Ophthalmic Devices Market Characteristics
The ophthalmic devices (or) equipment supplies market consists of sales of ophthalmic devices and related services by entities (organizations, sole traders and partnerships) that produce ophthalmic devices used in the diagnosis and treatment of eye related diseases. This industry includes establishments that produce vision care devices, cataract surgery devices, refractive surgery devices, diagnostic and monitoring ophthalmic devices used in conditions such as eye infections, cataract, glaucoma, retinal detachment and other medical conditions.
Competitive Landscape of the Ophthalmic Devices Market
Major players in the global ophthalmic devices market include Essilor International, Alcon (Novartis), Johnson & Johnson (U.S.), Hoya Corporation, CooperVision AG.
Ophthalmic Devices Market Size
The ophthalmic devices market size is expected to reach $36 Billion by 2022, significantly growing at a CAGR of around 4% during the forecast period. The growth in the ophthalmic devices market is due to increase in ageing population who are more prone to optic diseases and rising awareness of healthcare in general.
However, the market for ophthalmic devices is expected to face certain restraints from several factors such as rising competition and high investment to set up such manufacturing plant.
Ophthalmic Devices Market Segmentation
The global ophthalmic devices market is further segmented based on type and geography.
By Type - The ophthalmic devices market is segmented into vision care devices, cataract surgery devices, refractive surgery devices, diagnostic and monitoring ophthalmic devices among these segments, the vision care devices market accounts for the largest share in the global ophthalmic devices market.
By Geography - The global ophthalmic devices is segmented into North America, South America, Asia-Pacific, Eastern Europe, Western Europe, Middle East and Africa. Among these regions, the Asia Pacific was the largest region in the global ophthalmic devices market.
Trends in the Ophthalmic Devices Market
The use of robotic systems in the field of ophthalmology is increasing. Conventional ophthalmic surgeries are generally performed with a high magnification with a three-dimensional view through a surgical microscope and precise manipulations are made using delicate handheld instruments to minimize collateral damages. Robot-assisted surgeries are attractive in these cases and allow surgeons to perform complex eye operations with improved precision, amplified scale of motion, reduced tremor, task automation and flexibility.
For instance, mechatronics and control laboratory and the Jules stein eye institute collaboratively developed intraocular robotic interventional and surgical system (IRISS) which is capable of performing both anterior and posterior segment intraocular surgery. This system consists of master surgical manipulators to manipulate two surgical instruments simultaneously through tiny ocular incisions and microscope mounted cameras for 3-D teloperated surgical visualization. Preceyes BV also developed PRECEYES Surgical System to perform robot-assisted operation inside the eye.
Potential Opportunities in the Ophthalmic Devices Market
With increase in population the ageing population is also increasing which in return increase the patients for ophthalmic diseases which expands the demand of ophthalmic devices for the global ophthalmic devices market and is expected to significantly rise in the forecast period.