The global market for ophthalmic devices is expected to reach to $22.1 billion in 2019.
(PRWEB) September 24, 2015
Wellesley, Mass., September 24, 2015 – Advancements in cataract and refractory surgery devices have improved the safety and efficacy of routine procedures, enhanced surgical outcomes, and reduced perioperative morbidity. BCC Research reveals in its new report that those factors and others such as the world’s aging population and the rising incidence of diabetes, which is increasing the number of patients with conditions such as cataracts, age-related macular degeneration, glaucoma and diabetic retinopathy, are expanding the addressable patient population in need of ophthalmic technology and devices.
This report analyzes recent advances in ophthalmic medical devices and their potential impact on the medical device industry. It also examines medical device manufacturers and formulation specialists, as well as pharmaceutical industry, biotechnology firms, and generic manufacturers involved in the development of new and existing treatments.
The global market for ophthalmic devices reached $16.8 billion and nearly $17.7 billion in 2013 and 2014, respectively. This market is forecasted to grow at a five-year (2015-2019) compound annual growth rate (CAGR) of 4.6% to reach $22.1 billion in the end year. Contact lenses account for the largest segment in the ophthalmic devices market, generating 43% of all sales volumes in 2014.
The launch of new biocompatible materials, improvements in clinical optics and the launch of high-end surgical devices are driving market growth. Other drivers include increasing patient acceptance of refractive surgery, improved safety profiles and outcomes, and the convenience offered by refractive surgery. However, because this surgery type is an elective, private-pay procedure, this market is much more vulnerable to the changing economic climate than other non-elective product segments.
Overall, good growth opportunities abound in the market for ophthalmic products over the next five years partly due to an aging population, rising demand in emerging markets, and the development of new IOLs that can improve visual acuity and/or correct for refractive errors.
“The new-generation laser eye surgery products, as well as the possible launch of laser eye surgery for presbyopia in the U.S., could lead to a stronger refractive surgery market. In addition, the development of products that can effectively treat glaucoma and age-related macular degeneration could be significant market drivers in the future,” says BCC research analyst Cheryl L. Barton. “Also, new imaging technologies like enhanced optical coherence technology, as well as products that improve work flow and efficiency for users, will drive further innovation in diagnostics.”
Ophthalmic Devices: Technologies and Global Markets (HLC173A) reviews recent advances in diagnostic, surgical and implantation devices used to treat prevalent eye conditions. The report also analyzes market by device, application, and region, and provides historical data and projections of CAGRs through 2019.
Editors and reporters who wish to speak with the analyst should contact Steven Cumming at firstname.lastname@example.org.
About BCC Research
BCC Research publishes market research reports that make organizations worldwide more profitable with intelligence that drives smart business decisions. These reports cover today's major industrial and technology sectors, including emerging markets. For more than 40 years we've helped customers identify new market opportunities with accurate and reliable data and insight, including market sizing, forecasting, industry overviews, and identification of significant trends and key market participants. We partner with analysts who are experts in specific areas of industry and technology, providing unbiased measurements and assessments of global markets. Recently selected as the world’s greatest market research company, BCC Research is a unit of Eli Global, LLC. Visit our website at http://www.bccresearch.com. Contact us: (+1) 781-489-7301 (U.S. Eastern time), or email email@example.com.