With growing incidences of chronic illnesses coupled with rising healthcare costs, there is a need for future health systems that would deliver more scalable, accessible, and equitable solutions, that too, while safeguarding the environment. As such, AI-based automation is the buzzword. Image-guided therapy can’t be imagined these days without the intervention of AI. Also, auto-logging various steps of minimally invasive procedures is on the anvil. Virtual collaborations are also seen amongst providers, thereby offering various poignant opportunities. This would be the scenario with healthcare electronics market in the near future.
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 2022, to reach an estimated value of USD 42,685.1 million in 2022.
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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.
The global ophthalmic devices market is anticipated to grow from an estimated USD 29,171.5 million in 2014 to USD 42,685.1 million in 2020 at a CAGR of 6.5% during the forecast period.
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.
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.
Johnson & Johnson, Essilor International, Bausch & Lomb Incorporated, Novartis AG, HOYA CORPORATION and Abbott Laboratories, Inc. are some of the major players of ophthalmic devices market.
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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
Ophthalmic Devices Market, by Geography
North America
- S.
- Canada
Europe
- Germany
- France
- K.
- Belgium
- Spain
- Italy
- Sweden
Asia Pacific
- China
- Australia
- Japan
- India
Rest of the World (Row)
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Key Questions Answered in This Report.
- What will the Market growth rate in Future?
- What are the key factors driving the global Market?
- Who are the key manufacturers in Market space?
- What are the opportunities and threats faced by the vendors in the global industry?
- What are sales, revenue, and price analysis by regions of industry?
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