VALLEY COTTAGE, N.Y., Jan. 25, 2016 (GLOBE NEWSWIRE) -- According to the latest market report published by Future Market Insights, titled “Ophthalmic Diagnostic Equipment Market: Global Industry Analysis and Opportunity Assessment 2015-2025”, the ophthalmic diagnostic equipment market is expected to be valued at US$ 2,168.0 Mn by the end of 2015. It is anticipated to expand at a CAGR of 5.4% during the forecast period (2015-2025) to account for US$ 3,656.0 Mn by 2025.
Ophthalmic devices are medical devices used to identify ocular defects or deficiencies and treat eye disorders. As a result of the constant developments in ophthalmic technology for effective treatment of eye diseases and restoration of vision, more and more number of people are opting for ophthalmic surgeries to rectify their eye-related disorders. As per the World Health Organization (WHO) 2010 estimates, there were 285 Mn visually impaired people across the globe in 2010, which included 39 Mn blind people, of whom around 80% were above the age of 50 years. Ophthalmology is the branch of medical science that deals with anatomy, physiology, and disease of the eye. There are various diagnostic equipment that are used to diagnose a wide range of ophthalmic conditions and provide vision solution. These equipment are simple to use for healthcare professionals.
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Increasing prevalence of eye-related disorders such as macular degeneration and diabetic retinopathy, rise in aging population and increasing government initiatives towards the development of healthcare infrastructure in the developing countries are the key factors driving growth of the global ophthalmic devices market currently.
In addition, increasing prevalence of lifestyle associated diseases, such as diabetes and high blood pressure, is fuelling growth of the market further. In case of the geriatric population, treatment of eye diseases calls for more effective ophthalmology devices. Several government associations across the globe are also focused on increasing consumer awareness about ophthalmic diseases. However, various factors, such as lack of awareness about eye diseases and high risks associated with eye surgeries, act as restraints for growth of the ophthalmology devices market. Also, there are some problems associated with the use of ophthalmology devices; for instance, changes made to the cornea cannot be reversed after LASIK surgery.
By region, North America dominated the ophthalmic diagnostic equipment market with over 31.1% value share in 2014 and is expected to remain dominant throughout the forecast period. The ophthalmic diagnostic equipment market in Asia and Latin America is expected to expand at a CAGR of 5.9% and 5.7%, respectively, in terms of value, during the forecast period. Meanwhile, the Optical Coherence Tomography (OCT) product segment is expected to account for the maximum value share of the overall market during the forecast period.
Dearth of ophthalmologists and lack of associations capable of understanding the needs of the ophthalmologists are among the major factors restraining growth of the ophthalmic diagnostic equipment market currently. Meanwhile, factors such as launch of advanced technologies, product innovation, new patent approvals and research institutes and universities play a major role in driving the market growth.
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Key market players covered in this report are TOPCON CORPORATION, Carl Zeiss Vision International GmbH, Ellex, Quantel Medical Inc, NIDEK CO., LTD, HAAG-STREIT GROUP, Halma plc, Coburn Technologies Inc. and Kowa Company Ltd. Major players in the ophthalmic diagnostic equipment market focus on enhancing their global and regional presence through strategic acquisitions and mergers, and operational expansion.
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Source: Future Market Insights