Global Ophthalmic Devices Market Will Grow at 6.5% CAGR During 2014 to 2020, Nor
Posted by Ritu Parey on February 16th, 2017
Ophthalmic devices are used for treatment & identification of ocular deficiencies/defects and eye disorders. Increasing vision loss and eye disorder prevalence is fuelling the demand for ophthalmic devices all over the world. The global ophthalmic devices market is estimated to grow at 6.5% CAGR during the forecast period, 2014 to 2020. The market revenue for this market in 2014 was worth US .17 billion and it is expected to reach US .68 billion by 2020 end.
Surgery Devices Segment to Grow Fastest by 2020 End
The global ophthalmic devices market is categorized into surgery devices, diagnostic devices and vision care devices. The surgery devices segment is anticipated to be the fastest growing during the forecast period. The surgery devices segment is further categorized into glaucoma surgery devices, vitreoretinal surgery devices, refractive error surgery devices and cataract surgery devices. Cataract surgery devices is the largest sub-segment of surgery devices in global market for ophthalmic devices.
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The diagnostic devices are further categorized into optical coherence tomography scanners, tonometer, fundus cameras, retinoscopes, ophthalmoscopes, wavefront aberrometers, pachymeters, biometers, corneal topographers, keratometers, specular microscopes, visual field analyzers, ophthalmic ultrasound imaging systems and autorefractors.
Vision Care Devices to Remain Largest Segment During the Forecast Period
The vision care devices is estimated to be the largest segment in global ophthalmic devices market during the forecast period. Vision care devices have been bifurcated into spectacle lenses and contact lenses. Even though there is more adoption of spectacle lenses, contact lenses will gain traction and witness significant growth by 2020 end.
Region-wise, the global market for ophthalmic devices is categorized into
North America to Remain Dominant in Global Ophthalmic Devices Market
North America has been the leading region and is estimated to retain its dominance over the global market for ophthalmic devices during the forecast period. The market value of this region in 2014 was worth US .45 billion and it is expected to reach US .24 billion by 2020 end. This region is estimated to grow at 6% CAGR in ophthalmic devices market during the forecast period. Due to increasing prevalence of chronic eye diseases in geriatric population, Europe is estimated to witness a robust growth in ophthalmic devices market by 2020 end. Huge occurrences of macular degeneration among aging population and increasing prevalence of diabetic retinopathy, glaucoma and cataract in India and China, Asia Pacific is estimated to witness significant growth in ophthalmic devices market.
Factors Influencing the Growth of Global Ophthalmic Devices Market Include
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Challenges Faced by Ophthalmic Devices Market Include
Key market players are focusing on launching new developed ophthalmic devices which in turn will boost the competition enhance growth opportunities for ophthalmic devices market during the forecast period. These market players include Baush and Lomb Incorporated, Abbott Laboratories Inc., Hoya Corporation, Carl Zeiss AG, Nidek Co. Ltd., Alcon Inc., Johnson & Johnson, Novartis AG, Essilor International, VisionCare Inc., Canon Inc., Topcon Corp. and CooperVision AG.
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About the AuthorRitu Parey
Joined: February 15th, 2017
Articles Posted: 70
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