About ophthalmology devices
Ophthalmology is a branch of medicine that deals with the anatomy, pathology, functions, and treatment of the eye. Over the years, this branch has undergone enormous expansion in basic research, clinical trials, as well as cutting-edge technology. Ophthalmology devices are medical devices meant for the correction of eye defects and to provide better vision to people. Globally, the incidence of the eye defects such as cataracts, conjunctivitis, dry eyes, glaucoma, retinal disorders, and presbyopia has increased causing loss of vision in most of the cases. These ophthalmic defects can be caused due to an infection or can be hereditary. Ophthalmologists use medical devices to detect the cause of the infection at an early stage and, therefore, do not lead to further damage to the eyesight.
Technavio's analysts forecast the global ophthalmology devices market to grow at a CAGR of 5.30% over the period 2015-2019.
Covered in this report
The report covers the current scenario and the growth prospects of the global ophthalmology devices market for the period of 2015-2019. To calculate the market size, the report considers revenue generated through the sales of the following products:
Technavio Announces the Publication of its Research Report – Global Ophthalmology Devices Market 2015-2019
Technavio recognizes the following companies as the key players in the Global Ophthalmology Devices Market: Abbott, Alcon, Bausch & Lomb, Carl Zeiss, Essillor and Hoya
Other Prominent Vendors in the market are: Topcon, Allergan, Inc. (Acquired by Actavis), Gulden Ophthalmics, Heidelberg Engineering, Inc., FCI Ophthalmics, Accutome, Canon, Glaukos, Innova, Lumenis, Nidek, Marco Ophthalmic Inc., Synergetics, Ziemer Ophthalmic Systems, Quantel, A.R.C. Laser, and STAAR Surgical.
Commenting on the report, an analyst from Technavio’s team said: “Vendors are entering into M&A to develop innovative ophthalmology devices and gain a strong foothold in this market. Many ophthalmology devices have lost or will lose their patent exclusivities, negatively affecting revenue generation. Leading vendors are trying to increase their revenue and diversify their product offerings of ophthalmology devices. To meet these requirements, they are acquiring manufacturing companies or their business divisions of ophthalmology devices.”
According to the report, manufacturers are investing in R&D to develop advanced technologies. These technologies have improved efficiency and accuracy of ophthalmic devices and helped reduce the duration of ophthalmic surgeries. Innovations such as laser technologies have changed the outlook of the market, particularly for IOLs. The use of femtolaser systems for making incisions during capsulotomy helps reduce human errors. These systems are rapidly being adopted for other ophthalmic surgeries such as cataract operations and keratoplasty.
Further, the report states that regulations governing ophthalmology devices are stringent; only devices that are of high quality and pose minimum risk to individuals obtain approval. Regulatory authorities in each country divide medical devices into different categories based on the products' design, characteristics, complexity, and the potential for injury. The time and cost of device registration and approval vary depending on their risk category and the country of approval.
Abbott, Alcon, Bausch & Lomb, Carl Zeiss, Essillor, Hoya,Topcon, Allergan, Inc. (Acquired by Actavis), Gulden Ophthalmics, Heidelberg Engineering, Inc., FCI Ophthalmics, Accutome, Canon, Glaukos, Innova, Lumenis, Nidek, Marco Ophthalmic Inc., Synergetics, Ziemer Ophthalmic Systems, Quantel, A.R.C. Laser, STAAR Surgical.
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