As per the recently published report by Persistence Market Research (PMR), the global market for ophthalmic devices, which was valued at over USD 29,170 million in 2014 is expected to surpass USD 42,685 million by the end of 2020, reflecting an above average CAGR of 6.5% between 2014 and 2022.

New York, NY -- (SBWire) -- 08/30/2017 --Currently, the global market for ophthalmic devices is exhibiting exponential growth owing to higher prevalence of eye related ailments such as macular degeneration and diabetic retinopathy. Moreover, the market is also being influenced by factors such as growing initiatives by federal government in developing countries towards development of better healthcare infrastructure, increase geriatric population and rising occurrence of lifestyle diseases are projected to propel the growth of the market.

On the other hand, inadequate healthcare infrastructure, low awareness among people about various advanced treatment of eye disorders and poor reimbursement policies in developing counties continue to inhibit the growth of the global market for ophthalmic devices. Owing to the general lake of awareness among people regarding long-term consequences of eye diseases, many remain susceptible to the risk of complete blindness. In the report, the global market for ophthalmic devices has been segmented on the on the basis of type, vision care devices, surgery devices, diagnostic devices and regions.

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Diseases that are caused mostly due to aging, such as cataract, glaucoma, macular degeneration and diabetic retinopathy are behind a large number of blindness and visual impairment cases in the North America region. The American Academy of Ophthalmology stated that in 2011, more than 2 million Americans who were aged 40 and above were affected by glaucoma and nearly 22 million were affected by cataract.

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Meanwhile, increasing instances of chronic eye disorders, especially among the geriatric population in Europe has emerged as a major challenge for the region's healthcare system. In 2000, the number of macular degeneration caused due to ageing was around 0.3 million in France and this figure is projected to escalate to 0.5 million by 2020. In Asia, diabetic, cataract and glaucoma retinopathy are some of the primary causes of visual impairment.

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In Southeast Asia, cataract can be held accountable for a large percentage of all cases of blindness. The occurrence of age-related macular degeneration is also on the rise in Asia owing to higher life expectancy and increasing prevalence of diabetes in the youth population. The Centre for Eye Research Australia revealed that in 2012, 43.1% diabetic retinopathy cases was reported from rural parts of China and ranged between 17% and 22% in India.

Abbott Laboratories, Inc., Essilor International, Novartis AG, HOYA CORPORATION, Johnson & Johnson, and Bausch & Lomb Incorporated are the key market participants profiled in the PMR report.