Rising Incidence of Eye-Related Diseases Drives the Ophthalmic Instrumentation Market According to New Report by Global Industry Analysts, Inc.
San Jose, California (PRWEB) June 09, 2014 -- High prevalence of eye-related diseases worldwide continues to help spur the increase in the number of ophthalmic surgical procedures performed annually, thereby generating strong demand for ophthalmic instruments. Ophthalmic instruments are used in surgical procedures to treat conditions such as glaucoma and cataracts. As per WHO, cataract is responsible for about 45% of the blindness cases caused due to eye disease worldwide, followed by glaucoma, Age-Related Macular Degeneration (AMD), and diabetic retinopathy. Besides the rise in the number of cataract surgeries performed, increasing preference for minimally invasive ophthalmic surgical procedures and advancements in femtosecond laser technology are also expected to drive growth in the market.
Growth in the diagnostic devices market is mainly driven by steady technology developments which have led to innovations aimed at enhancing visual acuity, image resolution and accuracy of diagnosis. Implantable miniature telescopes and sophisticated optical coherence systems are some of the most advanced diagnostic devices launched in the recent past. Fundus Cameras represents the largest product market, with mydriatic fundus cameras being the latest innovation that help facilitate capturing and displaying the anatomy of fundus for better understanding of the pathophysiology and treatment of various retinal diseases.
Optical coherence tomography (OCT), a non-invasive, diagnostic technology is fast becoming an established imaging technology in ophthalmic diagnosis. Growth in this market is primarily driven by the ongoing shift to spectral domain OCT technology from time domain OCT. Further infusing growth is the integration of built-in devices such as fundus cameras and scanning laser ophthalmoscopes. The technology is not just used for detecting the presence of eye disorders, but also for analyzing the progression of eye disorders. In the ophthalmic lasers market, femtosecond laser is evolving as the next-generation technique that advances refractive surgery from the current standard, LASIK. Though positioned as an alternative to microkeratome, the technology holds several promising applications.
As stated by the new market research report on Ophthalmic Instrumentation, the United States represents the single largest market worldwide. Cataract surgeries top the list of surgical procedures performed in the country, with nearly three million surgeries performed annually. Asia-Pacific ranks as the fastest growing market with a CAGR of 10.8% over the analysis period. Growth in the region is led by rising number of diabetic population and ocular disease incidence in countries such as India and China, increasing per capita healthcare spends, rise in medical tourism and robust government supported investments in advanced healthcare infrastructure.
Major players covered in the report include Abbott Medical Optics Inc., Bausch & Lomb Inc., Ellex Medical Laser Limited, Huvitz Co. Ltd., Lumenis Ltd., Nidek Co. Ltd., Topcon Medical Systems Inc., and Visionix Ltd., among others.
The research report titled "Ophthalmic Instrumentation: A Global Strategic Business Report" announced by Global Industry Analysts, Inc., provides a comprehensive review of market trends, drivers, mergers, acquisitions and other strategic industry activities of major companies worldwide. The report provides market estimates and projections for geographic markets such as the US, Canada, Japan, Europe (France, Germany, Italy, UK, Spain, Russia, and Rest of Europe), Asia-Pacific (China, India and Rest of Asia-Pacific), Middle East and Latin America (Brazil and Rest of Latin America) in both value and volume terms. The report analyzes the global market for ophthalmic instrumentation by product segments such as Diagnostic Devices (OCT Systems, Optical Biometers, Slit Lamps, Tonometers, Auto Refractors/Keratometers, Perimeters, Fundus Cameras, Diagnostic Ultrasound Equipment, and Others) and Surgical Products (Ophthalmic Disposables, Ophthalmic Lasers and Ophthalmic Surgical Microscopes) in both value and volume terms.
For more details about this comprehensive market research report, please visit http://www.strategyr.com/Ophthalmic_Instrumentation_Market_Report.asp.
About Global Industry Analysts, Inc.
Global Industry Analysts, Inc., (GIA) is a leading publisher of off-the-shelf market research. Founded in 1987, the company currently employs over 800 people worldwide. Annually, GIA publishes 1500+ full-scale research reports and analyzes 40,000+ market and technology trends while monitoring more than 126,000 Companies worldwide. Serving over 9500 clients in 27 countries, GIA is recognized today, as one of the world's largest and reputed market research firms.
Global Industry Analysts, Inc.
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Raghu Gopal, Global Industry Analysts Inc, +1 408-528-9966, [email protected]
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