According to a new market report published by Transparency Market Research "Ophthalmology Diagnostics and Surgical Devices Market (Optical Coherence Tomography, Echography, Corneal Topographers, Specular Microscopes, Cataract, Refractive, Glaucoma and Vitreoretinal Surgery Devices)- Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019," the global Ophthalmology Devices market was valued at USD26,012.6million in 2012 and estimated to reach a market worth USD40,381.6 million in 2019 at a CAGR of 6.6 % from 2013 to 2019.
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Ophthalmology, a branch of medicine deals with the detailed study of anatomy, physiology and several ocular disorders. Maintenance of normal vision of eyes is of prime importance as they are vulnerable to trauma, inflammation or infection and constitute asone of the crucial sensory organs. The obsolete nature of medical devices ensures apersistent scope for growth and development of this devices.Ophthalmology industry is witnessing rapid technological advancements that promises immense growth potential in the near future. Rising incidence of several ocular disorders, constant rise in geriatric population and growing demand for enhanced diagnostic and surgical technologies is driving the growth of this market.
Ophthalmology devices market has been analyzed by product type, applications and geography.The product type segment is further classified into three major sub-segments namely diagnostic devices, surgery devices and vision care products.The ophthalmology diagnostic devices market is further segmented into fourteen major diagnostic devices. Technological advances in this field render the diagnostic platforms with high reliability and accuracy to ensure efficient diagnosis. An optical coherence tomography system represented the largest market in the year 2012 and was valued at USD 352.1 million. Few examples of technological advances in diagnostic platforms are advanced optical coherence systems (iVue compact spectral domain OCT unit) and implantable miniature telescopes. These devices provide high resolution imaging and improved visual acuity. Moreover, they help in improving the quality of life of the patients.
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The needs for effective treatment methods create a huge growth potential for development and commercialization of several surgical devices worldwide. Ophthalmology surgery devices market has been classified majorly into four major segments namely cataract, refractive, glaucoma and Vitreoretinal surgery devices market. The ophthalmic surgery devices market is expected to exhibit significant growth potential majorly owing to continuous evolution of minimally invasive surgical techniques followed by less intraoperative time consumption and minimal hospital stay. In addition, there has been a consistent rise in patient population being diagnosed for several ocular disorders such as cataract and glaucoma. Accordingto a research report published by the Association of Optometrists sponsored by Bausch & Lomb, it has been projected that approximately 50 million people may become blind due to cataract by 2020. This rise in cataract population is anticipated to fuel the overall growth of the ophthalmology market.
With the advent of new and improved vision care products such as contact lenses and spectacles, has also aided in the proliferation of ophthalmology devices market. The major factors responsible for this growth have been referred to the increasing incidences of refractive disorders (myopia, hyperopia, etc.) and technological advances. The other factors favoring the growth of the market is extensive use of high end technologies involving use of software and computer aided devices and platforms. In addition, changing lifestyle and growing awareness of ophthalmological disorders have also reported to be some of the major contributors for the growth of this industry. Drug eluting contact lenses andvitamin E infused contact lenses are some of the examples of technologically advanced contact lenses.
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At the regional level, North America was the largest market in the year 2012 valued at USD 8,037.9 million for ophthalmology devices market followed by Europe market (29.4%).According to the data enlisted by the U.S. Centers of Disease Control and Prevention (CDC) in the year 2013, there are around 20.5 million Americans aged above 40 years are affected by cataract and around USD 3.4 billion is spent by federal governments to treat cataracts through Medicare.This elucidates the increased need and demand of ophthalmology devices market in this region. Asia-Pacific region is expected to grow at a highest CAGR of 8.9 % throughout the forecast period from 2013 to 2019.This is majorly due to increased efforts of respective nation's governments to improve healthcare infrastructure and growing disposable incomes of middle class population.Moreover, increased investments by key market players in the emerging economies and high growth potential will further favor the growth in this region.
Ophthalmology devices market has been characterized by the presence of well-established as well as new entrants solely operating in this market. The major companies competing in this market are Alcon Laboratories (Novartis Company), Topcon Corporation, Bausch & Lomb and Carl Zeiss Meditec AG, Nidek Corporation, Hoya Corporation and others
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