Global Ophthalmology Devices Market 2018-2022
About Ophthalmology Devices
An ophthalmology device is a medical device used to identify, diagnose, and treat a defect of an individual's visual pathway. These devices are mainly used for people who have ophthalmic disorders such as glaucoma, cataract, retinal disorders, dry-eyes, myopia, hypermetropia, and presbyopia. Ophthalmology devices help pre-exam, diagnose, and treat the ocular diseases.
Technavio’s analysts forecast the global ophthalmology devices market to grow expected to grow to USD 84.16 billion during the period 2018-2022.
Covered in this report
The report covers the present scenario and the growth prospects of the global ophthalmology devices market for 2018-2022. To calculate the market size, the report considers the revenue generated from the sales of ophthalmology devices.
The market is divided into the following segments based on geography:
Technavio Announces the Publication of its Research Report – Global Ophthalmology Devices Market 2018-2022
Technavio recognizes the following companies as the key players in the global ophthalmology devices market: Carl Zeiss Meditec, Essilor, HOYA, Johnson & Johnson, NIDEK, Novartis, TOPCON, Valeant Pharmaceuticals International.
Commenting on the report, an analyst from Technavio’s team said: “The latest trend gaining momentum in the market is Increasing number of strategic M&A. There is high market opportunity in ophthalmology devices market owing to which many large companies are focusing to increase their product range and expand their presence in the market through M&A. In the recent years, few significant acquisitions took place in the market. Due to presence of many large and small vendors there is intense competition among the market players; hence, companies are focusing to increase product differentiation, develop products with advanced technology, and form collaboration with more number of end users.”
According to the report, one of the major drivers for this market is Increasing number of eye disorders. There is an increasing incidence of eye diseases such as AMD, diabetic eye disease such as glaucoma and diabetic retinopathy, cataract, corneal scarring, tumor in eye, trauma, retinitis, refractive error, keratitis, uveitis, and blepharitis. These diseases require diagnosis, and in some cases patients may have to undergo surgical procedures. The increasing number of eye disorders will increase the demand for surgical, diagnostic, and vision care devices, which will drive the market growth. The availability of reimbursement in developed countries in Canada, the US, the UK, and Germany for the treatment of such eye disorders will accelerate the demand for ophthalmology devices, accelerating the market growth.
Further, the report states that one of the major factors hindering the growth of this market is High cost associated with ophthalmology devices and procedures. The high price of ophthalmology devices and excessive cost associated with large equipment or devices such as LASIK and OCT systems have increased the cost burden for end users. The end-users such as hospitals and ophthalmology clinics and ASCs have a limited budget allocation for procurement of medical devices. Owing to the high cost of ophthalmology devices procedures, some end users and patients fail to accommodate these expensive devices in their budget allocation, significantly affecting the adoption rate of expensive ophthalmology devices.
Carl Zeiss Meditec, Essilor, HOYA, Johnson & Johnson, NIDEK, Novartis, TOPCON, Valeant Pharmaceuticals International.
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