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The global ophthalmology devices market is growing significantly due to increasing prevalence of eye diseases, and technological advancements in ophthalmic devices. Shortages of ophthalmology devices providers in emerging economies and increasing age-related eye diseases are creating ample opportunities for the ophthalmology devices market to grow at a considerable rate in the coming years. The advanced research and development facilities and new product developments by the companies are propelling the demand for cost effective ophthalmic devices.
Significant shift from spectacles to contact lenses and use of minimally invasive surgeries are some of the major trends in global ophthalmology devices market. Rise in aging population has fuelled the prevalence of eye disorders across the globe. According to the WHO, globally, there were 39 million people blind as of 2010, out of which 5% were blind due to age-related macular degeneration.
The ophthalmology devices market is segmented on the basis of therapeutic applications, end-users, and products type. Based on therapeutic applications, the ophthalmology devices market can be categorized as diabetes retinopathy, cataract, macular degeneration, glaucoma, and others. Cataract leads the ophthalmology devices market due to high prevalence of cataract worldwide. Based on end-user, the ophthalmology devices market can be segmented as academic institutes and research laboratories, hospitals and others.
On the basis of products type, the ophthalmology devices market can be categorized as vision care devices, diagnostic devices, and surgical devices. The diagnostic devices segment includes optical coherence tomography (OCT) scanners, ophthalmic ultrasound imaging systems, fundus camera, retinoscopes and ophthalmoscopes, corneal topographers, visual field analyzers, tonometers, slit lamps, specular microscope, wavefront aberrometers, autorefractors, biometer, optotype projectors, and others. The surgical devices segment includes vitreoretinal surgery devices, cataract surgery devices, glaucoma surgery devices, and refractive surgery devices. Whereas, vision care devices segment includes spectacle lenses and contact lenses. Vision care devices segment is expected to grow with the fastest rate in the coming years.
Some of the factors driving the growth of ophthalmology devices market are increasing prevalence of eye disorders, increasing acceptance of surgical procedures by patients, rise in aging population, technological advancements, such as advances in laser technology, and increasing healthcare expenditure. However, saturation of market in developed countries and lack of ophthalmologists in emerging economies are some of the factors restraining the growth of the global ophthalmology devices market.
Geographically, North America will be leading the global ophthalmology devices market in the coming years due to rise in aging population, advances in minimally invasive surgical techniques, and increasing prevalence of ocular disorders, such as diabetic retinopathy, glaucoma, and age-related macular degeneration. Asia-Pacific is the fastest growing region in the global ophthalmology devices market. The major reasons for the fastest growth in the region are increasing healthcare expenditure, improving healthcare infrastructure and acceptance of surgical procedures by patients. Moreover, the ophthalmology devices market is growing due to increasing disposable income and large population suffering with ocular diseases in the emerging countries, such as India and China, of Asia-Pacific region.
Some of the major players operating in the global ophthalmology devices market are Alcon Inc., Bausch & Lomb Inc., Abbott Medical Optics, Topcon Corporation, Carl Zeiss Meditec AG, Haag Streit, Johnson & Johnson, Nidek Co. Ltd., STAAR Surgicals, Hoya Corporation, Essilor International S.A., and Zeimer Ophthalmic Systems AG among others.