Spurred by the aforementioned factors, the global ophthalmology devices market is forecast to exhibit a CAGR of 5.10% CAGR between 2012 and 2018. At this pace, the market is projected to reach US$18.28 bn by the end of 2018 from a valuation of US$12.92 bn in 2012.
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Q: Which factors will create lucrative opportunities for the global ophthalmology devices market?
A: Medical devices in the ophthalmology segment are used for myriad purposes such as vision care, diagnosis, and surgery. Innovations of orphan products and novel application of the technology have provided consumers with economical and viable solutions for the treatment of various eye related disorders. For instance, Tecnis Symfony® IOL, a product of Abbott Medical Optics, Inc. has been recently approved by the U.S. Food and Drug Administration as the first “extended depth of focus” to be found in the U.S. market. The IOL is touted by many as a game changer in the ophthalmology devices market.
Currently, a large share in the global ophthalmology devices market is held by the vision care devices segment on account of the end user base. The rising demand for contact lens, disinfecting solutions, lens cleaning, spectacles, and other devices for the diagnosis of eye disorder or during surgery in hospitals and by ophthalmologists is expected to provide significant impetus to the global ophthalmology devices market.
Q: Which regional markets will help the global ophthalmology devices market rake high gains?
A: Some of the key markets for ophthalmology devices are Canada, Italy, Germany, Spain, India, China, Brazil, Japan, France, Mexico, the U.S., and the U.K. Among these, the U.S. has emerged dominant in the global ophthalmology devices market, trailed by the U.K. Western markets such as the U.K., and the U.S. are witnessing a high degree of competition due to the concentration of the leading market players in these countries. Besides this, the market will also witness immense opportunities in developing economies as manufacturers shift their focus towards capitalizing on the opportunities prevalent therein.
Some of the key players operating in the global ophthalmology devices market are Johnson and Johnson Vision Care, Essilor International, Canon Inc., Alcon Inc., CooperVision AG, Hoya Corporation, Bausch and Lomb Inc., Abott Medical Optics Inc., Carl Zeiss AG, Nidek Co Ltd., and Topcon Corporation.