The Latin America Ophthalmology device market in 2016 is a $3.45 billion market and is forecasted to reach $4.47 Billion by the year 2021 with a significant growth rate of 5.3% in the forecast period. The Ophthalmology devices industry is a key growth area in the medical world with an increasing demand for solutions to improve the lives of millions of people. The increasing prevalence of aging population and various ocular diseases has created tremendous opportunities in the global ophthalmic 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 is the branch of medicine that deals with diseases that are related to eyes, anatomy and physiology. Ophthalmology devices include surgical devices which are used primarily for treating conditions relating to eye. The ophthalmology devices are a tremendous help in optimising the treatment process for eyes making it more convenient for both ophthalmologist 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 Latin America ophthalmology device market is studied under various segments based on the disorders, applications and devices. Based on application, the market is categorised as surgery, vision care and diagnostics & monitoring devices. By type of disorders, the market is analysed under Cataract, Vitero retinal, refractor disorder and glaucoma. On the basis of devices, the market is segmented as canaloplasty device and computerised field analyser. Based on geography, Asia-Pacific market is segmented as Brazil, Mexico and Argentina.
The leading companies in the ophthalmology device industry include Johnson & Johnson, Abbott Medical Optics Inc., Carl Zeiss Meditec, Hoya Corporation, Essilor International, Alcon Inc., Topcon Corporation, HAAG-Streit Group, Ziemer Ophthalmic System, Bausch and Lomb Inc. and Nidek CO Ltd.
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