The Asia Pacific Ophthalmology Device Market which is a $5.52 billion market in 2016 is poised to reach $7.56 Billion by 2021 with an impressive CAGR of 6.5% in the forecasted period
The ophthalmology device market is one of the key growth area in the medical device industry with a rising demand for better quality healthcare services to improve millions of lives. Ophthalmic devices primarily include glaucoma, refractive and cataract surgical devices among others. With rising awareness and fast approvals, the growth is most likely to sustain the coming years.
Ophthalmology devices encompasses surgical devices which are mainly used in treating infections and conditions relating to vision. The use of ophthalmology devices in surgeries has turned it possible for reducing time in treatment significantly while providing better eyesight care. They also provide help in making the process of dealing with eyes far more convenient for ophthalmologists and patients..
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Ophthalmology Market: Drivers & Restraints
Owing to its advantages over its counter parts, Ophthalmology device market is currently among the faster growing segments in the medical device market. The surge in demand is mainly attributed to the technological innovations, growing prevalence of eye diseases and aging population. The market is also aided by a host of other factors that include rising expenditure by governments and people on healthcare, increasing funding from government and continuous improvements in the field of medicine have all contributed positively to the ophthalmology market. However, there are a few hurdles, the market has to overcome for its healthy growth which include lack of insurances for healthcare in the developing countries, lack of knowledge about diseases like glaucoma and poor infrastructure in healthcare.
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Ophthalmology Market : Segmentation
- diagnostics & monitoring devices
- surgery devices
- vision care devices
By Disorders Type
- Refractor disorders
- vitreo retinal disorder
- Canaloplasty devices
- Computerized field analyser
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Ophthalmology Market: Overview
Currently, the ophthalmology device market is a key growth area in the medical device market with rising demand for solutions, improving the lives of millions of people. The growth rate is likely to sustain in the years to come with rising prevalence of various ocular diseases and aging population. With the introduction of cataract, glaucoma, refractive surgical devices among others has heaped tremendous opportunities in the future market.
Ophthalmology Market: Region-wise Outlook
Geographically, the market is segmented into the regions of Asia-Pacific, Europe, Latin America, North America and Middle East and Africa. Latin America dominated the global market for Ophthalmology in 2015 owing to the emergence of Latin American countries as Agricultural Powerhouses. The herbicide ban movement in EU will probably lead to slow market growth in this segment. Also, Canada, Sri Lanka, Brazil, and the Netherlands are also expected to impose restrictions or bans on glyphosate, the main ingredient in Monsanto’s Roundup weed killer, the most heavily used pesticide in the United States, which might also restrict market growth, but the rising use of bio-Ophthalmology and the new organic products being developed might be the salvation the market needs
Key Questions Answered
- What is the current and future Ophthalmology market outlook in North America? What trends are affecting the North American market?
- What is the competitive landscape and market share of major players in the Ophthalmology market in Latin America?
- What are the key market segments that currently occupy the highest market share? Which market segments are growing the fastest?
- What challenges are restraining the growth of the Ophthalmology market? How will emerging technologies answer these challenges?
- When will Bio-Ophthalmology start becoming as easily available as synthetic ones?
- Which countries will be next to ban Synthetic Ophthalmology? And how will it affect the market?
Ophthalmology Market: Key Players
The leading shareholders of the ophthalmology device market are Bausch and Lomb Inc., Abbott Medical Optics Inc., Alcon Inc., Johnson & Johnson, Carl Zeiss Meditec, Essilor International, Nidek CO Ltd., Hoya Corporation, Topcon Corporation, HAAG-Streit Group, and Ziemer Ophthalmic System.
Reasons to buy Ophthalmology 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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