The ophthalmic devices are referred to that medical equipment which is designed for diagnosis, surgical, and vision correction purposes etc. The ophthalmic devices are gaining higher demand and importance in the healthcare sector due to increasing growth in ophthalmic diseases such as glaucoma, cataract and other vision related issues across the globe to provide efficient treatment and diagnosis to such diseases. Ophthalmic diseases are having higher possibilities of occurring in geriatric populations; therefore rapid growth in geriatric population across the globe is expected to drive the growth of market over the forecast years. Ophthalmology is the study of the eye and its various conditions; it is a branch of medicine that deals with the treatment, cure and diagnosis of various diseases of the eye and visual mechanism.
According to the study,’ Global Ophthalmology Diagnostics and Surgical Devices Market is valued approximately at USD 60.49 Billion in 2019 and is anticipated to grow with a healthy growth rate of more than 3.5% over the forecast period 2019-2026’ Some of the most prominent players who are driving growth in the ophthalmic devices market include Johnson & Johnson, Abbott Medical Optics, Bausch & Lomb, Inc., Alcon Inc., Vision Care Ophthalmic Technologies, Inc., Haag-Streit AG, Nidek Co. Ltd., Essilor International S.A., Ziemer Ophthalmic Systems AG and Topcon Corporation. . For instance: as per the statistics published in the World Population Aging, by the United States government, the global growth in geriatric population that is 60 years or over were accounts for 962 million in 2017 which is doubled from 1980 when there were 382 million older persons globally. Also, it is expected that such figure is expected to double again by 2050 and is projected to reach nearly 2.1 million. In Addition, Technological Advancements in Ophthalmic Devices is also the factor expected to accelerate the growth of market over the forthcoming period. However, risk associated with ophthalmic procedures along with poor primary healthcare infrastructure in developing and under-developed countries are the factors hampering the market growth.
On the basis of geographical distribution, the global ophthalmology diagnostics and surgical devices market is segmented into key regions included Asia Pacific, North America, Europe, Latin America and Rest of the World. North America is the leading/significant region across the world in terms of market share due to the rapid technological advancement in ophthalmic devices in the region. Whereas, Asia-Pacific is also anticipated to exhibit highest rate of growth / CAGR over the forecast period. Factors like rise in growth in geriatric population across the region will create profitable growth prospects for the Ophthalmology Diagnostics and Surgical Devices market across Asia-Pacific region. The market is further segmented on the basis of product and applications. On the basis of product segmented into Surgical Devices and Vision Care Devices. By Application into Hospitals, Medical Institutes, Research Organizations and Healthcare Service Providers.
Additionally, rising demand for efficient treatment methodologies, rapid technological advancements, and rising incidence rate of ocular disorders like corneal abrasion, cataract, and dry eyes are some vital drivers of the ophthalmology diagnostics and surgical devices market. Enhanced cataract surgery techniques like implantable intraocular lenses and the introduction of retinal implants are also expected to enhance market expansion throughout the forecast amount.
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Ankur Gupta, Head Marketing & Communications