The global ophthalmic devices
market is expected to reach USD 55.5 billion by 2024, according to a new report
by Grand View Research, Inc. The rising geriatric population base is presumed
to propel the need for ophthalmic devices as this age group is more prone
towards the development of chronic eye disorders. The rising prevalence of eye
disorders such as macular degeneration, cataract, diabetic retinopathy and
glaucoma is also boosting the growth of ophthalmic devices.
Approximately 10% of the people
suffering from eye disorders will experience loss of vision in spite of the
proper treatment as per the statistics of the WHO, driving the clinical urgency
to incorporate highly advanced ophthalmic devices. Additionally, the rising
demand for minimally invasive and complication-free operative surgeries is
expected to upsurge the demand for ophthalmic devices.
The ophthalmic devices market
growth can also be attributed to technological advancements such as the
development of intraocular lenses, mydriatic fundus cameras, and OCT devices.
Furthermore, the increasing involvement of market players in expanding
treatment solutions through strategic alliances is expected to present this
market with a potential growth platform. For instance, in May 2016, Bausch
& Lomb through its enterprise partnership with Apple and IBM will develop a
cataract surgery app that would integrate patient data, calculation data, and
records thereby helping cataract surgeons’ work efficiently. The app will be
enabled with IBM’s cognitive computing capabilities to reduce surgical errors.
In depth research report on Ophthalmic Devices Market
Further key findings from the study suggest:
·
The vision care segment
dominated the product segment of the overall ophthalmic devices market in terms
of revenue share at over 78.0%in 2015,owing to its adoption in vision
correction procedures and the rising number of initiatives to promote the
awareness pertaining to vision care
·
For instance, in April 2016,
Alcon announced its support to the “Think About Your Eyes”, which is a public
awareness program. Alcon committed USD 4 million to support this initiative to
promote the awareness pertaining to vision care
·
The diagnostic& monitoring
devices segment is expected to grow at the fastest CAGR at over 7.0% in 2015.
This can be attributed to the fact that diagnosis is an indispensable process
in the treatment of eye disorders and is responsible for contributing towards
the diagnostics & monitoring segment’s growth
·
In 2015, North America
dominated the overall ophthalmic devices market at over 36.0%owing to the
increasing utilization of ophthalmic devices in hospitals and private clinics.
Moreover, subsequent changes in demographic trends, such as a rise in the
geriatric population & unhealthy lifestyles, are presumed to drive the
market in this region. Moreover, high R&D investments in the development of
new products are expected to impel the market growth in North America
·
Asia Pacific is anticipated to
be growing at the fastest CAGR of around 7.0% over the forecast period due to
the presence of untapped opportunities in the emerging economies in China and
India. Moreover, the increasing government initiatives towards healthcare infrastructure;
for instance, in China, healthcare reforms through an initiative called New
Health Care Reform Plan implemented by the Chinese State Council and the
Communist Party of China (CPC) Central Committee is expected to drive growth of
the Chinese regional market.
·
Some key players in this market
are involved in adopting collaborative strategies and indulge in frequent
product approvals to facilitate business and geographical expansions. For
instance, in February 2016, Alcon acquired Transcend Medical, Inc., in a probe
to expand its business in the treatment of glaucoma. This acquisition added
Minimally Invasive Glaucoma Surgical (MIGS) devices to Alcon’s product
portfolio.
Grand View Research has
segmented the ophthalmic devices market on the basis of product and region:
Global ophthalmic devices product outlook (Revenue, USD
Million, 2013 - 2024)
·
Diagnostics & Monitoring
Devices
·
Fundus Camera
·
Optical Coherence Tomography
Scanner
·
Retinoscope
·
Tonometer
·
Pachymeter Ophthalmoscope
·
Biometer
·
Autorefractor
·
Surgical Instruments
·
Refractive Error Surgery
Devices
·
Glaucoma Surgery Devices
·
Cataract & Vitreoretinal
Surgery Devices
·
Vision Care Products
·
Contact Lenses
·
Spectacle Lenses
Ophthalmic devices regional outlook (Revenue, USD Million,
2013 - 2024)
·
North America
·
U.S.
·
Canada
·
Europe
·
UK
·
Germany
·
Asia Pacific
·
Japan
·
China
·
India
·
Latin America
·
Mexico
·
Brazil
·
MEA
·
South Africa
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About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides syndicated
research reports, customized research reports, and consulting services. To help
clients make informed business decisions, the company offers market
intelligence studies ensuring relevant and fact-based research across a range
of industries including technology, chemicals, materials, healthcare and
energy.
For more market analysis reports, please visit: http://www.grandviewresearch.com/
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