LONDON--(BUSINESS WIRE)--The latest market research report by Technavio on the global ophthalmology devices market predicts a CAGR of close to 5% during the period 2018-2022.
The report segments the global ophthalmology devices market by product (vision care, ophthalmology surgical devices, and ophthalmology diagnostic devices), by end-user (hospitals and ophthalmology clinics, optical retail centers, and ASCs), and by geography (the Americas, EMEA, and APAC). It provides a detailed illustration of the major factors influencing the market, including drivers, opportunities, trends, and industry-specific challenges.
Here are some key findings of the global ophthalmology devices market, according to Technavio healthcare and life sciences researchers:
- Increasing number of eye disorders: a major market driver
- Increasing number of strategic M&A: emerging market trend
- In 2017, the vision care segment dominated the market by occupying almost 81% share
- The Americas dominated the global ophthalmology devices market in 2017
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Increasing number of eye disorders: a major market driver
Eye diseases such as AMD and diabetic eye diseases such as glaucoma and diabetic retinopathy, cataract, corneal scarring, tumor in the eye, trauma, retinitis, refractive error, keratitis, uveitis, and blepharitis have increased significantly. These diseases require diagnosis, and in some cases, patients may have to undergo surgical procedures. The demand for surgical, diagnostic, and vision care devices is expected to rise due to the increasing number of eye disorders and will drive the market growth for ophthalmology devices. The availability of reimbursement in developed countries in Canada, the US, the UK, and Germany for the treatment of such eye disorders will accelerate the demand for ophthalmology devices.
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Increasing number of strategic M&A: emerging market trend
The ophthalmology devices market has a high growth potential, enabling many large companies to focus on increasing their product range and expand their presence in the market through M&A. In the recent years, few significant acquisitions took place in the market.
According to a senior analyst at Technavio for research on orthopedics and medical devices, “The competition in the market is intense due to the presence of many large and small vendors. To establish themselves in the market, the players are focusing to increase product differentiation, develop products with advanced technology, and form collaboration with more number of end users.”
Global growth opportunities
In 2017, the Americas was the largest revenue contributor to the global ophthalmology devices market with majority of the contribution coming from developed countries such as the US and Canada. These countries are highly advanced in terms of healthcare infrastructure. Moreover, the market in this region is growing due to the increasing cases of various ocular or eye-related diseases such as diabetic retinopathy, glaucoma, macular degeneration, and optic neuropathy.
In APAC, the increasing cases of refractive diseases, advancements in technology in ophthalmology devices, and increasing optical care awareness among healthcare providers and patients in the developed economy like Japan and developing nations like China and India is expected to drive the market during the forecast period. However, due to limited availability of funding and limited or lack of reimbursements in many developing countries, the market share of APAC is relatively low in comparison with the Americas and EMEA.
In EMEA, the growing aging population with retinal diseases like diabetic retinopathy and macular degeneration is expected to drive the market for ophthalmology devices during the forecast period.
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