Optical Imaging Market Outlook: Trends, Restraints, and Opportunities

According to research report the optical imaging market is consolidated at the top, with the 10 leading players accounting for nearly 80% of the market in 2013. Most of these players are based in developed countries across North America and Europe; however, some, such as Canon, Inc. (based in Japan), are situated in the APAC region.

Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=894

DRIVERS: Increasing prevalence of eye disorders due to the rising geriatric population

The growing prevalence of eye disorders, owing to the rising global geriatric population, is one of the key factors driving the growth of the global market. The tear layer loses stability and degrades faster in the elderly, making them more prone to eye disorders. Therefore, the risk of getting severe eye disorders increases significantly with age, particularly after 60 years. Currently, the prevalence rate of glaucoma is four times higher in individuals aged 80 years and above as compared to those aged 40 years and above. Also, the prevalence rates of several other eye disorders, such as cataract, presbyopia, and age-related macular degeneration (AMD), is increasing across the globe. For instance, according to Prevent Blindness (US), 24.41 million people were suffering from cataracts in the US in 2010; this number is expected to increase to 50.0 million by 2050.

RESTRAINTS: Reimbursement challenges

The US is the largest market for optical imaging technologies. However, recent changes in reimbursement policies in the country are expected to affect the growth of this market. With the implementation of the Affordable Care Act (ACA), the size of the insured population in the US has increased. However, this has also resulted in insufficient reimbursements for newly insured patients. Moreover, medical reimbursements for various optical imaging technologies are decided based on their use for intended applications.

In July 2020, the Centers for Medicare, and Medicaid Services (CMS) implemented major changes in reimbursements for several vitreoretinal procedures. They implemented a 15% reimbursement cut for all cataract surgeries performed within the US. Thus, reimbursement changes pose a great barrier to the market growth.

OPPORTUNITIES: Emerging economies

Emerging countries such as India, China, Japan, and Brazil are expected to provide significant growth opportunities for players operating in the global market. These countries are some of the fastest-growing economies in the world. According to estimates from the World Economic Forum, 2020, these emerging economies contributed to around one-third of the global healthcare expenditure. The rise in geriatric population and diseases associated with it are also certain factors that create high growth opportunities for the market.

Request Free Sample Pages: https://www.marketsandmarkets.com/requestsampleNew.asp?id=894

CHALLENGES: Sustainability of small and medium-sized players

Increasing market competitiveness is one of the major challenges in the optical imaging systems market, especially for small and mid-tier companies. Although the global market is dominated by few players such as PerkinElmer, Inc., Carl Zeiss Meditec AG, and Abbott Laboratories, new entrants and mid-tier firms continuously strive to garner a greater market share and market visibility. However, higher costs and longer time required for the development of optical imaging products pose a major barrier for such companies.

Mr. Aashish Mehra
MarketsandMarkets™ INC.
630 Dundee Road
Suite 430
Northbrook, IL 60062
USA : 1-888-600-6441