The Ophthalmic Devices Market to Concede To the Wave of Digitization

The Ophthalmic Devices Market is expected to grow on a vigorous note shortly. Though telemedicine has turned out to be an easily accessible service, proper amalgamation with therapy decisions is of utmost importance. At-home lab tests are a good by-product of telehealth. Remote monitoring and diagnosis are cost-effective. It also saves on downtime. So, saving on time and investing in convenience would be one of the trends of the healthcare vertical in the years to come.

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.

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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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