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.
Albany, NY -- (SBWIRE) -- 01/27/2016 -- Ophthalmology is the branch of medical science that deals with the management and study of anatomy, physiology, and diseases related to the human eye. Globally, the incidence of eye disorders and vision loss are becoming major public health issues. Some of the major eye diseases include age-related macular degeneration, glaucoma, cataract, bulging eyes, diabetic macular edema, ocular hypertension, retinal detachment, uveitis, and refractive errors. Ophthalmic devices are medical devices used to identify ocular defects or deficiencies and treat eye disorders. Ophthalmic technology is constantly developing for the better treatment for eye diseases and restoration of vision, resulting in more people opting for ophthalmic surgeries to rectify eye-related disorders.
Increasing prevalence of eye-related disorders, such as macular degeneration and diabetic retinopathy; globally aging population and rising government initiatives towards healthcare infrastructure in developing countries are the key driving factors for the global ophthalmic devices market. In addition, increasing prevalence of lifestyle-associated diseases, such as diabetes and high blood pressure are also fueling the growth of the market. In future, increasing use of intraocular lenses and phacoemulsification devices in emerging countries would provide opportunities to new entrants, which would further propel the growth of the global ophthalmic devices market.
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On the other hand, general lack of awareness among people about eye disorders and poor primary healthcare infrastructure coupled with lack of healthcare insurance are major factors restraining the global ophthalmic devices market. In addition, rising healthcare cost in developing countries, such as India and China, is hampering affordability of healthcare facilities among the aging population. Majority of the population does not have access to primary healthcare services, attributable to poverty and absence of health insurance.
North America dominates the global market for ophthalmic devices due to large number of age-related eye diseases, such as glaucoma, cataract, diabetic retinopathy, and age-related macular degeneration, are the leading causes of visual impairment and blindness. Asia is to show high growth rates in the next five years in the global ophthalmic devices market. China and India are expected to be the fastest growing ophthalmic devices markets in Asia-Pacific region. Some of the key driving forces for ophthalmic devices market in emerging countries are large pool of patients and rising government initiatives and support.
This report provides in-depth analysis and estimation of the global ophthalmic devices market for the period 2014 to 2020, considering 2013 as the base year for calculation. In addition, data pertaining to current market dynamics, including market drivers, restraints, trends, and recent developments, has been provided in the report. The global ophthalmic devices market is categorized on the basis of type and geography. Based on type, the ophthalmic devices market comprises vision care devices, surgery devices, and diagnostic devices. Vision care devices comprise spectacle lenses and contact lenses. Diagnostic devices comprise optical coherence tomography scanner, slit lamp, fundus camera, visual field analyser, tonometer, retinoscope ophthalmoscope, and others. On the basis of geography, the report identifies and analyses market size and forecast of North America, Europe, Asia, and Rest of the World (RoW). Some of the major players in the global ophthalmic devices market are Johnson & Johnson, Essilor International, Bausch & Lomb Incorporated, Novartis AG, HOYA CORPORATION and Abbott Laboratories, Inc. These key market players of ophthalmic devices market have been profiled on the basis of attributes such as company overview, recent developments, growth strategies, sustainability, and financial overview.
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