The North America Ophthalmology Device Market is projected at $14.15 Billion in 2016 and is estimated to reach $18.14 Billion market by 2021 with a compound annual growth rate (CAGR) of 5.1%. Currently, the ophthalmology device market is a key growth area in the medical device market with rising demand for solutions, improving the lives of millions of people. The growth rate is likely to sustain in the years to come with rising prevalence of various ocular diseases and aging population. With the introduction of cataract, glaucoma, refractive surgical devices among others has heaped tremendous opportunities in the future market.
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Ophthalmology is the branch of medicine that deals with diseases that are related to eyes, anatomy and physiology. Ophthalmology devices include surgical devices which are used primarily for treating conditions relating to eye. The ophthalmology devices are a tremendous help in optimising the treatment process for eyes making it more convenient for both ophthalmologist and patients.
Recent years have witnessed the emergence of Ophthalmology device market owing to the rising eye related health conditions, advancements in technology and increasing aging population. The market is also driven by the factors that include increasing expenditure on healthcare spending, rising government expenditure and developments in the healthcare medical devices. However, the growth of the market is restricted by a few restraints which include lack of awareness regarding diseases like glaucoma, lack of healthcare insurance in developing countries and poor infrastructure.
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The North America ophthalmology device market is categorised on the basis of application of the devices, disorders that the devices helps to treat and by the type of devices. Based on application, the market is divided into diagnostics & monitoring devices, vision care devices and surgery devices. By disorders, the ophthalmology devices helps in treating disorders that include Glaucoma, Refractor disorders, Cataract and Vitero rental disorder. By devices, the market is segmented as computerised field analyser and canaloplasty devices. On the basis of geography, the North America market is segmented as US and Canada.
The major companies in the market are Abbott Medical Optics Inc., Alcon Inc., Johnson & Johnson, Bausch and Lomb Inc., Essilor International, Topcorn Corporation, HAAG-Streit Group, Topcon Corporation, Carl Zeiss Meditec, Ziemer Ophthalmic System and Hoya Corporation.
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