Ophthalmology is the branch of medical science that deals with the management and study of anatomy, physiology, and diseases related to the human eye. Globally, the incidence of eye disorders and vision loss are becoming major public health issues. Some of the major eye diseases include age-related macular degeneration, glaucoma, cataract, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors. Ophthalmic devices are medical devices used to identify ocular defects or deficiencies and treat eye disorders. Ophthalmic technology is constantly developing for the better treatment for eye diseases and restoration of vision, resulting in more people opting for ophthalmic surgeries to rectify eye-related disorders.
Increasing prevalence of eye-related disorders, such as macular degeneration and diabetic retinopathy; globally aging population and rising government initiatives towards healthcare infrastructure in developing countries are the key driving factors for the global ophthalmic devices market. In addition, increasing prevalence of lifestyle-associated diseases, such as diabetes and high blood pressure are also fueling the growth of the market. In future, increasing use of intraocular lenses and phacoemulsification devices in emerging countries would provide opportunities to new entrants, which would further propel the growth of the global ophthalmic devices market.
On the other hand, general lack of awareness among people about eye disorders and poor primary healthcare infrastructure coupled with lack of healthcare insurance are major factors restraining the global ophthalmic devices market. In addition, rising healthcare cost in developing countries, such as India and China, is hampering affordability of healthcare facilities among the aging population. Majority of the population does not have access to primary healthcare services, attributable to poverty and absence of health insurance.
North America dominates the global market for ophthalmic devices due to large number of age-related eye diseases, such as glaucoma, cataract, diabetic retinopathy, and age-related macular degeneration, are the leading causes of visual impairment and blindness. Asia is to show high growth rates in the next five years in the global ophthalmic devices market. China and India are expected to be the fastest growing ophthalmic devices markets in Asia-Pacific region. Some of the key driving forces for ophthalmic devices market in emerging countries are large pool of patients and rising government initiatives and support.
This report provides in-depth analysis and estimation of the global ophthalmic devices market for the period 2014 to 2020, considering 2013 as the base year for calculation. In addition, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report. The global ophthalmic devices market is categorized on the basis of type and geography. Based on type, the ophthalmic devices market comprises vision care devices, surgery devices, and diagnostic devices. Vision care devices comprise spectacle lenses and contact lenses. Diagnostic devices comprise optical coherence tomography scanner, slit lamp, fundus camera, visual field analyser, tonometer, retinoscope ophthalmoscope, and others. On the basis of geography, the report identifies and analyses market size and forecast of North America, Europe, Asia, and Rest of the World (RoW).
Globally, the ophthalmic devices market is witnessing significant growth due to increasing prevalence of eye disorders, such as diabetic retinopathy and macular degeneration. In addition, growing global aging population, increasing government initiatives towards healthcare infrastructure in developing countries, and increasing incidence of lifestyle-associated diseases are also driving the growth of the market. However, lack of awareness among people about eye disorders, poor primary healthcare infrastructure, and lack of insurance in developing countries hamper growth of the global ophthalmic devices market. In addition, eye diseases in children are also increasing due to the general lack of awareness.
The global ophthalmic devices market is anticipated to grow from an estimated USD 29,171.5 million in 2014 to USD 42,685.1 million in 2020 at a CAGR of 6.5% during the forecast period.
North America is the largest market for global ophthalmic devices. Vision care devices are the most used type of ophthalmic devices, spectacles lenses are the most used type of vision care ophthalmic device and cataract surgery devices are the most popular type of ophthalmic surgical device. In terms of growth, Asia is the fastest growing region; ophthalmic surgical devices make for the fastest growing type of devices, while contact lenses make for the fastest growing type of vision care ophthalmic devices.
The North American market is anticipated to grow from an estimated USD 11,450.6 million in 2014 to USD 16,242.8 million in 2020, growing at a CAGR of 6% during the forecast period.
Some of the major players in the global ophthalmic devices market:
These key market players of ophthalmic devices market have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.