Demand for Ophthalmic Devices to Witness Rapid Surge During the Period 2014-2020
Posted by pradnyavirkar on April 26th, 2019
Ophthalmic devices Market are the medical devices used in the identification and treatment of ocular defects or deficiencies and eye disorders. The increasing prevalence of eye disorders and vision loss are pushing the demand for ophthalmic devices worldwide. The global ophthalmic devices market is projected for a moderate CAGR of 6.5% over the six-year forecast period, 2014-2020. The market revenues registered a value worth US$ 29.17 Bn in 2014, which is anticipated to reach US$ 42.68 Bn by the end of 2020.
Key Market Dynamics
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. Increase in the prevalence of diabetic retinopathy, visual impairment, blindness, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors, is also expected to boost the demand for ophthalmic devices. 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 centers dedicated to ophthalmic patients, various governments in developed markets are increasingly promoting state-of-the-art healthcare infrastructure. Increasing government initiatives and support will favor the growth of the ophthalmic devices market in emerging economies. The ophthalmic technology is consistently evolving with an aim to introduce innovative, advanced ophthalmic healthcare options. This will create a significant demand for ophthalmic devices over the forecast period.
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However, developing regions still face inadequate awareness about eye disorders and available treatment options, which may deter the market growth in the long run. Moreover, poor healthcare infrastructure and low priority to ophthalmic care will also negatively influence the market for ophthalmic devices. Lack of sufficient healthcare insurance is another restraint that is anticipated to hamper the growth of ophthalmic devices market in developing countries. Increasing primary healthcare costs in developing economies will continue to affect the affordability of healthcare to some extent, especially for aging population.
Based on type, the global ophthalmic devices market is segmented into vision care devices, diagnostic devices, and surgery devices. The vision care devices segment is the largest segment and surgery devices is the fastest growing segment. Vision care devices have two key sub-segments, contact lenses and spectacle lenses. Although spectacle lenses are more widely used, contact lenses will witness substantial growth through to 2020. The surgery devices segment is bifurcated into cataract surgery devices, glaucoma surgery devices, refractive error surgery devices, and vitreoretinal surgery devices. Cataract surgery devices however for the largest sub-segment. The sub-segments of the diagnostic devices segment include optical coherence tomography scanners, fundus cameras, tonometers, ophthalmoscopes, retinoscope, pachymeter, wavefront aberrometers, corneal topographers, biometers, keratometers, visual field analyzers, specular microscopes, autorefractors, and ophthalmic ultrasound imaging systems.
Geographically, the global ophthalmic devices market is segmented into four key regions viz. North America (the U.S.), Europe (Germany, France, Italy, Spain, and the U.K.), Asia (China, Japan, and India), and rest of the world. North America is the leading market globally and will remain the dominant market during the forecast period as well. The North American ophthalmic devices market recorded a value of US$ 11.45 Bn in 2014. The market will reach a value of US$ 16.24 Bn, expanding at a CAGR 6% over the six-year period. Europe also represents a major market, owing to rising chronic eye diseases among geriatric population. The Asian market will however witness significant growth, led by China and India. The patient pool is larger due to established prevalence of cataract, glaucoma, and diabetic retinopathy; and growing occurrences of aging-related macular degeneration.
Key Market Players
The global ophthalmic devices market is highly competitive. Some of the leading players in the marketplace are Johnson & Johnson, Bausch & Lomb Incorporated, Novartis AG, Abbott Laboratories, Inc., Essilor International, Hoya Corporation, VisionCare, Inc., Carl Zeiss AG, Canon Inc., Nidek Co Ltd., Topcon Corp., Alcon Inc., and CooperVision AG. Key players are constantly focusing in developing and launching new ophthalmic devices. The emergence of new entrants may boost the competition and present enhanced growth opportunities over the forecast period.
Ophthalmic devices Market are the medical devices used in the identification and treatment of ocular defects or deficiencies and eye disorders. The increasing prevalence of eye disorders and vision loss are pushing the demand for ophthalmic devices worldwide. The global ophthalmic devices market is projected for a moderate CAGR of 6.5% over the six-year forecast period, 2014-2020. The market revenues registered a value worth US$ 29.17 Bn in 2014, which is anticipated to reach US$ 42.68 Bn by the end of 2020.Also See: Ophthalmic Devices, Devices Market, Surgery Devices, Forecast Period, Ophthalmic, Market, Devices
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