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The Centre for Eye and Vision Research (CEVR) and a China-based company that engages in the management and operation of ophthalmic chain medical institutions announced a strategic partnership aimed at propelling technological advancements in the field of eye and vision research.
Through this collaboration, the two will jointly drive the development of cutting-edge technologies, conduct collaborative research endeavours, and commercialise innovative tech-driven research outcomes. This partnership will also extend support to tech startups, foster research talent, and share a unified vision of introducing groundbreaking research innovations to the global eyecare market, including Mainland China.
The signing ceremony took place on the premises of The Hong Kong Polytechnic University (PolyU). The Chairman of the CEVR Board of Directors and Deputy President and Provost of PolyU, along with the Global Strategy and Business Development Director of the company formalised the collaboration by signing a memorandum of understanding.
The Chairman of the CEVR Board of Directors and Deputy President and Provost of PolyU emphasised the ongoing collaboration between PolyU’s School of Optometry and the company since 2022, a collaboration that effectively aids in the clinical training of aspiring optometrists on a global scale, encompassing China and beyond.
This synergy seamlessly melds research with pragmatic application, capitalising on the pioneering technological research conducted by CEVR and the extensive network of companies, comprising over 800 clinics and hospitals. The anticipation of remarkable progress looms, as novel advancements in diagnosing and treating ocular and visual concerns are foreseen to emerge because of this partnership.
Meanwhile, the Global Strategy and Business Development Director of the company noted that the alliance is a significant milestone in translating tech-driven vision research, both in Hong Kong and beyond. By harnessing the technological prowess of both entities, this partnership will foster a culture of impactful research and establish a formidable hub for technological innovation in vision research. The ultimate goal is to develop transformative technologies capable of addressing previously insurmountable vision-related issues in the real world.
The Global Advanced Ophthalmology Technology Market is experiencing robust growth, with its estimated worth surging from US$ 8,664.98 million in 2022 and US$ 9,585.46 million in 2023 to an anticipated US$ 19,625.51 million by 2030.
A convergence of factors contributes to this growth, notably the burgeoning geriatric population and the concurrent rise in the prevalence of eye diseases. This demographic shift has spurred demand for advanced ophthalmic solutions, creating a favourable environment for market expansion. Furthermore, government initiatives aimed at bolstering awareness and control of visual impairment have further fueled this growth trajectory, adding to the market’s potential.
The escalating rates of cataract surgeries have emerged as a pivotal driver propelling the market. Cataracts remain a prevalent concern across various age groups, leading to an increased demand for advanced ophthalmology technology, particularly in surgical procedures.
However, amidst these promising trends, the market is not devoid of challenges. The cost associated with ophthalmic surgical procedures represents a potential hurdle, as advanced technologies often entail higher expenses. Striking a delicate balance between innovation and affordability is crucial to ensure that these cutting-edge solutions remain accessible to a broader demographic.
Amidst these challenges lie promising opportunities, particularly within the realm of ophthalmic devices. Rapid technological advancements in this sphere are reshaping the landscape of ophthalmology, ushering in novel and improved methods for diagnosis and treatment.
Furthermore, the market’s growth potential extends to untapped markets in emerging economies. The increasing healthcare awareness and rising disposable income in these regions create a conducive environment for the widespread adoption of advanced ophthalmology technology.
Nonetheless, challenges persist, including a shortage of skilled ophthalmologists and the relatively lower adoption of advanced ophthalmic technologies in rural areas. Overcoming these obstacles will be pivotal in ensuring equitable access to advanced eyecare solutions across diverse populations.
