Growing geriatric population base is propelling the need for ophthalmic devices, as this age group of people is more prone towards developing ophthalmic disorders. Furthermore, increasing prevalence of eye related disorders such as cataract, macular degeneration, glaucoma is also fueling the growth of ophthalmic devices. Unhealthy lifestyle patterns by global population is leading to a rise in chronic disorders such as diabetes and this is leading to a consequential rise in ophthalmic disorders such as diabetic retinopathy. The growth of ophthalmic devices market can also be attributed to technological advancements in the ophthalmic devices such as advances in laser technology, development of devices like mydriatic fundus cameras and minimally invasive surgical procedures.
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The contact lenses segment holds substantial market share owing the rising demand for aesthetically appealing alternatives of the conventionally used spectacles, by the people of all age group. The surgeries devices market is expected to show healthy growth during the forecast period owing to the permanent ease they provide and the availability of technologically advanced alternatives for the patients. Regionally North America has the largest revenue share in the ophthalmic devices market. Large base of geriatric population and the increasing incidences of unhealthy lifestyle related disorders are the major drivers of this market.
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Asia Pacific is expected to witness lucrative market growth during the forecast period owing to the availability of untapped and unsaturated markets in this region coupled with rising demand for ophthalmic devices by the patients. Rapid economic development along with increasing patient awareness levels is a major avenue for the companies in the ophthalmic devices market to capture in this region. Key players in the ophthalmic devices market includce Carl Zeiss AG, CIBA Vision Corporation, Bausch & Lomb, Abbott Medical Optics, Lentes de Contato, and Alcon Inc.
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