According to the report Ophthalmology Devices Market, published by Market Data Forecast, the global market is projected to reach USD 45.1 billion by 2021, at a CAGR of 5.5% from 2016 to 2021.
Ophthalmology is the branch of medicine that deals with the anatomy, physiology and diseases of the eyeball. Some of eye disorders that are currently known are colour blindness, retinal diseases, glaucoma, conjunctivitis; refractive errors and blindness. Due to generic erosion, revenue for glaucoma market will decline in 2018. In the last decade, intra ocular lens technology has shifted from refractive technology to diffractive technology with apodization, leading to less frequent and less intense visual side effects. An ophthalmologist is a specialist in medical and surgical eye problems who performs operations on eyes. They are specially trained to provide the full spectrum of eye care from prescribing glasses and contact lenses to complex and delicate eye surgery. The devices include glasses, lenses, diagnostics, lasers, solutions and surgical instruments.
The ophthalmology device market is one of the key growth areas in the medical device industry with a rising demand for better quality healthcare services to improve millions of lives. The increasing prevalence of aging population and various ocular diseases has created tremendous opportunities in the global Ophthalmology Devices Market that include cataract, refractive, glaucoma surgical devices and so on. The growth is likely is sustain in the near future with the increasing awareness among individuals and rapid approvals.
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Ophthalmology Devices Market: Drivers & Restraints
Aging population, development of healthcare infrastructure and lifestyle-related diseases are also among the driving factors for the ophthalmology devices market. The lower adoption of phacoemulsification devices and premium intra ocular lenses in the emerging regions represents a huge untapped market opportunity. Global ophthalmology device market has emerged as one of the growing segments in medical devices market, due to increased demand of ophthalmology devices for treatment of eye diseases. Moreover, increasing prevalence of eye disorders, increasing government investment towards research activities and technical advancements are some of the key drivers for ophthalmology device market. However, there are a few factors hampering the growth of the market that include lack of healthcare insurance in the emerging countries, lack of awareness among individuals about diseases like glaucoma and poor healthcare infrastructure.
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Ophthalmology Devices Market Segmentation
- Diagnostics & Monitoring devices
- Surgery Devices
- Vision Care Devices.
- Refractor disorders
- Vitreo retinal disorder.
- Canaloplasty devices
- Computerized Field Analyser.
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Ophthalmology Devices Market Overview
There has been tremendous rise in lifestyle-related ophthalmic disorders within the recent past. The ophthalmology device market is categorized based on various diagnostic and monitoring devices, surgical devices and vision care products. These segments comprise several devices used for treatment of eye diseases. Continuous technological development and consumer friendly devices are being introduced in the market making vision care segment the most lucrative segment during the forecast period. Hence, rapid technological innovation rendering better safety outcomes surgical procedures is driving the demand for ophthalmology devices. The optical coherence tomography scanners segment accounted for the largest share of the ophthalmology diagnostic and monitoring devices market in 2015. The large share of this segment can be attributed to the several technological advancements in OCTs, such as ultrahigh resolution and eye tracking and combination of OCT scanners with a scanning laser ophthalmoscope.
Ophthalmology Devices Market Region-wise Outlook
North America represented the largest regional market, followed by Europe. Although, North America will continue to dominate the global ophthalmology devices market during the forecast period, the Asia-Pacific region is expected to register the highest market growth in the coming years. A majority of the growth in this region is driven by the growing population in countries like China and India, rapid growth in geriatric population, improving healthcare infrastructure, growing per capita income, and rising focus of key market players on this region.
Key Questions Answered
- Market definition and what are the micro and macro factors affecting the market?
- What is the competitive landscape and market share of major players in the North America?
- What are the drivers, key factors propelling the market growth? Which market segments are growing the fastest?
- What are the unmet technological needs currently in the market? How will emerging technologies fulfil these unmet needs?
- What are the challenges and barriers that have hindered widespread adoption of Ophthalmology Devices?
- What are the new products available in the market, and what companies are investing in new technologies to expand into unexplored sectors?
Ophthalmology Devices Market Key Players
The major players in the ophthalmology device market include Alcon Inc., Abbott Medical Optics Inc., Johnson & Johnson, Essilor International, Bausch and Lomb Inc., Topcon Corporation, Nidek CO Ltd., HAAG-Streit Group, Carl Zeiss Meditec, Hoya Corporation and Ziemer Ophthalmic System.
Reasons to buy Ophthalmology Devices Market Report:
- Global, regional and country-level analysis and forecasts of the study market; providing Insights on the geographical areas in which this industry is prospering
- Segment-level analysis on basis of product type, application, colour along with market size forecasts and y-o-y estimations to detect key areas of industry growth in detail
- Identification of key drivers, restraints, opportunities, and challenges (DROC) in the market and their impact on shifting market dynamics
- Study of macro and micro environmental factors that affect the market presented in an extensive strategic analyses section containing PESTLE and Porter’s Five Forces Analyses
- A comprehensive listing of key market players along with company overview, product portfolios, key financial information (subjected to availability), SWOT analysis and Analyst overview to study and sustain the market environment
- Competitive landscape analysis listing out the mergers, acquisitions, collaborations in the field along with new product launches, comparative financial studies and recent developments in the market by the major companies
- Expertly devised Market Outlook along with Investment opportunities to provide both individuals and organizations a strong financial foothold in the market
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