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.
New York, NY -- (SBWIRE) -- 01/18/2016 -- Leading market analysis firm Persistence Market Research has published a new market report. Titled 'Global Market Study on Ophthalmic Devices: Asia to Witness Highest Growth by 2020', the report details the historical data regarding the ophthalmic devices market, the present-day condition of the market, and a reliable market projection based on the same. According to the report, the global ophthalmic devices market is expected to exhibit a 6.50% CAGR from 2014 to 2020, growing from a valuation of US$29.2 bn to close to US$42.7 bn within the timeframe.
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Ophthalmic devices refer to a wide variety of devices used to diagnose, study, and treat ocular diseases. The rising incidence of ophthalmic diseases is responsible for the growing demand from the ophthalmic devices market. The major drivers responsible for this are the increasing geriatric population and the increasing prevalence of lifestyle-induced diseases that have an effect on vision, such as hypertension, obesity, and diabetes.
Due to heightening healthcare standards around the world, the global geriatric population has been increasing at a steady rate over the last few decades. With aging, eyesight begins to worsen naturally, necessitating geriatrics to seek medical attention. The growing volume of the geriatric population pool has thus benefited the global ophthalmic devices market.
The prevalence of lifestyle-induced diseases is also higher among geriatrics than in younger demographics. Due to the degenerative effects of aging, conditions such as high blood pressure and diabetes are more likely to occur in older people. Since these diseases often affect the eyes adversely and severely, the chances of geriatrics falling prey to ocular diseases as a result of lifestyle diseases are also higher. As a result, demand from the global ophthalmic devices market is growing.
Technological advancements in ophthalmic devices in recent years have also served to make ophthalmic devices more convenient for medical practitioners and more comfortable for patients, as well as more effective and efficient. This has helped boost the demand from the global ophthalmic devices market, since increasing patient preference has helped generate a virtuous cycle of increasing demand leading to increasing innovation in ophthalmic devices and falling prices of the same, in turn aiding demand.
Lack of awareness, proper ocular care infrastructure, and insurance has held back the global ophthalmic devices market, particularly in developing countries. However, rising involvement of government and private healthcare bodies to promote awareness of ocular disorders has helped keep the ophthalmic devices market on track in recent years. Increasing government support for innovation in ophthalmic devices and improvements in healthcare infrastructure will help the global ophthalmic devices market massively in the coming years.
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Accordingly, Asia is the fastest growing regional segment of the global ophthalmic devices. The growing purchasing power of the Asian middle class has allowed patients to be able to afford advanced ophthalmic surgeries as well as day-to-day devices such as contact lenses. The North America market held a share of more than a third in the global ophthalmic devices market and is expected to continue to be dominant, exhibiting a 6% CAGR from 2014 to 2020.
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