Ophthalmic Devices Market will achieve 3.7% CAGR up to 2024

Japan ophthalmic devices market dominated the Asia Pacific region and was valued over USD 3,877.3 million in the year 2017 owing to rise in geriatric population in the country and growing prevalence of ophthalmic disorders.

Argentina ophthalmic devices market is estimated to expand at a CAGR of 4.5% over the forecast period. According to the recent research prevalence of blindness and other ophthalmic disorders such as cataract, age-related macular degeneration and glaucoma is high in Argentina. High prevalence of eye disorders along with rise in awareness among the country population regarding ophthalmic treatment will increase the demand and adoption of ophthalmic devices in country.

Global Ophthalmic Devices Market will surpass USD 53.5 billion by 2024; according to a new research study published by Global Market Insights, Inc. Recent technological advancements have resulted in rapid transformation in ophthalmology in developed regions of North America and Europe over the past several years. Aging population in the developed regions do not have to face blindness and in fact can treat it with the help of advanced technologies that are available in the region. Increase in awareness among the people and technological progress in the treatment of eye diseases in the region has led to significant advancement and has accelerated the demand and ophthalmic devices market growth.

Shortage of human resources for operating ophthalmic devices will restraint the market growth. The high burden of lack of skilled labors is borne by developing regions of sub-Saharan Africa, Latin America and some parts of Asia. According to the recent survey, the shortage of healthcare workers is estimated to reach around 13 million by 2035 from 7.2 million in the year 2017. Hence, lack of skilled labors will affect the growth of ophthalmic devices market growth.

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The ophthalmic diagnostic and monitoring devices industry valued USD 7.4 billion in the 2017. Increase in number of eye disorders such as refractive error, visual impairment and blindness will lead to growing demand for diagnostic and monitoring devices. According to the World Health Organization, around 235 million people live with visual impairment, over 36 million are completely blind and approximately 217 million have moderate level visual impairment. High rate of undiagnosed patient with limited access to treatment will boost the ophthalmic devices business growth in the forthcoming years.

The sales of surgical devices accounted for USD 9.7 billion in the year 2017. According to American Academy of Ophthalmology, around 24 million Americans have cataract and over 2 million cataract surgical procedures are conducted annually in the Unites States. Increase in number of ophthalmic surgical procedures such as cataract, glaucoma, refractive error, etc. will result in growing demand and adoption rate of surgical devices thereby, propelling the business growth.

The use of ophthalmic vision care products among the consumers is projected to witness lucrative growth at a CAGR of 3.7% during the forecast period. Increase in number of people opting for eye treatment has increased the demand and adoption rate of the contact lenses and spectacles and will augment the vision care products market growth over the projection period.

Germany ophthalmic devices market valued over USD 2.6 billion in 2017. According to the recent research and based on demographic trend in Germany, rise in prevalence of eye disorders will increase the demand for ophthalmic devices.

China ophthalmic devices market is estimated to expand at a CAGR of 4.5% during the foreseeable future. Vision loss due to eye diseases is one of the major health problem in China, affecting the quality of life. Also, high rate of eye diseases such as cataract and glaucoma will result in increase in demand and adoption rate of ophthalmic devices in future.

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Some of the leading players in the ophthalmic devices market include Essilor International, Johnson and Johnson Vision Care, CooperVision AG, Bausch and Lomb, Hoya, Nidek, Topcon, Alcon, Carli Zeiss and Cannon. These companies mainly focus on strategic decisions to increase the research and development investment. Merger and acquisitions have increased the capabilities of the companies and increase their efficiency to sustain in the market by providing better solutions.

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Name: Arun Hegde
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Organization: Global Market Insights, Inc.
Website: https://www.gminsights.com/pressrelease/ophthalmic-devices-market

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