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HomeminewsOphthalmology Devices Market worth AU$10,224 million by 2018

Ophthalmology Devices Market worth AU$10,224 million by 2018

The global ophthalmology devices market is expected to grow at a compound annual growth rate (CAGR) of 6.8 per cent to reach AU$10,224 million (US$9,466.7 million) by 2018. By contrast, the vision care market is anticipated to reach AU$36,424 million (US$33,725.3 million) by 2018 at a CAGR of 2.9 per cent.

This is according to a new report published by Markets and Markets, entitled Ophthalmology Devices Market (Optical Coherence Tomography (OCT) Scanner, Fundus Camera, Tonometer, Pachymeter, Perimeter, Slit Lamp, Excimer, YAG Laser, Femtosecond Laser, IOL, Contact Lens) – Competitive Landscape & Global Forecasts to 2018. The report analyses and studies the major market drivers, restraints, and opportunities in North America, Europe, Asia-Pacific, and the Rest of the World (RoW).

The ophthalmology devices market encompasses surgical devices which are used in cases of cataract, glaucoma, refractive errors, and vitreoretinal disorders; diagnostic and monitoring devices; and vision care products.

The report identified that the global ophthalmology devices market experienced a decline during 2008 and 2009, however, is anticipated to grow at a stable rate primarily due to the aging population and an increase in the occurrence of eye diseases. Additionally, the report cited that the rising per capita income has led to changes in lifestyles resulting in diseases like diabetes and consequently diabetic retinopathy.

Asian countries like China and India offer ample expansion opportunities…

However, the market growth in the U.S. and Europe “remains repressed due to saturation in developed markets and economic recession”. The authors wrote that Asian countries like China and India offer ample expansion opportunities to invest and grow rapidly.

North American Domination

The report authors predicted that by 2018, North America will continue to dominate the ophthalmology devices market followed by Europe, Asia, and RoW. On the other hand, the Asian market is expected to grow at a higher rate during the period of 2013–18. Several broad trends – rising household incomes, increased government spending on healthcare, lower death rates, consumer health awareness, and the growing occurrence of chronic developed-world diseases linked with changing lifestyles – have all driven thedemand for healthcare products and services in the Asia-Pacific region.

The report authors listed prominent players in ophthalmology devices market as Alcon Inc. (Switzerland), Abbott Medical Optics (U.S.), Bausch & Lomb Inc. (U.S.), Carl Zeiss Meditec AG (Germany), Haag Streit (Switzerland), Topcon Corporation (Japan), Johnson & Johnson (U.S.), Essilor International S.A. (France), Nidek Co. Ltd (Japan), and Ziemer Ophthalmic Systems AG (Switzerland).

Richard Grills, founder of Designs for Vision and Chairman of the Optical Distributors and Manufacturers Association (ODMA) said while he doesn’t disagree with the findings, it is important to keep in mind that the report is very US centric. “The report lists device companies as American, European and Asian owned but in fact if you dig deeper most of them are majority American owned. (Alcon is owned by Novartis. Although Novartis’ head office is located in Switzerland, the company is majority American owned. Similarly, Essilor although historically a French company, has 54.7 per cent of its shares held by non-French institutional investors.)

“Today there are many excellent innovations coming directly out of other companies in Europe, some of the northern countries and Asia – specifically Japan and to some degree China. Many of these products are not available in America because of restrictions placed on them by the US Federal Drug Administration and so their impact on the market hasn’t been considered in this report.

“In Australia our ophthalmologists are fortunate to have greater access to ophthalmic devices from a broader range of suppliers because the Therapeutics Goods Administration is happy to allow companies to participate in our market if their appliance meets appropriate guidelines. For ophthalmologists, this provides greater choice.

“I believe that despite FDA restrictions, American doctors are eager to find out about products that are being developed and manufactured in the rest of the world – this is evidenced by the decline in attendance at American ophthalmic conferences such as the Academy of Ophthalmology and the American Cataract and Corneal Surgery Society – US doctors who traditionally attended these conferences are increasingly traveling to attend European conferences.”

The full global report is available at www.marketsandmarkets.com

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