Global ophthalmology devices market to reach $58 bn by 2021

The global ophthalmology devices market is projected to reach $ 58.05 billion by 2021, at a CAGR of 3.7 percent from 2016 to 2021, according to a new Markets and Markets report.
 
The increasing geriatric population and related increase in the number of eye diseases and technological advancements in ophthalmology devices are the key factors driving the market growth for ophthalmology devices. However, factors such as uncertain reimbursement structure and lack of healthcare insurance in developing countries are restraining the growth of this market.
 
The vision care devices segment accounted for largest share of ophthalmology devices market. This is attributed to increasing number of patients suffering from eye disorders and rising awareness about eye health in developing countries. The surgical devices segment is estimated to register the highest growth primarily due to the increasing incidences and prevalence rates of eye diseases such as cataract, glaucoma, refractive errors, and diabetic retinopathy.
   
In 2015, North America accounted for the largest share of the ophthalmology devices market, followed by Europe. The growing awareness & adoption of advanced ophthalmic devices, presence of well-established distribution channels, and presence of leading companies in this region are driving market growth in North America. Although, North America will continue to dominate the global ophthalmology devices market during 2016-2021, the Asia-Pacific region is expected to register the highest market growth in the coming years. A majority of the growth in this region is driven by the growing population in countries like China and India, rapid growth in geriatric population, improving healthcare infrastructure, growing per capita income, and rising focus of key market players on this region.
 
The global ophthalmology devices market is consolidated in nature, with the top five companies accounting for a major market share in 2015. Some of the major players in the global ophthalmology devices market are Alcon Inc (Switzerland), Essilor International (France), Johnson & Johnson (US), Abbott Medical Optics (US), Bausch & Lomb (US), Haag-Streit (Switzerland), Topcon Corporation (Japan), Carl Zeiss Meditec (Germany), Nidek Co Ltd (Japan), Ziemer Ophthalmic Systems (Switzerland), etc.