According to the report Ophthalmic Devices Market, published by Market Data Forecast, the global market is projected to reach USD 44.76 billion by 2021, at a CAGR of 6.20% from 2016 to 2021.
Ophthalmic devices are the medical devices used in the diagnosis and treatment of ocular deficiencies and eye disorders. The increasing prevalence of eye disorders and vision loss are increasing demand for ophthalmic devices over the globe. These devices gain increased importance and adoption due to increasing cases of various ophthalmic diseases such as cataract, glaucoma, and other vision related issues. As these devices help minimize the treatment time and provide quality eye care, they assist in making the eye-treatment process more convenient for patients and ophthalmologists.
The ophthalmology device market is one of the key growth areas in the medical device industry with a rising demand for better quality healthcare services to improve millions of lives. Ophthalmic devices primarily include glaucoma, refractive and cataract surgical devices among others. With rising awareness and fast approvals, the growth is most likely to sustain the coming years.
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Ophthalmic Devices Market: Drivers & Restraints
One of the primary factors for the upward trend in the ophthalmic devices market is the rising geriatric population. It is observed that the aged are more prone to developing eye-related disorders, such as glaucoma and dry eye, and are the target customers of ophthalmic device manufacturers. Growing occurrence of eye disorders in children will also accelerate the market growth during the forecast period. While governments of the developed regions already support sophisticated healthcare infrastructure and several healthcare centres dedicated to ophthalmic patients, various governments in developed markets are increasingly promoting state-of-the-art healthcare infrastructure. Increasing government initiatives and support will favour the growth of the ophthalmic devices market in emerging economies. High cost of ophthalmic devices, the lack of skilled professionals in the rural regions of developing countries is hindering the growth of the market.
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Ophthalmic Devices Market: Segmentation
By Product Type
- Surgical Devices
- Monitoring and diagnostic devices
- Vision care.
- Glaucoma surgical devices
- Ophthalmic Lasers
- Cataract surgical devices
- Iris retractors
- Lens clearing and disinfectant solutions
- Eye care Clinics
- Research Institutes
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Ophthalmic Devices Market: Overview
There has been tremendous rise in lifestyle-related ophthalmic disorders within the recent past. Growing geriatric population also faces a number of aging-related ophthalmic ailments, such as cataract, glaucoma, and macular degeneration. These will continue to fuel the global market for ophthalmic devices. The advent of technological advanced minimally invasive surgeries, such as LASIK surgery, is presumed to accelerate the demand for ophthalmic devices during the forecast period. Advanced surgical procedures such as multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase usage rate of these equipment.
Ophthalmic Devices Market: Region-wise Outlook
In 2015, North America held a substantial share in the ophthalmic devices market with one third of global market share. The rapidly growing geriatric population base and the rising prevalence of chronic eye conditions as a consequence of high stress and unhealthy lifestyles result in diabetes retinopathy, which are high impact rendering drivers for the industry.
Additionally, the incorporation of new reimbursement models for ophthalmologic treatments in this region and the stringent regulatory framework that are aimed towards patients’ safety are expected to drive the demand for ophthalmic devices in this region. The Asia-Pacific region is expected to witness the highest CAGR in this market owing to improving healthcare infrastructure, increasing disposable income, increasing geriatric population The growth can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc., thus, exerting an overall positive impact on this region’s growth. Moreover, the increasing awareness pertaining to the advanced corrective vision treatments is a key growth driving factor for emerging economies such as China and India.
Key Questions Answered
- What is the competitive landscape and market share of major players in the Asia-Pacific region?
- What are the drivers, key factors propelling the market towards growth? Which market segments are growing the fastest?
- What are the unmet technological needs currently in the market? How will emerging technologies fulfil these unmet needs?
- What are the challenges and barriers that have hindered widespread adoption of Opthalmic Devices?
- What are the new products available in the market, and what companies are investing in new technologies to expand into unexplored sectors?
Ophthalmic Devices Market: Key Players
Key players in the ophthalmic devices market include Alcon Inc., Essilor International S.A., Johnson & Johnson, Abbott Medical Optics Inc., Bausch & Lomb, Inc., Haag-Streit AG, Topcon Corporation, Carl Zeiss Meditec AG, Nidek Co. Ltd., and Ziemer Ophthalmic Systems AG.
Reasons to buy Ophthalmic Devices Market Report:
• Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
• Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
• Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
• Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
• A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
• Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
• Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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Market Data Forecast is a firm working in the area of market research and business intelligence. With rich experience in research across various business domains, we cater to the needs of both individual and corporate clients. Our analyst team comprises expert professionals in market research, who with their collective knowledge and skillset dedicatedly serve clients from various industries and regions.