The report, now available on ASDReports, "Ophthalmology Devices Market (Optical Coherence Tomography (OCT), Fundus Camera, Ophthalmoscope, Tonometer, Phoropter, Slit Lamp, IOLs, Phacoemulsification, Excimer Laser, Femtosecond Laser, Contact Lenses) - Market Share Analysis & Global Forecasts to 2021", The Global Ophthalmology Devices Market is Projected to Reach USD 58.05 Billion by 2021, at a CAGR of 3.7% from 2016 to 2021.
The increasing geriatric population and related increase in the number of eye diseases and technological advancements in ophthalmology devices are the key factors driving the market growth for ophthalmology devices. However, factors such as uncertain reimbursement structure and lack of healthcare insurance in developing countries are restraining the growth of this market.
In this report, the ophthalmology devices market is segmented by product type and region. Based on product type, the market is segmented into diagnostic & monitoring devices, surgical devices, and vision care devices. The vision care devices segment accounted for largest share of ophthalmology devices market. This is attributed to increasing number of patients suffering from eye disorders and rising awareness about eye health in developing countries. The surgical devices segment is estimated to register the highest growth primarily due to the increasing incidences and prevalence rates of eye diseases such as cataract, glaucoma, refractive errors, and diabetic retinopathy.
In 2015, North America accounted for the largest share of the ophthalmology devices market, followed by Europe. The growing awareness & adoption of advanced ophthalmic devices, presence of well-established distribution channels, and presence of leading companies in this region are driving market growth in North America. The Asia-Pacific region is expected to witness the highest growth in this market majorly due to the improving healthcare infrastructure, growing per capita income, and rising geriatric population. In addition, manufacturers are increasingly focusing on strengthening their presence in emerging APAC countries.
The global ophthalmology devices market is consolidated in nature, with the top five companies accounting for a major market share in 2015. Some of the key players in this market are Alcon Inc. (Switzerland), Essilor International S.A. (France), Johnson & Johnson (U.S.), Abbott Medical Optics Inc. (U.S.), Bausch & Lomb, Inc. (U.S.), Haag-Streit (Switzerland), Topcon Corporation (Japan), Carl Zeiss Meditec AG (Germany), Nidek Co. Ltd. (Japan), and Ziemer Ophthalmic Systems AG (Switzerland). The leading players in this market focus on new product launches, agreements, collaborations, partnerships, and expanding their geographic presence in emerging markets to enhance their revenue streams. These still remain the widely adopted strategies by leading players to achieve sustainable revenue growth in this competitive market.