LONDON--(BUSINESS WIRE)--Technavio analysts forecast the global ophthalmic diagnostic devices market to grow at a CAGR of more than 5% during the forecast period, according to their latest report.
The research study covers the present scenario and growth prospects of the global ophthalmic diagnostic devices market for 2017-2021. The market is segmented based on application (refractive disorder, cataract, vitreoretinal disorder, and glaucoma) and geography (the Americas, EMEA, and APAC).
Continuous advances in technology have increased the efficiency of ophthalmic diagnostic devices. The US government has introduced various initiatives and increased funding for improving healthcare facilities with the aim to provide quality patient care. Increasing prevalence of eye-related disorders such as cataract and diabetic retinopathy, rising geriatric population, and increasing government initiatives for enhancing healthcare infrastructure are driving the growth of the global ophthalmic devices market. Also, increasing prevalence of lifestyle-associated diseases such as high blood pressure and diabetes are also fueling the growth.
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Technavio healthcare and life sciences research analysts highlight the following three factors that are contributing to the growth of the global ophthalmic diagnostic devices market:
- Rising incidence of eye-related disorders and ocular defects
- Rising geriatric population
- Increasing government focus on awareness and healthcare infrastructure
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Rising incidence of eye-related disorders and ocular defects
Eye-related disorders are increasing globally mainly due to diabetes, rising age, and changing lifestyle. Diabetes leads to conditions like diabetic retinopathy, age-related factors can lead to AMD, and changing lifestyle can lead to cataract and low vision.
Neha Noopur, a lead in-vitro diagnostics research analyst at Technavio, says, “A limited number of diabetic retinopathy treatments are conducted in low-income countries due to lack of research, low healthcare spending, lack of trained eye care professionals, and inadequate tertiary eye-care services. The number of AMD cases is expected to increase in the future in low-income countries.”
Rising geriatric population
With the increase in geriatric population, age-related eye disorders will increase globally. The common age-related eye disorders are AMD, cataract, diabetic eye disease, glaucoma, dry eye, and low vision. The risk of AMD increases in patients above the age of 50 years. The number of eye examinations conducted on the geriatric population in developing countries is low, which is leading to an increase in eye disorders.
Increasing government focus on awareness and healthcare infrastructure
Countries across the world have been focusing on developing their healthcare infrastructures and spreading awareness among people. The major focus area for the countries has been making healthcare affordable and accessible to all of its citizens. Half of the world’s population lives in rural areas, and the countries such as Spain, China, Thailand, and India are focusing on providing proper healthcare services in the underpenetrated areas.
“The emerging nations are primarily focusing on providing good healthcare services and increasing access to quality care to their people. Nations such as the US, Germany, and Japan are focusing on developing digital technologies to increase the reach of healthcare facilities, for instance via telehealth. Smartphones have been beneficial in areas with limited infrastructure. With increasing healthcare infrastructure, awareness about eye diseases and preventive measures among people will increase. These factors will help in driving the global ophthalmic diagnostic devices market,” adds Neha.
Top vendors:
- Alcon
- Carl Zeiss
- NIDEK
- TOPCON
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