San Francisco, 1
November 2018: The global ophthalmicdevices market is
expected to reach USD 55.5 billion by 2024, according to a new report by Grand
View Research, Inc. The rising geriatric population base is presumed to propel
the need for ophthalmic devices as this age group is more prone towards the
development of chronic eye disorders. The rising prevalence of eye disorders
such as macular degeneration, cataract, diabetic retinopathy and glaucoma is
also boosting the growth of ophthalmic devices.
Approximately 10% of the people suffering
from eye disorders will experience loss of vision in spite of the proper
treatment as per the statistics of the WHO, driving the clinical urgency to
incorporate highly advanced ophthalmic devices. Additionally, the rising demand
for minimally invasive and complication-free operative surgeries is expected to
upsurge the demand for ophthalmic devices.
The ophthalmic devices market growth can
also be attributed to technological advancements such as the development of
intraocular lenses, mydriatic fundus cameras, and OCT devices. Furthermore, the
increasing involvement of market players in expanding treatment solutions
through strategic alliances is expected to present this market with a potential
growth platform. For instance, in May 2016, Bausch & Lomb through its
enterprise partnership with Apple and IBM will develop a cataract surgery app
that would integrate patient data, calculation data, and records thereby
helping cataract surgeons’ work efficiently. The app will be enabled with IBM’s
cognitive computing capabilities to reduce surgical errors.
Access Research Report
of Ophthalmic Devices Market @ www.grandviewresearch.com/industry-analysis/ophthalmic-devices-market
Further key findings from the study suggest:
· The vision care segment dominated the
product segment of the overall ophthalmic devices market in terms of revenue
share at over 78.0%in 2015,owing to its adoption in vision correction
procedures and the rising number of initiatives to promote the awareness
pertaining to vision care
· For instance, in April 2016, Alcon
announced its support to the “Think About Your Eyes”, which is a public
awareness program. Alcon committed USD 4 million to support this initiative to
promote the awareness pertaining to vision care
· The diagnostic& monitoring devices
segment is expected to grow at the fastest CAGR at over 7.0% in 2015. This can
be attributed to the fact that diagnosis is an indispensable process in the
treatment of eye disorders and is responsible for contributing towards the
diagnostics & monitoring segment’s growth
· In 2015, North America dominated the
overall ophthalmic devices market at over 36.0%owing to the increasing
utilization of ophthalmic devices in hospitals and private clinics. Moreover,
subsequent changes in demographic trends, such as a rise in the geriatric
population & unhealthy lifestyles, are presumed to drive the market in this
region. Moreover, high R&D investments in the development of new products
are expected to impel the market growth in North America
· Asia Pacific is anticipated to be growing
at the fastest CAGR of around 7.0% over the forecast period due to the presence
of untapped opportunities in the emerging economies in China and India.
Moreover, the increasing government initiatives towards healthcare
infrastructure; for instance, in China, healthcare reforms through an
initiative called New Health Care Reform Plan implemented by the Chinese State
Council and the Communist Party of China (CPC) Central Committee is expected to
drive growth of the Chinese regional market.
· Some key players in this market are
involved in adopting collaborative strategies and indulge in frequent product
approvals to facilitate business and geographical expansions. For instance, in
February 2016, Alcon acquired Transcend Medical, Inc., in a probe to expand its
business in the treatment of glaucoma. This acquisition added Minimally
Invasive Glaucoma Surgical (MIGS) devices to Alcon’s product portfolio.
Browse more reports of this category by Grand View
Research at: www.grandviewresearch.com/industry/medical-devices
Grand View Research has segmented the
ophthalmic devices market on the basis of product and region:
Global ophthalmic devices product outlook
(Revenue, USD Million, 2013 - 2024)
·
Diagnostics & Monitoring Devices
·
Surgical Instruments
·
Vision Care Products
Ophthalmic devices regional outlook (Revenue, USD
Million, 2013 - 2024)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
MEA
Access Press Release of
Ophthalmic Devices Market@ www.grandviewresearch.com/press-release/global-ophthalmic-devices-market
About Grand View Research
Grand View Research, Inc. is a
U.S. based market research and consulting company, registered in the State of
California and headquartered in San Francisco. The company provides
syndicated research reports, customized research reports, and consulting services.
To help clients make informed business decisions, we offer market intelligence
studies ensuring relevant and fact-based research across a range of industries,
from technology to chemicals, materials and healthcare.
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