The ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision related issues across the globe. Moreover, technological advancements in the field has boosted the adoption rate of the rate globally.

However, poor primary healthcare infrastructure in developing and under-developed countries has hindered the growth rate of the market. Also, although there have been advancements, the devices are stilled deemed unsafe, and can cause damages if not handles professionally. Hence all these factors have been restraining the market growth.

Key Market Trends

Vision Correction Devices are expected to register a high CAGR

The Vision Correction Devices or corrective lenses are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, these conditions seems to be rising.

According to the National Eye Institute estimates, over 2.9 million American residents were detected with low vision, in 2014. The number is projected to increase further and is expected to reach around 5 million by 2030. Hence, as the number of people with low vision increase, the demand for vision correction devices are expected to increase as well.

North America is Expected to Dominate the Ophthalmic Devices Market

The factors, such as, high disposable income, high awareness, rising geriatric population and the increasing prevalence of eye diseases, are fueling the growth of the market in the North American region, especially in The United States and Canada.

As per a report by the US Centre of Disease Control and Prevention, there were about 40.9 million wearers of contact lenses aged 18 or older, which accounted for about 16.7% of the adult population in the United States, in 2015. In addition to this, according to the American Academy of Ophthalmology, each year, approximately 2.4 million eye injuries occur in the United States alone. This increasing of the eye injures helps in propelling the growth of the market.

Competitive Landscape

Majority of the ophthalmic devices are being manufactured by the global key players. Market leaders with more funds for research and better distribution system have established their position in the market. Moreover, Asia-pacific is witnessing an emergence of some small players due to the rise of awareness. This has also helped the market grow.

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