According to the latest report published by Credence Research, Inc. “Ophthalmology Devices:Market Growth, Future Prospects and Competitive Analysis, 2016-2022,” the Ophthalmology Devices market was valued at USD29.9Bn in 2015, and is expected to reach USD45.7Bn by 2022, expanding at a CAGR of 6.2% from 2016 to 2022.
Browse the full report Ophthalmology Devices:Market Growth, Future Prospects and Competitive Analysis, 2016-2022report at http://www.credenceresearch.com/report/ophthalmology-devices-market
Aging population worldwide and diabetes prevalence are the major factors that contribute to the growth of ophthalmology devices market. The global geriatric population (age 65 and older) is on a perpetual rise and it is anticipated that in the coming few decades this population pool will reach its peak. The burden of disease management in such high-risk population group is critical in terms of skills and management as well as cost.This age group also witnesses the highest prevalence of eye disorders. Several research activities in the field of ophthalmology thus intensively focuses on delivering solutions to the geriatric consumers. Growing awareness, perpetual growth in incidence of eye conditions and diseases, increasing awareness and rapid approvals will pave way for the growth of ophthalmic devices market and thus intense market competition.
Vision care segment contributes the largest revenue share in the overall ophthalmology devices market. Incidence of cataract, myopia and hypermethropia is the highest among all eye disorders and can be easily managed through spectacles and contact lenses. Moreover, the trade volume of these devices is also the largestas against other ophthalmology devices. Continuous technological development is also being witnessed in this segment and the consumers often opt for frequent upgrading and replacements.
Vision care segment is followed by surgical devices market. Rapid technological innovation rendering better safety outcomes surgical procedures, hence the demand for surgical devices is on a perpetual growth in the global markets. Moreover, as the healthcare infrastructure of the emerging economies is undergoing rapid development, regions such as Asia-Pacific, Latin America and Middle East and Africa are undergoing swift adoption of novel surgical tools and solutions.
The global ophthalmology devices market is belligerently competitive with a multitude of players engaged across various segments. Being a technologically driven market and in order to maintain and enhance their foothold in the market, the competitors are investing heavily in research and development activities. Consolidative moves to mitigate the competition is also being witnesses in the market.