Any defect in vision or other kind of inflammations may cause complete loss of vision and hence, various ophthalmological diagnostic and surgical treatment devices play a very important role in preventing vision loss and improving the quality of life of patients. Ophthalmology diagnostics enable ophthalmologists to have a detailed view of the internal eye structure and in examining the microvasculature of the eye. Post diagnosis, the patients are either prescribed vision care products in case of normal vision corrections or surgeries are performed based on the ophthalmic condition.
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Several factors such as a rise in geriatric population, demand for minimally invasive surgeries, and improved healthcare infrastructure across emerging economies are driving the market for ophthalmology diagnostics and surgical devices. However, high cost of these advanced diagnostic platforms and lack of professional expertise are some of the reasons that will curtail the growth of the market. The report forecasts a healthy CAGR of 6.6% in global ophthalmology diagnostics and surgical devices market from 2013 to 2019, estimating it to value US$40.38 bn by the end of the duration.
According to a report published by the World Health organization (WHO), in 2013, around 82% of the global population aged over 50 years were living with blindness. The report also states that uncorrected refractive errors are a contributory factor to visual impairment. The rising geriatric population is prone to low vision, dry eye, glaucoma, and cataract which in turn is propelling the demand for ophthalmology diagnostics and surgeries. New and improved devices that have been developed in recent times are not only providing quick and more accurate diagnostics but are also inspiring confidence among end-users in terms of outcomes and recovery time. Moreover, healthcare infrastructure is rapidly improving across the world which also augurs well for the market for ophthalmology diagnostics and surgical devices.
Conversely, these improved ophthalmology diagnostics and surgical devices often come at a premium which acts as a major restraint on the market. Another factor that is mitigating the growth of the market is that these high-end advanced diagnostic platforms require skilled professionals to operate. These professionals are not readily available across all regional markets.
According to the report, emerging economies such as China and India are investing heavily on their healthcare infrastructure and thus presenting a lucrative market for ophthalmology diagnostics and surgical devices.
The report presents a detailed analysis of the ophthalmology diagnostics and surgical devices market by dividing it into four major geographic regions, namely North America, Europe, Asia-Pacific, and Rest of the World. North America and Europe dominate the global ophthalmology devices market, accounting for the most substantial share of more than 55% of the market in 2012. The reason for the thriving ophthalmology diagnostics and surgical devices market in North American countries such as the U.S. and Canada as well as Europe is the presence and easy acceptance of technological sophistication. These regions have robust healthcare policies and well-trained ophthalmology professionals as compared to other developing territories. Moreover, growing awareness among patients has further augmented the growth and development of the ophthalmology devices market in North America and Europe.
Asia Pacific is anticipated to register the highest growth rate during the forecast period owing to increased efforts of the respective governments of those nations. Additionally, improvement in the overall healthcare sector and huge untapped customer base in this region has propelled market growth. The rising income of the middle class and increased preference of patient population to avail technologically advanced medical solutions will also further the growth of the ophthalmology devices market in the Asia Pacific region. However, the premium prices of these diagnostic devices and unstructured reimbursement policies are expected to limit the market’s growth prospects.
In order to offer recommendations and reveal the strategies of both new entrants and established market players, several key players have been profiled in the report. These include Alcon Laboratories (Novartis), Abbott Medical Optics, and Topcon Corporation.
Transparency Market Research (TMR) is a global market intelligence company providing business information reports and services. The company’s exclusive blend of quantitative forecasting and trend analysis provides forward-looking insight for thousands of decision makers. TMR’s experienced team of analysts, researchers, and consultants use proprietary data sources and various tools and techniques to gather and analyze information.
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