Ophthalmic Devices Market: Rising Geriatric Population Increases a Large Number of Eye Disorder Occurrences
Rising geriatric population is highly responsible for an upward trend in the global ophthalmic devices market. Thus is mainly because of the tendency of old aged people to develop eye-related problems such as cataracts, glaucoma, and dry-eye ailment, among many others. Heavy investments made by various companies in North America and Asia Pacific to develop highly efficient ophthalmic devices is another factor boosting the market’s growth. Such continuous advancements are directly associated with a pronounced need to use quality devices for treatment purposes in healthcare centers.
However, high costs of these devices is a key restraint to the global ophthalmic devices market’s growth. Such high costs come into picture mainly while the devices are being exported. Lack of skilled work force mainly in remote regions and rural, underdeveloped areas in emerging economies is hindering the market too. Nonetheless, price regulations of these devices is gaining a remarkable focus from chief device manufacturing companies. This is surely expected to offset some of the hindrances up to a certain level.
The global ophthalmic devices market gained a valuation in US$12.92 bn in 2011, which is further is anticipated to reach up to US$18.28 by 2018. This rise is estimated to occur at a healthy CAGR of 5.10%. These numbers indicate that the market could surely rise to showcase a spectacular revenue collection until the end of the forecast period in 2024.
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The global ophthalmic devices market is segmented on the basis of application, device type, disorder, and region. Under application, diagnosis, surgery, and vision care devices are three key segments. On the basis of device type, retinscopes, scanning laser polarimetry devices, spectacles, contact lenses, refractors, lens cleaning and disinfecting solutions, phoropters, and ophthalmoscopes, are prime segments. With respect to the disorders, vitreo retinal ailments, glaucoma, vision care, refractor disorders, and cataract are chief segments.
Geography-wise, the global ophthalmic devices market is spread across North America, Europe, South America, and Rest of the World. Of these, North America held a maximum share compared to others owing to the presence of well-established local as well as multinational companies in the market. A strong healthcare framework set up in most leading countries in North America mainly in the field of eye-care has also lead this region to showcase an amazing growth. Apart from North America, leading countries such as China, India, and Japan from Asia Pacific depict rising investments from numerous prominent manufacturers. In this way, Asia Pacific is also expected to showcase a fantastic performance in terms of market lucrativeness in the near future.
The global ophthalmic devices market majorly depicts a significantly consolidated scenario, owing to a handful of players grabbing a large chunk of the market shares. Prominent players such as Alcon, Carl Zeiss, and Abbott Medical Optics dominate this market, with respect to maximum revenue gained. Most companies are adopting strategies such as improving online marketing, bringing forth product differentiation, and price regulations, to stay abreast of their competitors. Formation of strategic alliances among companies is also expected to witness a surge in the next few years, on account of several new entrants in the market. Johnson & Johnson Vision Care Inc., CIBA Vision Corporation, Cooper Vision Inc., Hoya Corporation, Solotica Lentes de Contato, Bausch & Lomb Incorporated, and Essilor International, are some of the other prime competitors operating in the global ophthalmic devices market.
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