According to the latest report published by Credence Research, Inc. “Ophthalmology Devices Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global ophthalmology devices market was valued at US$ 31,390 Mn in 2016, and is expected to reach US$ 55,822 Mn by 2025, expanding at a CAGR of 6.4% from 2017 to 2025.
Browse the full report Ophthalmology Devices Market – Growth, Future Prospects and Competitive Analysis, 2017–2025 at http://www.credenceresearch.com/report/ophthalmology-devices-market
In the recent years, swift evolution has been witnessed in the nature of both diagnostic and therapeutic ophthalmology devices. As technology is further evolving, quick and more efficient diagnosis and treatment of ophthalmic conditions has become possible. Growing prevalence of diabetes and rising geriatric population pool majorly determine the trends in the global ophthalmology devices market. Continuous rise in senescent population has resulted in increase in the number of individuals bearing high risk of contracting eye diseases and thus demand timely diagnosis and monitoring.
Evolved diagnostic and visualization techniques and growing awareness about availability of advanced ophthalmic care is further propelling the demand for ophthalmology devices. This market is characterized by wide presence of novel ophthalmology products that are being increasingly adopted by ophthalmologists. Quick recovery period and better efficacy of surgical procedures are adding to the growth in demand for novel ophthalmology devices in the global markets. On the other hand, challenged reimbursement system may restrain the growth of ophthalmology device market.
Among the considered device types, vision care products, namely spectacles and contact lenses occupy the largest revenue share of the global ophthalmology devices market. Technological advancement, and largest traded volume chiefly contribute to the dominance of this segment. Geographically, North America has been observed to be the largest regional market for ophthalmology devices. High awareness about technological advancements, evolved reimbursement system, easy product availability and domicile of several market incumbents in the region make North America the most dominant regional market for ophthalmology devices.
Oh the other hand, Asia Pacific is estimated to be the fastest growing market for ophthalmology devices. Emerging nature of the region, rising investment in healthcare infrastructure, and increasing healthcare expenditure have attracted the attention of several market players towards Asia Pacific market.
The global ophthalmology devices market is highly fragmented and is characterized by presence of a multitude of large and small players. The vision care segment and products that demand less technological intricacy are particularly dominated by local and region level players. Major players in the global ophthalmology devices market are Bausch & Lomb, Essilor Intenational, Alcon, Inc., Carl Zeiss Meditec, Johnson & Johnson, Nidek Co. Ltd., CooperVision and several others.