The Europe Ophthalmology Devices Market is currently valued at $7.94 Billion in 2016 and is forecasted to reach $10.42 billion by 2021 with a significant CAGR of 5.6%. With the increasing demand for quality treatment to improve millions of lives, the ophthalmology devices have witnessed a staggering growth in the medical world. The increasing geriatric population and ocular diseases created greater opportunities in the ophthalmic device market increasing the demand for cataract, glaucoma, refractive and other surgical devices. The growth is believed to sustain in the years to come with rapid approvals for the devices and increasing awareness about the diseases.
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Ophthalmology which is a branch of medicine dealing with the diseases relating to physiology, anatomy and eyes. Ophthalmology devices encompasses a wide range of surgical devices which are primarily used for the treatment of eye conditions. These devices helps is reducing the treatment time drastically, at the same time offering better quality protection to the patients. It is also proved to be a convenient way of operating for both the ophthalmologists and patients.
Medical device market has witnessed the emergence of ophthalmology devices as one of the leading segment in the market. The market is primarily driven by the rising prevalence of eye diseases with increasing aging population and advancement in ophthalmology devices. The growth is also attributed to the rising expenditure on healthcare, government investments in healthcare and continuous developments and innovations in the medical field. However, factors like lack of healthcare insurance in many developing countries, lack of knowledge about diseases like glaucoma among individuals and poor infrastructure are some of the factors restraining the growth of the market.
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The segmentation of Europe ophthalmology device market is based on the application, devices and disorders. On the basis of application of the devices, the market is divided into various categories as surgery devices, diagnostics & monitoring devices and vision care devices. On the basis of disorders, the market is segmented as Refractor disorders, Cataract, Glaucoma and Vitreo retinal disorder. By devices, the market is categorised as Computerised field analyser and canaloplasty. Based on geography, the European market is divided into regions of United Kingdom, Germany, Italy, France and Spain.
The leading companies in the ophthalmology device industry are Johnson & Johnson, Bausch and Lomb Inc., Abbott Medical Optics Inc., Alcon Inc., Essilor International, HAAG-Streit Group, Hoya Corporation, Nidek CO Ltd., Topcon Corporation, Carl Zeiss Meditec, and Ziemer Ophthalmic System.
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