The global Ophthalmic Devices Market is on the verge of witnessing a drastic In Upcoming Years. The digital renaissance is dictating the terms for the industry. AI-powered data core is being used for delivering insights. Also, the virtual workforce is being developed with a transfer of digital skills, that too, from a plethora of innovative ecosystems and industries. Conversational AI is being deployed for helping the end-users with timely feedback. This trend is bound to take the overall industry at a greater stride in the upcoming period.
According to a new market report published by Persistence Market Research “Global Market Study on Ophthalmic Devices: Asia to Witness Highest Growth by 2020,” the global ophthalmic devices market was valued at USD 29,171.5 million in 2014 and is expected to grow at a CAGR of 6.5% from 2014 to 2020, to reach an estimated value of USD 42,685.1 million in 2020.
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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.
Some of the major players in the global ophthalmic devices market:
- Johnson & Johnson.
- Essilor International.
- Bausch & Lomb Incorporated.
- Novartis AG.
- HOYA CORPORATION.
- Abbott Laboratories, Inc.
- Other.
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Age-related eye diseases, such as glaucoma, cataract, diabetic retinopathy, and age-related macular degeneration, are the leading causes of visual impairment and blindness in North America. 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.
In Europe, increasing prevalence of chronic eye diseases among the rising aging population is becoming a challenge for the European healthcare system. In France, the number of age-related macular degeneration cases was 0.3 million in 2000 and it is anticipated to increase by 0.5 million in 2020.
However, glaucoma, cataract, and diabetic retinopathy are the major causes of blindness in Asia. Cataract can be held responsible for 50% to 80% of all cases of blindness in Southeast Asia. The prevalence of age-related macular degeneration is also increasing in Asia due to increase in life expectancy and rising incidence of diabetes among the younger population. As per the Centre for Eye Research Australia, prevalence of diabetic retinopathy among people ranged between 17% and 22% in India and 43.1% in rural China in 2012.
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The ophthalmic devices market is segmented as follows:
Ophthalmic devices market, by type
- Vision care devices
- Surgery devices
- Diagnostic devices
Ophthalmic devices market, by vision care devices
- Contact lenses
- Spectacle lenses
Ophthalmic devices market, by surgery devices
- Cataract surgery devices
- Glaucoma surgery devices
- Refractive error surgery devices
- Vitreoretinal surgery devices
Ophthalmic devices market, by diagnostic devices
- Optical coherence tomography scanners
- Fundus cameras
- Tonometers
- Ophthalmoscopes
- Retinoscope
- Pachymeter
- Wavefront aberrometers
- Corneal topographers
- Biometers
- Keratometers
- Visual field analyzers
- Specular microscopes
- Autorefractors
- Ophthalmic ultrasound imaging systems
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