Report forecasts ophthalmology diagnostic, monitoring equipment market to be worth $9.5M by 2018

The ophthalmology devices market is expected to grow at a compound annual growth rate (CAGR) of 6.8 percent to reach $9,466.7 million by 2018, according to market research firm Markets & Markets.

The ophthalmology devices market—which includes optical coherence tomography (OCT) scanners, fundus cameras, and excimer, YAG, and femtosecond lasers, to name a few—is expected to grow at a compound annual growth rate (CAGR) of 6.8 percent to reach $9,466.7 million by 2018, according to market research firm Markets & Markets.

Related: OCT systems for ophthalmology

The firm's ophthalmology devices market research report studies and analyzes the market by types. The market is categorized into diagnostic and monitoring devices, surgical devices, and vision care products.

The market is propelled by an increase in aging population, which boosts the prevalence of eye diseases amongst people. The latest advancements in ophthalmology devices like mydriatic and non-mydriatic fundus cameras, phocoemulsification devices, and femtosecond lasers have given a thrust to the demand for ophthalmology devices across the globe. However, economic slowdown due to the eurozone crisis has led to delayed payments by hospitals to ophthalmology device manufacturers, which has adversely affected the manufacturers. Moreover, the U.S. medical device industry has been adversely affected by reimbursement issues, thus hampering the growth of the market.

North America contributes the largest share to the market, followed by Europe, Asia-Pacific, and Rest of the World. Developed regions like North America and Europe are expected to grow at a lower CAGR due to saturation in these regions. The Asia-Pacific region is expected to grow at the fastest pace during the forecast period from 2013 to 2018, owing to a rapid growth in the developing healthcare industry in China and India.

The prominent market players are Alcon Inc. (Switzerland), Abbott Medical Optics (U.S.), Bausch & Lomb (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).

For more information, please visit www.marketsandmarkets.com.

-----

Follow us on Twitter, 'like' us on Facebook, connect with us on Google+, and join our group on LinkedIn

Subscribe now to BioOptics World magazine; it's free!

More in Biomedicine