Ophthalmic Devices Market Size To Reach $55.5 Billion By 2024: Grand View Research, Inc.

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Jun 16, 2016, 07:00 ET

SAN FRANCISCO, June 16, 2016 /PRNewswire/ -- The global ophthalmic devices market is expected to reach USD 55.5 billion by 2024, according to a new report by Grand View Research, Inc. The rising geriatric population base is presumed to propel the need for ophthalmic devices as this age group is more prone towards the development of chronic eye disorders. The rising prevalence of eye disorders such as macular degeneration, cataract, diabetic retinopathy and glaucoma is also boosting the growth of ophthalmic devices.

Approximately 10% of the people suffering from eye disorders will experience loss of vision in spite of the proper treatment as per the statistics of the WHO, driving the clinical urgency to incorporate highly advanced ophthalmic devices. Additionally, the rising demand for minimally invasive and complication-free operative surgeries is expected to upsurge the demand for ophthalmic devices.

The ophthalmic devices market growth can also be attributed to technological advancements such as the development of intraocular lenses, mydriatic fundus cameras, and OCT devices. Furthermore, the increasing involvement of market players in expanding treatment solutions through strategic alliances is expected to present this market with a potential growth platform. For instance, in May 2016, Bausch & Lomb through its enterprise partnership with Apple and IBM will develop a cataract surgery app that would integrate patient data, calculation data, and records thereby helping cataract surgeons' work efficiently. The app will be enabled with IBM's cognitive computing capabilities to reduce surgical errors.

Access full research report at: http://www.grandviewresearch.com/industry-analysis/ophthalmic-devices-market

Key Findings:

The vision care segment dominated the product segment of the overall ophthalmic devices market in terms of revenue share at over 78.0% in 2015, owing to its adoption in vision correction.
The diagnostic & monitoring devices segment is expected to grow at the fastest CAGR at over 7.0% in 2015. This can be attributed to the fact that diagnosis is an indispensable process in the treatment of eye disorders.

Market Segmentation:

Product outlook (Revenue, USD Million, 2013 - 2024)
- Diagnostics & Monitoring Devices
  - Fundus Camera
  - Optical Coherence Tomography Scanner
  - Retinoscope
  - Tonometer
  - Pachymeter Ophthalmoscope
  - Biometer
  - Autorefractor
- Surgical Instruments
  - Refractive Error Surgery Devices
  - Glaucoma Surgery Devices
  - Cataract & Vitreoretinal Surgery Devices
- Vision Care Products
  - Contact Lenses
  - Spectacle Lenses
Regional outlook (Revenue, USD Million, 2013 - 2024)
- North America
  - U.S.
  - Canada
- Europe
  - UK
  - Germany
- Asia Pacific
  - Japan
  - China
  - India
- Latin America
  - Mexico
  - Brazil
- MEA
  - South Africa

About Grand View Research

Grand View Research, Inc. is a U.S. based market research and consulting company, registered in the State of California and headquartered in San Francisco. The company provides syndicated research reports, customized research reports, and consulting services.

Contact:
Sherry James
Corporate Sales Specialist, USA
Grand View Research, Inc
Phone: 1-415-349-0058
Toll Free: 1-888-202-9519
Email: [email protected]
Web: www.grandviewresearch.com

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SOURCE Grand View Research, Inc.