In the historic year 2017, global ophthalmology devices market size was accounted at USD 20.05 Bn, increasing at a CAGR 7.7% in the coming years. Growth in the occurrence of several diseases related to the eyes like refractive error, cataract and others is the factor responsible for driving the ophthalmology devices market growth. Moreover, technological developments, increase in the elderly population and rising awareness is supporting the growth of ophthalmology devices market.
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Growth in rapid urbanization is similar to the acceptance of digital devices like smartphones, computers, laptops, tablets, e-reader, game consoles and television. Uninterrupted long hours consumed in front of the screen is leading towards numerous eyes related issues like itchy eyes, neck pain, eye strain, blurred vision and headaches. The screen of these devices is releasing artificial blue light which can be dangerous and end up into AMD. Recently, usage of digital devices is trending amongst all age groups.
The rise in the prevalence of eye diseases, for example, glaucoma, cataract, macular degeneration and diabetic retinopathy is anticipated to boost the ophthalmic devices industry over the forecast period. Inevitably, increasing demand and necessity for surgical and diagnostic instruments in several applications is projected to push the development of ophthalmic devices market. As the geriatric population is increasing and is more prone to eye disorders/diseases and is anticipated to expand the development of ophthalmology devices market. Moreover, less preference and poor medical infrastructure to ophthalmic care can negatively affect the growth of ophthalmic devices industry. The absence of sufficient health-related insurance is the difficulty and limit that is expected to affect the development of ophthalmic devices market during the forecast period.
The rise in the awareness initiatives and programs are anticipated to help the organizations of healthcare and population of the patient in the developing regions about eye diseases and cataract. Development of new product is one of the protruding strategies for growth by various market players to create their existence in the growth of ophthalmology devices market growth.
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Conventionally, eyeglasses were used as an instrument for improving refractive error. On the other hand, developments in technology and changing the preference of customer from eyeglasses because of their cosmetic looks in the factor that emphasizes the acceptance of laser surgery or contact lens.
North America holds the largest global ophthalmology devices market share. The domination of the region was because of the rise in the awareness of diseases related to eyes, growth in the occurrence of several eye disorders like glaucoma, refractive error, presbyopia and cataract. Additionally, advancements in technology are concentrating on augmenting the comfort of a patient like fast wound healing post-surgery and night wore contact lenses. Increase in the acceptance of digital devices and the rising population in the developing regions are expected to drive the growth of the global ophthalmology devices market.
Key players involved in the development of ophthalmology devices market are Ciba Vision, Abbott Medical Optics, STAAR surgical, Bausch & Lomb, Alcon, Carl Zeiss Meditec, Coastal Contacts and Visiongen.
Key segments of the global ophthalmology devices market
Device Type Overview, 2015-2025 (USD Million)
- Cataract Devices
- Intraocular Lens (IOL)
- Refractive Error Devices
- Contact Lens
- Excimer Laser
- Other Devices
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- South America, Middle-East & Africa
- Saudi Arabia
- South Africa
- Rest of the World
Some Points from Table of Content:
Chapter 1 Executive Summary
Chapter 2 Research Methodology
Chapter 3 Market Outlook
Chapter 4 Ophthalmology Devices Market, by Devices
Chapter 5 Ophthalmology Devices Market, by Region
Chapter 6 Company Profiles
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