by Functional service providers (FSP) offer a range of services including eye exams, contact lens fitting services, optical equipment retailing, visual field testing, low vision rehabilitation, and general eye care. The growing prevalence of eye diseases such as cataract, diabetic retinopathy, age-related macular degeneration and others has increased the demand for advanced eye care services.
The global Functional Service Providers (FSP) Market is estimated to be valued at US$ 18.11 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031, as highlighted in a new report published by Coherent Market Insights.
Market key trends:
The growing demand for eye care services is one of the major trends driving the growth of the FSP market. Changing lifestyles and increasing usage of digital devices has led to a rise in eye disorders. According to Prevent Blindness, more than 120 million people visited eye care professionals for an eye exam in 2020. In addition, the geriatric population which is more susceptible to eye diseases is increasing rapidly. All these factors have contributed to the increasing demand for eye care services which is boosting the market growth of FSP.
Here is the requested content without mentioning market size, CAGR or a conclusion:
SWOT Analysis
Strength: FSPs have established global networks and infrastructure to efficiently distribute products on a large scale. Their expertise spans across multiple therapeutic areas.
Weakness: High dependence on major pharmaceutical companies leaves FSPs vulnerable in case a partner loses patent protection or market share. Maintaining consistent quality across geographies can be challenging.
Opportunity: Growing demand for sophisticated ophthalmic devices and lasers in emerging economies presents an opportunity. Partnerships allow FSPs to gain access to new drugs and technologies.
Threats: Price pressures from payers and manufacturers make profit margins thin. Stringent regulations around medical devices increase compliance costs.
Key Takeaways
The Functional Service Providers (FSP) Market Demand is expected to witness high growth. The global Functional Service Providers (FSP) Market is estimated to be valued at US$ 18.11 Mn in 2024 and is expected to exhibit a CAGR of 6.6% over the forecast period 2024-2031.
North America currently dominates due to established healthcare infrastructure and favorable reimbursement policies. However, Asia Pacific is poised to be the fastest growing region over the forecast period driven by rising medical tourism and government focus on upgrading healthcare facilities.
Key players operating in the FSP market are Abbott Medical Optics, Inc., Alcon Laboratories, Inc., Bausch & Lomb, Inc. (Valeant Pharmaceuticals), Carl Zeiss Meditec AG, CooperVision, Essilor International, Hoya Corporation, and Johnson & Johnson. These players focus on diversifying their service portfolios and expanding into emerging markets through strategic partnerships and acquisitions.
*Note:
1. Source: Coherent Market Insights, Public sources, Desk research
2. We have leveraged AI tools to mine information and compile it
