Summary of the Ophthalmology Devices Market - Key Drivers, Device Types, and Market Trends
Published On : Jul 28, 2014
Ophthalmology devices market is supported by the optometry market. Optometrists are also referred as eye doctors. Though, ophthalmologists and optometrist are similar in the subject area, there is a marked difference between both. An optometrist performs basic eye examination and provides the patient with a fit prescription of contact lenses or glasses. An optometrist can analyze various serious eye problems, but cannot provide the treatment for these conditions. Providing treatment is the job of an ophthalmologist.
However, most ophthalmology practicians focus on providing preventative care for the patient. They focus on getting to the root of the eye disorder, rather than just providing devices which correct the vision of the patient. Ophthalmologists provide treatment and preventive care for the patients, due to which there are many devices/instruments which the field of ophthalmology employs. Ophthalmology practicians often have a certain niche market which they work in. Some ophthalmologists specialize in pediatric eye care or geriatric eye care, while some focus on treating specific eye disorders such as glaucoma. Almost all eye surgeons are ophthalmologists, even if they tend to work in a hospital, outside of private practice.
Ophthalmology Devices Market Key Drivers
The ophthalmology devices industry is experiencing growth due to the geriatric population and increased focus on healthcare. The elderly population is more susceptible to developing eye-related medical conditions. Hence, the elderly population is the target consumer base of most manufacturers of ophthalmology devices.
The ongoing technological advancements in the clinical field also contribute to the development of modern devices. Funding from various private individuals and government agencies worldwide also fuels the growth the market. Increasing incidences of ocular disorders also supports the growth of the ophthalmology devices market.
The U.S. Centers of Disease Control and Prevention (CDC) stated in 2013, that there were around 20.5 million Americans above 40 years of age that were affected by cataract. The federal government spent around USD 3.4 billion on the treatment of cataracts through Medicare.
Types of Products in the Ophthalmology Devices Market
The ophthalmology devices market according to disorders is categorized into four major segments which are cataract, refractor disorders, glaucoma, and vitreoretinal disorders. According to application, the ophthalmology devices market is categorized into diagnosis, vision care devices, and surgery.
The segmentation of the ophthalmology devices market according to devices is fragmented and it includes low-end to high-end devices which are canaloplasty device, contact lens, glaucoma drainage device, iris retractors, ophthalmoscope, phoropter, retinoscope, slit lamp, spectacle lens, computerized field analyzer, contact lens clearing and disinfecting solution, intraocular lens, ophthalmic lasers, optical coherence tomography device, refractor, scanning laser, polarimetry device, tonometers, viscoelastics devices, and vitreoretinal surgery packs.
Global Ophthalmology Devices Industry Insights
Geography-wise, the market for ophthalmology devices is categorized into five zones which are North America, Europe, Asia Pacific, Latin America, and Rest of the World. Currently, the U.S. market holds the largest market share across all the segments in the industry, which is followed by U.K. North American zone in the year 2012, had a market share worth of USD 8,037.9 million, which was followed by 29.4% market share held by Europe.
These two western markets for ophthalmology devices are going through fierce competition because of high growth in eye care devices market sector and intense concentration of manufacturers of ophthalmology devices. Emerging economies in the world are experiencing high growth in the ophthalmology devices market, due to investment of several manufacturers in the industry. Asia Pacific is estimated by a market intelligence company to grow at 8.9% CAGR, during 2013 - 2019.
Some of the leading key manufacturers in the ophthalmology devices market are Alcon Laboratories, Bausch & Lomb and Carl Zeiss Meditec AG, Topcon Corporation, Hoya Corporation, Nidek Corporation, and others.
According to market intelligence company, the ophthalmology devices market has a market value of USD 26,012.6 million in the year 2012. During the forecast period of 2013 to 2019, with a 6.6% compound annual growth rate, this industry will reach a market value of USD 40,381.6 million in the year 2019.