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Ophthalmic Devices Market - Global Industry Insights, Trends, Outlook, and Opportunity Analysis, 2017–2025
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Increasing prevalence of eye disorder is projected to fuel growth of the global ophthalmic devices market
According to the International Journal of Advanced Medical and Health Research 2015, cataract has been reported to be the major cause of blindness, affecting 17-18 million people worldwide, accounting for 39% of such cases. Following cataract, glaucoma is seen to be the second major reason causing blindness among people. According to the Glaucoma Research Organization, over 120,000 people are blind due to glaucoma accounting up to 9-12% of total blind cases. These massive numbers are basically the output of eye disorders prevalence in the geriatric population and changing food habits leading to nutritional deficits in the younger population. The ophthalmic devices can be used in order to treat cataract, glaucoma and several other eye disorders that could propel the global ophthalmic devices market.
Emerging economies of Asia Pacific to boost global ophthalmic devices market growth in the forecast period
Based on regional segmentation, the global ophthalmic devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East and Africa. The North America is accounted to capture highest share in the global ophthalmic devices market owing to innovation and focus on diagnostic devices and surgery applications as well as higher market penetration levels. The emerging economies such as China, India, Japan and Brazil are estimated to gain an early momentum in the market as a result of massive investments by manufacturers.
Governments in developing countries focusing towards eye safety and vision care thereby mushrooming the global ophthalmic devices market
The annual rise in the prevalence of eye disorders such as cataract, glaucoma and macular degeneration are the major drivers of the global ophthalmic devices market. Several other factors that are responsible to bolster the growth of ophthalmic devices market includes advent of technologically advanced minimally invasive surgery, rise in geriatric population and demand for surgical and diagnostic instruments. The growing occurrence of eye disorders in children will also add up to fuel the market growth. The governments in developing countries supporting to establish sophisticated healthcare infrastructure and eye care centers will in turn favor growth of the global ophthalmic devices market. However, the inadequate awareness among the developing nations regarding vision care and treatments related to eye disorders can inhibit the market growth.
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The global ophthalmic market is very vast, rapidly growing as well as highly competitive. Some of the major players operating global ophthalmic market are Johnson and Johnson, Novartis AG, Bausch & Lomb Inc., Essilor International, Abbott Laboratories Inc., VisionCare Inc., Hoya Corporation, Canon Inc., Carl Zeiss AG, Topcon Corporation, Nidek Co Ltd., CooperVision AG and Alcon Inc. The players are sustaining their prime position in the global ophthalmic devices market due to consistency in launching of new ophthalmic devices and eye care products. Alongside, several other new entrants may also create growth opportunities and enhance the growth of the global ophthalmic devices market.
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