The Global Ophthalmology Devices Market is expected to boost at a CAGR of 3.7% & USD 58.05 billion by 2021, during the forecast period of 2016 to 2021.
In Ophthalmology Devices Industry report, the ophthalmology devices market is segmented based on product type and region. Based on product type, the market is segmented into diagnostic and monitoring devices, surgical devices, and vision care devices. In 2015, the vision care devices segment accounted for the largest share of the ophthalmology devices market. The surgical devices segment is expected to register the highest CAGR during the forecast period due to the increasing prevalence of ocular conditions such as cataract, glaucoma, refractive errors, and diabetic retinopathy that require surgery.
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The growth in Ophthalmology Devices market is majorly driven by the increasing geriatric population and related increase in the prevalence of eye diseases.
Market Drivers of Ophthalmology Devices Industry
- Rapid growth in the geriatric population
- Rising prevalence of eye diseases and diabetes
- Obesity and diabetes
- Age-related macular degeneration (AMD)
- Technological advancements in ophthalmic devices
Market Restraints of Ophthalmology Devices Market:
- Poor primary healthcare infrastructure and lack of healthcare insurance in developing countries
- Uncertainty in reimbursement structure
Market Opportunities in Ophthalmology Devices Market
- Lower adoption of phacoemulsification devices and premium IOLs in emerging regions represents a huge market opportunity
- Untapped emerging markets present significant growth opportunities
Challenges in Ophthalmology Devices Market
- Lack of awareness and low accessibility to eye care in developing countries
Major Players in the Ophthalmology Devices Market Are
- Alcon Inc. (Switzerland),
- Essilor International S.A. (France),
- Johnson & Johnson (U.S.),
- Abbott Medical Optics Inc. (U.S.),
- Bausch & Lomb, Inc. (U.S.),
- Haag-Streit AG (Switzerland),
- Topcon Corporation (Japan),
- Carl Zeiss Meditec AG (Germany),
- Nidek Co. Ltd. (Japan),
- Ziemer Ophthalmic Systems AG (Switzerland)
Ophthalmology Devices Market by Region
- North America
- Latin America
- Asia-Pacific (APAC)
- Middle East and Africa
- Rest of World (ROW)
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In 2015, North America commanded the largest share of the ophthalmology devices market, followed by Europe. The U.S. is a prime market for ophthalmology devices due to the high healthcare expenditure in the country, presence of advanced healthcare infrastructure, and increasing prevalence of eye diseases with the rising aging population. The Asia-Pacific market is expected to witness the highest growth in the coming years primarily due to the growing focus of manufacturers in APAC countries to increase their market shares in the APAC ophthalmology device industry.
Reasons to Buy the Ophthalmology Devices Market Report:
The Ophthalmology Devices Industry Report will enrich established firms as well as new entrants/smaller firms to gauge the pulse of the market, which in turn would help them garner a greater market share. Firms purchasing the report could use one or a combination of the below-mentioned five strategies (market penetration, product development/innovation, market development, market diversification, and competitive assessment) for reaping greater market shares.
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Ophthalmology Devices Market report provides insights on the following pointers:
- Market Penetration: Comprehensive information on the product portfolios offered by top players operating in the ophthalmology devices market. The report analyzes the ophthalmology devices market by product type across all regions.
- Product Development/Innovation: Detailed insights on the upcoming trends, R&D activities, and new product launches in the ophthalmology devices industry.
- Market Development: Comprehensive information on the lucrative emerging markets based on product and region.
- Market Diversification: Exhaustive information about new products, growing regions, recent developments, and investments in the ophthalmology devices market.
- Competitive Assessment: In-depth assessment of market shares, growth strategies, products, distribution networks, manufacturing capabilities, and SWOT analyses of the leading players in the ophthalmology devices industry.
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