive keratoplasty) (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Others (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
     
    By End Users
    • Physicians (Ophthalmologists and Optometrists) (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Healthcare workers (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
    • Patients (Healthcare staff, patient attendants) (Regional Analysis: North America, Europe, Asia-Pacific and RoW)
     
    By Region
    • North America (Country Analysis: the USA, Canada, and Mexico) 
    • Europe (Country Analysis: Germany, France, the UK, Russia, and Rest of Europe)
    • Asia-Pacific (Country Analysis: Australia, New Zealand, China, Japan, India, and Rest of Asia-Pacific)
    • Rest of the World (Sub-Region Analysis: Latin America, the Middle East, and Others)
     

    Report Customization Options

    With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:
     
    Company Profiling
    • Detailed profiling of additional market players (up to 3 players)
    • SWOT analysis of key players (up to 3 players)
     
    Market Segmentation
    • Current market segmentation of any one of the North American markets by application type.
     
    Competitive Benchmarking
    • Benchmarking of key players on the following parameters: Product portfolio, geographical reach, regional presence, and strategic alliances
     
    Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry at [email protected] 


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