The global ophthalmic devices market accounted for USD 31.2 billion in 2015 and is anticipated to grow at a CAGR of over 6.0% over the forecast period. The rising prevalence of eye diseases, such as glaucoma, cataract, macular degeneration, and diabetic retinopathy, is anticipated to propel the ophthalmic devices market over the forecast period.
Consequentially, the increased demand for surgical and diagnostic instruments in these target applications is presumed to bolster the growth of the ophthalmic devices market. The geriatric population base is widening and is more susceptible towards developing eye diseases. This is further anticipated to widen the base for the ophthalmic devices market growth.
North America ophthalmic devices market share, by product, 2013 - 2024 (USD Million)
The advent of technological advanced minimally invasive surgeries, such as LASIK surgery, is presumed to accelerate the demand for ophthalmic devices during the forecast period. Advanced surgical procedures such as multi-wavelength diabetic retinopathy treatment, ultrasound phacoemulsification, and femtosecond laser surgery are expected to increase usage rate of these equipment.
The aforementioned surgeries are accompanied with better patient outcomes that include faster recovery rates, increased acceptance towards refractive surgeries, and improved safety profile. These are anticipated to drive the demand for ophthalmic devices over the forecast period.
The vision care product segment held a substantial market share of over 78.0% in 2015 as a consequence of the increasing adoption of spectacles and contact lenses coupled with the rising number of retail chain stores, optometrists, and opticians involved in providing vision care services to the consumer base.
The spectacle lenses sub-segment held a substantial share of over 51.0% of the vision care segment in 2015. The rising number of preventive measures for vision as a consequence of the rising prevalence of stress-induced eye disorders is presumed to promote the use of anti-glare spectacle lenses, thus contributing towards the growth of the ophthalmic devices.
The diagnostics & monitoring segment is anticipated to exhibit a lucrative CAGR of over 7.0%during the forecast period. This can be attributed to the availability of a wide range of diagnostic instruments coupled with the presence of a large number of optometrists and ophthalmologists providing clinical services to treat a broad range of ocular disorders. Moreover, the diagnosis being an indispensable process in the treatment of eye disorders is responsible for contributing towards the diagnostics & monitoring segment growth.
In 2015, North America held a substantial share in the ophthalmic devices market with a share of over 36.0%.The rapidly growing geriatric population base and the rising prevalence of chronic eye conditions as a consequence of high stress and unhealthy lifestyles result in diabetes retinopathy, which are high impact rendering drivers for the industry.
Additionally, the incorporation of new reimbursement models for ophthalmologic treatments in this region and the stringent regulatory framework that are aimed towards patients’ safety are expected to drive the demand for ophthalmic devices in this region. For instance, Patient Protection and Affordable Patient Protection and Affordable Care Act (PPACA) and Medicare Shared Savings Program catering to the ophthalmic needs of the regional patient base.
The Asia Pacific ophthalmic devices market is anticipated to grow at the fastest CAGR of 7.0% over the forecast period owing to the rapidly improving healthcare infrastructure, rising prevalence of eye disorders such as glaucoma, and increasing awareness of patients towards it.
The growth can be attributed to the increasing outsourcing activities for ophthalmology devices by key industry players, such as Alcon, Inc., thus, exerting an overall positive impact on this region’s growth. Moreover, the increasing awareness pertaining to the advanced corrective vision treatments is a key growth driving factor for emerging economies such as China and India.
Some key players of the ophthalmic devices market include Abbott Medical Optics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Bausch & Lomb, Inc., Haag-Streit, Topcon Corporation, Johnson & Johnson, Essilor International S.A., Ziemer Ophthalmic Systems AG, Nidek Co. Ltd.
These industry players are indulging in strategies, such as entering into mergers & acquisitions, product launch, and geographical expansions, to capture a larger share of the industry. For instance, in April 2016, Alcon, Inc. entered into a strategic partnership with PowerVision, Inc., which focused on the development of fluid-based implants. This enabled the company to strengthen its product portfolio and to gain more industry share. Furthermore, an expansion in the product pipeline as a consequence of high R&D investment strategies is employed by these companies.
Avail customized purchase options to meet your exact research needs:
Get your queries resolved from an industry expert.
Design an exclusive study to serve your research needs.
A testimonial for service in the form of BBB "A" Accreditation.
Your personal and confidential information is safe and secure.
"The quality of research they have done for us has been excellent..."
With Covid-19 infections rising globally, the apprehension regarding a shortage of essential life-saving devices and other essential medical supplies in order to prevent the spread of this pandemic and provide optimum care to the infected also widens. In addition, till a pharmacological treatment is developed, ventilators act as a vital treatment preference for the COVID-19 patients, who may require critical care. Moreover, there is an urgent need for a rapid acceleration in the manufacturing process for a wide range of test-kits (antibody tests, self-administered, and others). The report will account for Covid19 as a key market contributor.