Improved Diagnosis and Treatment of Eye-related Disorders Helps Ophthalmology Devices Market Register Strong Demand

The advancement in medical technology and development of devices in the field of healthcare has boosted the ophthalmology devices market.

The latest devices that make the diagnosis and treatment of eye disorders more effective and safer and offer quality care to patients have flooded the market. Innovative and advanced ophthalmology devices have made the treatment of various disorders such as glaucoma and cataract convenient for both patients as well as ophthalmologists.The global ophthalmology devices market is also driven by a surge in the ageing population, growing focus on healthcare, increasing prevalence of eye-related disorders, rise in healthcare expenditure, and increasing investments by manufactures and governments.According to a report published by Transparency Market Research, the value of the global ophthalmology devices market is set to reach US$18,286.4 million in the next three years, rising from a value of US$12,925.6 million recorded in 2011. If these values hold true, the global ophthalmology devices market is forecast to register a 5.1% CAGR from 2012 to 2018.

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Vision Care Devices Dominate Global Demand 

Ophthalmology devices are used for the diagnosis and treatment of disorders such as glaucoma, vitreo retinal disorders, cataract, and refractor disorders. The segmentation of the ophthalmology devices market on the basis of type of device is extremely fragmented and includes low-end to high-end devices such as contact lens clearing and disinfecting solution, contact lens, scanning laser polarimetry device, canaloplasty device, glaucoma drainage device, optical coherence tomography device, ophthalmoscope, computerized field analyzer, phoropter, spectacle lens, iris retractors, viscoelastics devices, refractor, ophthalmic lasers, tonometers, retinoscope, vitreo retinal surgery packs, slit lamp, and intraocular lens.

On the basis of application, the ophthalmology devices market is segmented into diagnosis, vision care, and surgery. In terms of volume, the demand for vision care devices held the largest share of 65% in 2011. Rising percentage of population with poor or weak eyesight and growing demand from hospitals and ophthalmologists has driven the vision care devices segment. 

Developed Markets of the West Lead Ophthalmology Devices Market 

Geographically, the global ophthalmology devices market is segmented into North America, Latin America, Europe, Asia Pacific, and the Rest of the World. North America dominates the worldwide market for ophthalmology devices, followed by Europe. In 2011, North America held more than one-third of the overall market. Germany, followed by Italy and the U.K., is Europe’s leading ophthalmology devices market in terms of revenue. Increasing concentration of device manufacturers and superior market penetration has resulted in growing demand for ophthalmology devices for diagnosis and surgery of various disorders in the U.S. and the U.K.Emerging economies in Asia Pacific and Latin America possess immense opportunities for growth, according to market analysts. Countries such as China, India, Brazil, and Mexico have become the target of many ophthalmology device manufacturers, who have stepped up investments in these regions. 

Some of the top companies catering to the developed and developing ophthalmology devices markets across the globe are CooperVision AG, Abott Medical Optics Inc., Carl Zeiss AG, Nidek Co Ltd., Canon Inc., Hoya Corporation, Johnson and Johnson Vision Care, Alcon Inc., Essilor International, Topcon Corporation, and Bausch & Lomb Inc.

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