The ophthalmology field requires
medical devices for several functions such as diagnosis, vision care, and
surgery. The development of innovative devices and increasing application of
technology in ophthalmology has paved way for consumers to have practical and
economical solutions for various eye-related disorders such as vitreoretinal
disorders, refractor disorders, and cataract. The most significant share of the
global ophthalmic devices market is contributed by vision care devices. These
devices include contact lens, spectacles, and lens cleaning and disinfecting
solutions for eyewear as well as for surgical devices.
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Several factors such as a rising
geriatric population and increased focus on healthcare are driving the global
market for ophthalmic devices, which was valued at US$12.92 bn in 2011 and is
estimated to expand at a healthy CAGR of 5.10% to reach a global valuation of
US$18.28 bn by 2018.
Ophthalmic Devices
Market: Trends and Opportunities
One of the primary factors for the
upward trend in the ophthalmic devices market is the rising
geriatric population. It is observed that the aged are more prone to developing
eye-related disorders, such as glaucoma and dry eye, and are the target
customers of ophthalmic device manufacturers. Moreover, several emerging
economies in Asia Pacific are increasingly investing on healthcare
infrastructure and promoting awareness about these common disorders which in
turn is aiding the regional market for ophthalmic devices. The market growth is
also boosted by continuous advancements in the field of medical technology to
develop novel products that are more efficient and accurate.
One of the primary restraints in the
growth of the global market for ophthalmic devices is high cost of some
devices, particularly those that are exported. Additionally, the lack of
skilled professionals, especially in the rural regions of emerging economies,
is another prime concern for manufacturers.
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Global Ophthalmic
Devices Market: Region-wise Outlook
Among North American countries in
2011, the U.S. held the largest share in the market for ophthalmic devices
across all segments, followed by the U.K. which lead the European region. These
two western country markets are experiencing rigorous competition due to
mushrooming local device manufacturers while prominent players with higher
market penetration levels are focusing more on devices with diagnosis and
surgery applications. The report provides the geographic analysis of all major
countries including U.S, Canada, UK, Italy, Spain, Germany, France, Japan,
China, India, Brazil, and Mexico.
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Emerging economies such as China,
India, Japan, Brazil, and Mexico are estimated to experience a higher growth
rate than the global rate in the market for ophthalmic devices during the
forecast period. This shift is a result of investments by many prominent
manufacturers in these emerging markets to gain early momentum.
The global market for ophthalmic has
also been analyzed on various parameters such as application, disorder, and
device type. On basis of application: diagnosis, surgery, and vision care
devices; on the basis of disorder: cataract, glaucoma, refractor disorders,
vitreo retinal disorders, and vision care. There are variety of devices
available in the market, including high-end to low-end devices such as
phoropters, refractors, contact lenses, lens cleaning and disinfecting
solutions, spectacles, scanning laser polarimetry devices, retinscopes, and
ophthalmoscopes.
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Some of the most prominent players
who are driving growth in the ophthalmic devices market include: Essilor
International, Johnson & Johnson Vision Care Inc., CIBA Vision Corporation,
Solotica Lentes de Contato, Alcon Inc., Bausch & Lomb Incorporated, Abbott
Medical Optics Inc., Cooper Vision Inc., Carl Zeiss AG, and Hoya
Corporation.
