January 2019: Adroit Market Research launched a study titled, “Global Ophthalmology Devices Market Size by Type (Cataract Devices – Intraocular Lens (IOL) and Phacoemulsification; Refractive Error Devices – Contact Lens and Excimer Lens & Other Devices), By Region (North America, Europe, Asia Pacific, South America, Middle-East & Africa and Forecast 2018 to 2025”.
Globally, in 2025 the ophthalmology devices market size is expected to reach an estimated value of USD 36.03 billion. The growth in the global ophthalmology devices market was majorly due to rising prevalence of various eye related diseases such as glaucoma, cataract, refractive errors and others. In addition, growing awareness among people, rising adoption of digital devices, and technolgical advancements are some of the other prominent factors supporitng the growth of the market during the forecats peiod. Owing to the above mentioned factors the global ophthalmology devices amrket is expected to grow at a CAGR of 7.7% during the study period.
Cataract is been identified as one of the prominent eye disease which affects the patient population. Cataract reduces the clarity of natural lens and eventually affects the vision quality of an individual. Development of cataract in anindividual can be due to many reasons some of them are age, metabolic disorders, consumption of toxic agents, sunlight exposure, and prolonged exposure to radiation. It is been estimated that more than 80% of the global population above the age of 65 years are suffering from cataract and this number is expected to increase in near future during changing lifestyle and growing awareness.
As per the WHO statistics, it is estimated that about 12 million children (between the age of 5 years and 15 years) globally need surgery to correct the refractive error. This indicates a huge potential in the younger population. It also states that 85% of visual impairment in the world can be prevented or cured which indicates that out of 314 million blind patients, the potential for ophthalmic surgery is 267 million. Thus, the various solutions for the treatment of refractive error are contact lens and lasers.
Geographically, in 2017 North America dominated the global ophthalmology devices market primarily due to rising patient awareness, improving healthcare services, favorable reimbursement policies and technological advancements are the factors supporting the dominance of the market in the region. During the forecast period Asia-Pacific ophthalmology devices market is estimated to be a lucrative market owing to increasing patient awarness due to awareness programs and introduction of new devices in the market.
Abbott Medical Optics, Bausch & Lomb, Ciba Vision, STAAR Surgical, Carl Zeiss Meditec, Alcon, Menicon Co., Ltd., Visiongen, Coastal Contacts, Inc., are some of the prominent players having presence in the global ophthalmology devices market. Research and development, mergers and acquisitions, increasing product portfolio and geographic expansion are some of the growth strategies adopted by the market players to gain a competitive edge over competitors.
Key segments of the global ophthalmology devices market
Device Type Overview, 2015-2025 (USD Million)
- Cataract Devices
- Intraocular Lens (IOL)
- Refractive Error Devices
- Contact Lens
- Excimer Laser
- Other Devices
Regional Overview, 2015-2025 (USD Million)
- North America
- Rest of Europe
- Asia Pacific
- Southeast Asia
- Rest of Asia Pacific
- South America, Middle-East & Africa
- Saudi Arabia
- South Africa
- Rest of the World