A recent report published by Allied Market Research states that the global ophthalmic devices market generated $46.02 billion in 2015 and is expected to reach $62.11 billion by 2022, registering a CAGR of 4.3% during the forecast period, 2016-2022.
The growth of the global ophthalmic devices market is driven by increasing prevalence of eye-related diseases such as glaucoma & cataract, rapid technological advancements in ophthalmology, and high adoption of digital devices worldwide. However, low awareness regarding eye related diseases and lack of skilled professionals impede market growth. Nonetheless, programs and initiatives worldwide to reduce the burden of eye-related diseases would provide lucrative opportunities to emerging market players in the near future.
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The report segments the global ophthalmic devices market based on product function and geography. Based on product function, the report further segregates the market into ophthalmic surgical devices, ophthalmic diagnostic devices, and ophthalmic vision care devices. The ophthalmic surgical devices segment is expected to grow at the fastest rate during the forecast period.
Under the umbrella of the ophthalmic surgical devices segment, the cataract surgery devices sub-segment accounted for the major share and is expected to continue its dominance throughout the forecast period. This segment is expected to grow at a CAGR of 4.8% during 2016-2022, owing to the high prevalence of cataract worldwide. Regionally, North America accounted for nearly one-third of the global market in 2015, due to the high prevalence of various eye diseases in the region.
The report also profiles key players involved in the global ophthalmic devices market, such as Novartis AG, Carl Zeiss Meditec AG, Essilor International S.A., HAAG-Streit Holding AG, Johnson & Johnson, Nidek Co., Ltd., Topcon Corporation, Valeant Pharmaceuticals International, Inc., Hoya Corporation, and Ziemer Ophthalmic Systems AG. They have adopted various strategies such as mergers & acquisitions, collaborations, partnerships, and others to gain a strong position in the industry.
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