Ophthalmology field requires medical devices for several functions such as diagnosis, vision care, and surgery. Ophthalmic devices are medical devices used in identification and treatment of ocular defects, and eye disorders. Development of innovative devices and increasing application of technology in the field of ophthalmology has made it possible for the consumers to have a practical and economical solution for various eye-related disorders. Ophthalmic devices are primarily used for treatment of disorders such as vitreoretinal disorders, refractor disorders, and cataract.
Increasing incidence of chronic eye diseases, and technological advancements in ophthalmic devices are key factors driving growth of the global ophthalmic devices market. In addition, increasing demand for advanced surgical and diagnostic instruments, coupled with high acceptance rate for refractive surgeries are major factors expected to fuel growth to the global ophthalmic devices market over the forecast period.
However, high cost of surgical and diagnostic devices is a key factor restraining growth of the global ophthalmic devices market. Additionally, lack of skilled professionals especially in rural regions of emerging economies is a major factor expected to hamper growth of the global ophthalmic devices market to a significant extent.
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The global ophthalmic devices market report has been segmented on the basis of device type, application, end user, and region. On the basis of region, into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
The market in North America dominated the global ophthalmic devices market in terms of revenue share, owing to presence of large geriatric population and increasing number of local ophthalmic device manufacturers. Europe accounted for second-highest market share contribution to the global ophthalmic devices market, followed by Asia Pacific. Markets in emerging economies in the Asia Pacific such as India, Japan and China are anticipated to expand with the highest CAGR of X.X% over the forecast period, owing to presence of a large patient pool, and significant investments made by prominent manufacturers in these regions to gain early momentum.
Some prominent players in the global ophthalmic market include, Essilor International, Johnson & Johnson Vision Care Inc., CIBA Vision Corporation, Solotica Lentes de Contato, Alcon Inc., Bausch & Lomb Incorporated, Abbott Medical Optics Inc., Cooper Vision Inc., Carl Zeiss AG, and Hoya Corporation.
Keywords:Ophthalmic devices market, Market Research