Ophthalmology Devices Market
Ophthalmology is the science stream that deals with the physiology, diseases, and anatomy of the eyes. Ophthalmological devices are instruments that are used either for vision correction or during diagnosis and surgeries related to the eye.
According to the WHO, in 2018, about 1.3 billion people globally live with a form of vision or eye impairment. Additionally, about 80% of the total vision impairments are avoidable. High prevalence of vision impairment and increase in eye disorders occurrences due to digitalization are the major factors fueling the global ophthalmology devices market growth. The technological advancements in the devices, increase in geriatric population that suffers from low vision problems, rise in the introduction of reimbursement policies by the government, and growth in the establishment of ophthalmic clinics and centers in both developing and under-developed countries are also driving the global market for ophthalmology devices. Furthermore, the increasing government initiatives for treating eye disorders are also boosting the global ophthalmology devices market development. However, the high cost of these devices, the dearth of qualified ophthalmologists, and the growing use of refurbished devices may hinder this market’s growth.
The ophthalmology devices market is fragmented on the basis of product and end-user. Based on product, the ophthalmology devices market includes diagnostics and monitoring devices, surgical instruments, and vision care products. The diagnostics and monitoring devices segment further divided into fundus camera, retinoscope, tonometer, pachymeter ophthalmoscope, optical coherence tomography scanner, biometer, and autorefractor. Surgical instruments are sub-segmented into refractive error surgical devices, glaucoma surgical devices, and cataract and vitreoretinal surgical devices. The vision care products segment further includes spectacle and contact lenses. By end-user, the market is categorized into ophthalmic clinics and centers, ambulatory surgical centers, and hospitals. The increasing establishment of ophthalmic centers and clinics is mainly driving the ophthalmic clinics and centers segment growth.
North America is projected to dominate the global ophthalmology devices market, owing to the early introduction of highly developed techniques, increasing prevalence of eye defects due to lifestyle changes, and introduction of supportive reimbursement policies by the government. The Asia Pacific ophthalmology devices market is anticipated to register the highest growth rate in the upcoming years, owing to rising investments and funding by government, the establishment of ophthalmic clinics and centers in India and China, and a large number of people suffering from various eye defects and disorders.
Some major players involved in the global ophthalmology devices market are Johnson & Johnson Vision Care, Alcon, Carl Zeiss Meditec, Ziemer Ophthalmic Systems, Essilor, Bausch + Lomb, NIDEK, HOYA, TOPCON, and Haag-Streit.