Ophthalmology devices market is seeing an upward trend due to rise in ageing population and increased focus on healthcare.It is observed that older adult people are more prone to develop eye related disorders, and are the target customers of ophthalmology device manufacturers. The market growth is also supported by continuous developments made in the field of medical technology which has seen development of novel products. The increased spending on healthcare by individuals and governments across the globe has fuelled the ophthalmology device market growth.
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The global ophthalmology devices market is expected to expand at a 5.10% CAGR from 2012 to 2018. As per the report, the global ophthalmology devices market is expected to progress from US$12.92 bn in 2011 to US$18.28 bn by 2018. Advancements in healthcare infrastructure and the rising aging population are two of the major factors expected to benefit the global ophthalmology devices market in the near future.
Medical devices in ophthalmology field are used for various functions such as diagnosis, surgery and vision care. The development of innovative orphan products and newer applications of technology in ophthalmology has provided consumers with viable and economical solutions for various eye related disorders.The ophthalmology devices are either used by individuals suffering from various eye related disorders or by healthcare providers for diagnosis and treatment purpose.
A large share of global ophthalmology devices is contributed by vision care devices on account for higher end user base. These may include contact lens, lens cleaning and disinfecting solutions, spectacles, and many moredevices for the diagnosis and surgery purpose are required by hospitals and ophthalmologists.
For in-depth and comprehensive analysis of ophthalmology market, it can be analyzed on various parameters such as application, disorders, device type and geography.The various segments for analyzing ophthalmology devices include:On basis of application – diagnosis, surgery, and vision care devices; on the basis of disorder –cataract, glaucoma, refractor disorders, vitreo retinal disorders, and vision care. The segmentation by device is most fragmented and includes high-end to low-end devices such as phoropter, refractor, scanning laser polarimetry device, retinscope, ophthalomoscope, contact lens, lens cleaning and disinfecting solutions, spectacles, and many newly developed products as well.
The geographic analysis includes major regions such as U.S, Canada, UK, Italy, Spain, Germany, France, Japan, China, India, Brazil, and Mexico. U.S. market holds largest market share across all segments, followed by U.K. The western markets such as U.S and UK which are experiencing stiff competition due to high concentration of device manufacturers and higher market penetration levels are focusing more on devices with diagnosis and surgery applications. The developing economies are experiencing high growth in vision care devices market segment, and the growing with double digit CAGR for the period of 2012 – 2018. These regions are area of focus by many manufacturers, who are investing in these emerging markets.
The key market players who are driving growth in the ophthalmology market include names such as: Essilor International, Alcon Inc., Johnson and Johnson Vision Care, Carl Zeiss AG, Hoya Corporation, Canon Inc., Abott Medical Optics Inc., CooperVision AG, Nidek Co Ltd., Bausch and Lomb Inc., and Topcon Corporation.
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