Albany, NY -- (SBWIRE) -- 10/08/2018 -- A new Transparency Market Research report states that the global ophthalmology diagnostics and surgical devices market stood at US$26.01 bn in 2012 and is predicted to reach US$40.38 bn by the end of 2019, expanding at a CAGR of 6.60% from 2013 to 2019. The title of the report is, "Ophthalmology Diagnostics and Surgical Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2013 - 2019."
Vision defects and other infections may lead to a complete loss of vision. Thus, a number of ophthalmological diagnostic and surgical treatment devices play a major role in avoiding the loss of vision and in enhancing the quality of life of people. These devices help ophthalmologists to view the internal eye in detail and in examining the microvasculature of the eye. This helps in accurate diagnosis of the ophthalmic condition. After the diagnosis, patients are prescribed vision care products in case of refractive errors and in severe conditions, surgeries are conducted.
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As per the report, the increasing aging population and the rising occurrence of ocular disorders are amongst the major factors propelling the growth of the market. In addition, the increasing penetration of new technologies is also augmenting the development of the market for ophthalmology diagnostics and surgical devices. Furthermore, promising growth opportunities within developing economies will also boost the market. On the other hand, the soaring costs of hi-tech ophthalmology devices and the reduced standardization are amongst the chief factors impeding the growth of the market.
In terms of product, the report segments the market into diagnostic devices, vision care, and ophthalmology surgery devices. Diagnostic devices are further segmented into slit lamps, autorefractometers, tenometers, fundus cameras, ophthalmoscopes, fluorescein angiography, ophthalmic echography (ultrasound), optical coherence tomography (oct) systems, gonioscopes, keratometers, pachymeters, corneal topographers, perimeters, specular microscopes, corneal topographers, and others. Ophthalmology surgery devices are further segmented into refractive, cataract, vitreoretinal, and glaucoma surgery devices. Vision care is further segmented into spectacle lenses and contact lenses.
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Amongst the product segments, the segment of vision care held the largest share in the market in 2012 and will expand at a 7.10% CAGR from 2013 to 2019. This is owing to the large consumer base globally, increasing count of software applications, and the rising occurrence of ophthalmic refractive errors. On the other hand, the segment of ophthalmology surgery devices is also experiencing enormous development. In terms of application, the market is segmented into surgical, diagnostics, and vision care.
On the basis of geography, the report segments the market into Europe, Asia Pacific, North America, and Rest of the World (RoW). Amongst these, Europe and North America led the market by constituting a share of over 55% in the market. This is owing to the availability and acceptability of technological advancement, a large pool of skilled ophthalmology professionals, and enhanced healthcare policies within these two regions. On the other hand, Asia Pacific is predicted to register the fastest growth rate due to the increasing initiatives taken by governments within Asia Pacific countries.
As per the report, the key players in the market are Abbott Medical Optics, Alcon Laboratories (Novartis), and Topcon Corporation, among others.
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