Globally, the ophthalmic devices market is witnessing significant growth due to increasing prevalence of eye disorders, such as diabetic retinopathy and macular degeneration. In addition, growing global aging population, increasing government initiatives towards healthcare infrastructure in developing countries, and increasing incidence of lifestyle-associated diseases are also driving the growth of the market. However, lack of awareness among people about eye disorders, poor primary healthcare infrastructure, and lack of insurance in developing countries hamper growth of the global ophthalmic devices market. In addition, eye diseases in children are also increasing due to the general lack of awareness.
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The global ophthalmic devices market is anticipated to grow from an estimated USD 29,171.5 million in 2014 to USD 42,685.1 million in 2020 at a CAGR of 6.5% during the forecast period.
North America is the largest market for global ophthalmic devices. Vision care devices are the most used type of ophthalmic devices, spectacles lenses are the most used type of vision care ophthalmic device and cataract surgery devices are the most popular type of ophthalmic surgical device. In terms of growth, Asia is the fastest growing region; ophthalmic surgical devices make for the fastest growing type of devices, while contact lenses make for the fastest growing type of vision care ophthalmic devices.
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The North American market is anticipated to grow from an estimated USD 11,450.6 million in 2014 to USD 16,242.8 million in 2020, growing at a CAGR of 6% during the forecast period.
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