MarketsandMarkets recently conducted a study on the “Ophthalmology drugs and devices (diagnostic & surgical) market, current trends, global forecasts & pipeline analysis to 2017”, which analyzed and studied the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and Rest of the World.
Browse 222 tables spread across 517 pages and the in-depth TOC on “Ophthalmology Devices and Drugs Market (Contact Lens, OCT Scanner, IOL, Dry Eye, AMD, Glaucoma) Competitive Landscape & Global Forecasts To 2017 ”
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The study reports that the ophthalmology devices market, in particular, has experienced stable growth in the past decade, except for the past three to four years where the market witnessed a plateau due to global recession. The vision care segment of this market consists of contact lenses and spectacles that are used to treat the most common form of eye disorder, refractive errors. Hence, this segment commands the largest share i.e. 81% of the total ophthalmic devices market. However, a pivotal factor in the growth of this market has been the surgical devices segment, which has witnessed substantial growth in recent years owing primarily to increasing incidence and prevalence of eye diseases such as cataract, glaucoma, refractive errors, and diabetic retinopathy.
The global ophthalmology devices market is estimated to be $34.8 billion in 2012; North America is the largest market, followed by Europe, and Asia-Pacific (APAC). However, the APAC market will grow at the highest CAGR of 7.4% to reach $9.9 billion by 2017. The Asian region, characterized by the dynamic economies of China and India, will continue to grow in the next five years due to increasing disposable income and rising awareness of technologically advanced devices. In addition, due to high investment from device manufacturers, growth in the Asia-Pacific region will continue to be strong in the near future. Other regions such as Latin America and Africa also offer good opportunities, as they are still unsaturated markets, in comparison with the U.S. and Europe.
The report also studies the growth strategies adopted by companies between January 2009 and July 2012. Players in this market have adopted various strategies to expand their global footprint and increase market share. The key strategies followed by most companies in the global ophthalmology drugs and devices market were new product launch, agreements and collaborations, and acquisition & mergers. Product launch accounted for the largest share of 37.1% of the total strategies. The key players in this section include Bausch & Lomb, Inc., Carl Zeiss Meditec, Haag-Streit UK, Santen Pharmaceuticals Co., Ltd., Topcon Corporation, and Alcon, Inc.
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