Global Ophthalmic Devices Market to Reach US$43 billion in 2020 by Persistence Market Research

According to the American Academy of Ophthalmology, approximately 22 million Americans aged 40 and above were affected by cataract and 2.3 million Americans were affected by glaucoma in 2011.

As per the latest market report published by Persistence Market Research, titled “Global Market Study on Ophthalmic Devices: Asia to Witness Highest Growth by 2020”, this market stood at US$29,171.5 million in 2014, and is predicted to expand at a 6.5%% CAGR between 2014 and 2020, to reach US$42,685.1 million in 2020.

As per the report, the rising prevalence of ocular disorders such as diabetic retinopathy and macular degeneration, increasing initiatives by several governments on improving the healthcare infrastructure in emerging economies, and the global rise in geriatric population count as the major factors driving the market for ophthalmic devices. Additionally, the rise in diseases such as high blood pressure and diabetes are also stimulating the growth of the ophthalmic devices market. Furthermore, technological developments in ophthalmology devices and rise in the acceptance of surgical procedures related to the diagnosis as well as treatment are also fuelling the demand for these devices, as per this market research report.

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Nonetheless, there are some factors that impede the growth of this market, such as poor quality of healthcare infrastructure in emerging economies, shortage of healthcare insurance, and inadequate awareness amongst people. Furthermore, the report states that the increasing healthcare expenditure in emerging countries such as China and India is making healthcare facilities too expensive for the aging population and this is the reason why a significant proportion of the population are unable to make use of the basic healthcare services.

The report segments the market into three major types of devices, namely vision care devices, diagnostic devices, and surgery devices.

Vision care devices are expected to be the most extensively used devices in the forecast period. These devices are categorized into spectacle lenses and contact lenses. Amongst these, spectacle lenses are the most commonly utilized vision care ophthalmic devices. On the other hand, contact lenses are the most rapidly growing vision care ophthalmic devices, due to their greater convenience to the user and lack of a major change in the user’s visual appearance.

Surgery devices have been categorized into four major devices, namely glaucoma surgery devices, cataract surgery devices, vitreoretinal surgery devices, and refractive error surgery devices. Amongst these, cataract surgery devices are among the most prevalent type of devices.

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Diagnostic devices have been categorized into fundus cameras, ophthalmoscopes, pachymeters, corneal topographers, visual field analyzers or perimeters, ophthalmic ultrasound imaging systems, auto refractors, specular microscopes, optical coherence tomography scanners, slit lamps, ophthalmoscopes, tonometers, pachymeter, biometers, and wavefront aberrometer.

In terms of geography, the report evaluates the global ophthalmology devices market on the basis of the performance of the market in four major regions,namely Europe, North America, Asia, and the Rest of the World (RoW). Amongst these, North America led the global market for ophthalmic devices owing to a huge number of diseases that are age-related, namely cataract, glaucoma, and diabetic retinopathy. The North America ophthalmology devices market stood at US$11,450.6 million in 2014 and is expected to reachUS$16,242.8 million in 2020, expanding at a 6% CAGR from 2014 to 2020.

Essilor International, Johnson & Johnson, Bausch & Lomb Incorporated, Hoya Corporation, Abbott Laboratories, Inc., and Novartis AGare amongst the most prominent players in the global ophthalmic devices market.

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