NEW YORK, Aug. 10, 2015 /PRNewswire/ -- Ophthalmology is a segment of medical science associated with study of anatomy, physiology, diseases of human eye, and developing various therapeutic methods to treat eye diseases. Some of the major eye diseases are either age-related or caused due to chronic disorders. They include various degenerative eye diseases like macular degeneration, cataract, ocular hypertension (glaucoma), and refractive errors among others. Revolution in the field of medical science has led to the rapid development of ophthalmology devices that are invented to effectively treat ocular defects and disorders.
Ophthalmology devices market is segmented on the basis of products type as diagnostic devices, surgical devices and vision care. Based on the applications the ophthalmology devices market is segmented into cataract, glaucoma, age-related macular degeneration, diabetes retinopathy and others (refractive errors, amblyopia, and strabismus). End-users are segmented into hospitals, academic and research laboratories, and others (private eye clinic and vision care outlets).
The global ophthalmology devices market is expected to grow at a CAGR of around 5.8% from 2015 to 2021. Increasing incidence of degenerative diseases of eyes, increasing baby boomer population, increase in R&D activities in ophthalmology key players and extensive use of high-end technologies involving use of software and computer aided devices and platforms in ophthalmology drives the market of ophthalmology devices market. Lack of ophthalmologists, economic slowdown and saturation of the market in developed countries are the factors hampering the market growth.
Lifestyle changes owing to increase in ocular cancer, diabetes and macular degeneration patients, early diagnosis and treatment of diseases, advancement of technology with its wide application areas shows that ophthalmology devices market has vast opportunities in the coming years.
North America accounts for the highest market share followed by Europe. Steep rise in ageing population, increase in minimally invasive surgeries and favourable government policies makes U.S. the leader of ophthalmology devices market. However, Asian countries especially India and China's are the fast growing regions with its growing demand for ophthalmology devices and increasing research investments.
Major players in ophthalmology devices market include Abbott Medical Optics, Inc. (U.S.), Alcon Laboratories, Inc. (U.S.), Bausch & Lomb, Inc. (U.S.), Carl Zeiss (Germany), Essilor International SA (U.S.), Haag-Streit Holding AG (Switzerland), Hoya Corporation (Japan), Nidek Co. Ltd (Japan), STAAR Surgicals (U.S.) and Topcon Corporation (Japan).
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