Albany, NY -- (SBWIRE) -- 10/03/2016 -- The global ophthalmology diagnostic and surgical devices market is dominated by Topcon Corporation, Abbott Medical Optics, and Alcon Laboratories, a subsidiary of Novartis AG. According to Transparency Market Research, these three companies collectively accounted for 72.1% of the global ophthalmology devices market in 2012. The key reason for the dominance of these three companies is their expansive product catalog, while Abbott Medical Optics is also known for its widespread geographical reach, which has made it the frontrunner to capitalize on the untapped opportunity in emerging regions.

The global ophthalmology devices market is likely to reach a valuation of US$33.1 bn by the end of 2016 and further rise to close to US$40.4 bn by the end of 2019.

Vision Care Devices to Remain Undisputed Leader in Ophthalmology Devices Market

By product type, the global ophthalmology devices market is segmented into diagnostic devices, surgical devices, and vision care devices. Of these, vision care devices held more than 65% of the global ophthalmology devices market in 2011 and is expected to further extend its dominance through the forecast period. The vision care devices segment is expected to account for around 70% of the ophthalmology devices market by the end of 2019.

Geographically, North America is likely to remain the leading contributor to the global ophthalmology devices market despite robust growth of the Asia Pacific market. The annual revenue of the North America market for ophthalmology devices is expected to reach US$11.8 bn by the end of 2019. On the other hand, the Asia Pacific market is expected to lead the market in terms of growth rate, with a robust 8.90% CAGR expected for the market in the 2013-2019 forecast period.

Increasing Geriatric Population Drives Demand for Ophthalmology Devices

The key driver for the global ophthalmology devices market is the steadily increasing global geriatric population. Vision is one of the prime victims of aging, leading to the elderly becoming a vital patient pool for the ophthalmology devices industry. The rising standard of living across the world is likely to ensure sustained growth of the geriatric population, thus indirectly driving the global ophthalmology devices market.

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The consistent improvement of ophthalmology devices is another crucial driver for the global market for the same. The accuracy, safety, and ergonomics of ophthalmology devices are perennially the subject of significant R&D efforts, leading to increased demand from patients.

Future Promise in Developing Economies Comes with Caveat of Present Inadequacy

In spite of the vast potential of emerging markets such as Asia Pacific and Latin America, these regional markets currently suffer from a lack of advanced products due to the slow pace of adoption. The high prices of advanced ophthalmology services also go against the ophthalmology devices market in emerging regions, as the lack of comprehensive reimbursement plans has led to direct payments becoming the prevalent mode of payment. Despite the rising disposable income of patients in urban areas in developing countries, this alienates a large part of the population in emerging regions. However, in the coming years, the increasing government efforts in developing countries to improve their healthcare sector are likely to be beneficial for the ophthalmology devices market.

The information in this preview comes from a Transparency Market Research report titled 'Ophthalmology Diagnostics and Surgical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2013 - 2019.'

The global ophthalmology devices market is segmented as follows:

By Application

Diagnosis
Surgery
Vision Care

By Disorder

Cataract
Glaucoma
Refractor disorders
Vitreo retinal disorders

By Device

Canaloplasty Device
Computerized Field Analyzer
Contact Lens
Contact Lens Clearing & Disinfecting Solution
Glaucoma Drainage Device
Intraocular Lens
Iris Retractors
Ophthalmic Lasers
Ophthalmoscope
Optical Coherence Tomography Device
Phoropter
Refractor
Retinoscope
Scanning Laser Polarimetry Device
Slit Lamp
Spectacle Lens
Tonometers
Viscoelastics Devices
Vitreo Retinal Surgery Packs

By Geography

North America
Europe
Asia Pacific
Latin America
Rest of the World

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