Published On : April 2018
In recent years, the amblyopia market has witnessed sturdy growth, and it is expected to increase in the coming years. The major propelling factors behind such rapid diversification are the introduction of technologically advanced and innovative products are driving the amblyopia treatment. For instance, market players such as Vivid Vision, Inc. and Amblyotech, Inc. are offering virtual reality games or video games that are optimizing visual acuity of both the eyes. Firms such as Good-Lite Co. are offering eyetronix flicker glass that aims to overcome the shortcomings of traditional occlusion treatments such as patching and atropine. Additionally, normal eye patches have also found a new design by companies such as Krafty Eye Patches and Fresnel Prism and Lens Co. offering colored and designed eye patches that will help children to deal with depression associated with wearing an unexciting monochrome eye patch.
Increasing support and encouragement by allocating sufficient funding for eye care has boosted the growth of the market. Various government and private associations in developed and some developing countries are contributing towards ophthalmic disorder research and prevention programs. Various researchers have pioneered new devices to diagnose and treat these disorders, which on their own have significant market potential. For instance, according to the United Kingdom Statistics Authority, around 121,736 eye examinations were performed under the Eye Health Examinations Wales (EHEW) scheme. Additionally, in 2016, 769,380 General Ophthalmic Service sight tests were paid by the National Health Service (NHS).
Moreover, continuously increasing the prevalence of amblyopia worldwide is driven by rising ophthalmological disorders and changing the lifestyle of the people. A variety of changing environmental and cultural factors are contributing to the rise in the patient population suffering from eye diseases throughout America countries. Developed nations such as the U.S. and Canada are experiencing exceptionally high demand for these treatments. In some cases, the treatment by drug is effective which increases the chance that treatment by surgical may create some of the imbalance in the market.
Impact of Mergers & Acquisitions on the Market
Globally there are various players operating in this market. America dominates the global amblyopia market owing to the increasing prevalence of patients suffering from eye diseases. Additionally, increasing prevalence of ophthalmological disorders such as cataract, macular degeneration and glaucoma, high health care spending, well-developed technology, and increasing geriatric population will fuel the growth of the market. On the other hand, saturation of the market, a side effect of treatment, and changing reimbursement policies will slow the growth of the market.
The key players in the market are focusing on mergers & acquisitions and collaborations to enhance their product portfolio with new and improved drugs to treat amblyopia. The key competitors in this market are acquiring local or small players to enhance their customer base and widen its product portfolio. Various mergers and acquisitions are taken place in 3-4 years. For instance, in 2017, CooperVision, Inc. acquired Paragon Vision Sciences, a firm that focuses on specialty contact lenses. Further, in February 2017, Johnson & Johnson Services, Inc. acquired Abbott Medical Optics and enhanced its eye care product portfolio. Furthermore, in 2016 Hoya Corporation acquired safety prescription eyewear business of 3M. These acquisitions and collaborations have helped amblyopia market players to enhance its customer base and widen its product portfolio.
Collaboration is another key strategy opted by the leading players in the market to expand their footprint and to increase their customer base all around the globe. For instance, Ubisoft and Amblyotech collaborated to develop Dig Rush, a video game on a patented method used for the treatment of Amblyopia. This collaboration will help the company to widen its product portfolio and helps to increase their market share in the global amblyopia market.
What is the future?