A recent report published by Infinium Global Research on ophthalmology devices market provides an in-depth analysis of segments and sub-segments in global as well as regional ophthalmology devices market
Pune, India -- (SBWIRE) -- 01/16/2020 -- A recent report published by Infinium Global Research on Ophthalmology Devices Market (Devices - Surgical Devices, Vision Care, and Diagnosis Devices; Application - Optical Retail Centers, Hospitals and Ophthalmology Clinics, and ASCS): Global Industry Analysis, Trends, Market Size and Forecasts to 2024. According to the report the global ophthalmology devices market is projected to grow at a CAGR of 5.8% over the forecast period of 2018-2024.
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Ophthalmology Devices Market: Insights
Ophthalmology is a branch of medical sciences that deal with the medicine and surgery of the eye. The medical devices used in the identification and treatment of certain visual irregularities and deficiencies of the eyes is known as ophthalmic devices. The importance and adoption of these devices are increased owing to the high incidence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues. Depending on product function and use, ophthalmic devices are categorized into surgical, diagnostic and vision care ophthalmic devices.
Growing Adoption of Contact Lenses and Spectacles and Change in Lifestyle are Some Other Factors that will Propel the Growth of the Industry
The demand for ophthalmic devices is anticipated to be increasing significantly over the forecast period. The increasing application of developed technology and innovation in devices of ophthalmology has provided useful and economical solutions for various eye-related disorders such as refractor disorders, vitreoretinal disorders, and cataracts to the customer. Chronic eye diseases are the main reason for vision loss. The increasing prevalence of eye diseases among the age group is likely to boost growth in the market. In 2017, WHO estimated that 253 million people live with vision impairment, 36 million are blind and 217 million have moderate to severe vision impairment. Growing adoption of contact lenses and spectacles and change in lifestyle are some other factors that will propel the growth of the market in the coming years. On the other hand, the cost of ophthalmology devices is high and the use of refurbished ophthalmic devices is increased thus hampering the growth of the market. In addition, lack of awareness about various eyes disease among the people will restrain the growth of the market.
North America is expected to be the Largest Market Share
North America is expected to be the largest market for ophthalmology devices followed by Europe. There is intense competition between North America and the European region. The presence of developed healthcare infrastructures coupled with the ing geriatric population and rising incidence of chronic eye conditions are likely to boost the growth in this region. The Asia-Pacific is expected to grow faster due to improvement in healthcare infrastructure, the growing occurrence of eye disorders such as glaucoma, and raising awareness among patients.
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Mergers & acquisitions, product launch, and geographical expansions to maintain market position are the key strategies of the leading players in this market. For instance, in 2016, Alcon, Inc. signed a partnership agreement with PowerVision, Inc., to focus on the development of fluid-based implants.
Ophthalmology Devices Market: Segmentation
The report on the al ophthalmology devices market covers segments such as devices and applications. On the basis of devices the global ophthalmology devices market is categorized into surgical devices, vision care, and diagnosis devices. On the basis of application the global ophthalmology devices market is categorized into optical retail centers, hospitals and ophthalmology clinics, and ASCS.
Ophthalmology Devices Market: Competitive Landscapes
The report provides profiles of the companies in the global ophthalmology devices market such as Carl Zeiss Meditec AG, Abbott Medical Optics, Inc., Bausch & Lomb, Inc., Alcon, Inc., Haag-Streit, Johnson & Johnson, Essilor International S.A, Nidek Co. Ltd, Topcon Corporation and Others.
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