The global ophthalmology market is growing due to an increasingly aging population and its subsequent impact on the eye care industry. Due to the rising number of individuals suffering from eye disorders, there will be an increasing demand for surgical, diagnostic, and vision care devices. This is the primary factor that will drive the growth of the global ophthalmology devices market, which is expected to grow by USD 13.03 billion during 2020-2024.
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Additionally, an increasing number of partnerships, a growing focus on promotional sales, and the increasing number of strategic M&A are the major trends expected to gain traction over the next few years. The high growth potential of this market is encouraging numerous large enterprises to increase their product range and expand their market presence by merging or acquiring other companies. In the past few years, the ophthalmic equipment market has witnessed a number of acquisitions since the presence of several large and small vendors have intensified the level of competition.
Technavio's ophthalmology devices market research experts identify that a rise in the number of individuals suffering from eye disorders will increase demand for surgical, diagnostic, and vision care devices. Countries such as Canada, the US, and the UK, are providing options to reimburse incurred costs from various ocular surgeries and glaucoma screenings, which is further increasing the demand for ophthalmology devices.
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Technavio's research coverage of the ophthalmic therapeutics market provides analysis on all of the common eye disorders including glaucoma, retinal diseases, conjunctivitis, refractive errors, color blindness, retinitis, and dry eye syndrome. The dry eye syndrome market is expected to grow steadily over the next few years due to changing lifestyles, consumption of specified medicines, and an increased rate of diseases. Some factors contributing to dry eye syndrome include autoimmune diseases, genetic factors, environmental conditions, and extended usage of contact lenses and prolonged computer usage.
Within our ophthalmology industry research, we provide deep insights into the ophthalmology market landscape and its segments. Our full ophthalmology market segmentation research offerings include:
Our research of the ophthalmic devices industry provides comprehensive coverage of the following markets:
We at Technavio, with our comprehensive understanding of the ophthalmology market, have been monitoring the latest industry trends and developments to create an in-depth portfolio of ophthalmology market reports. These reports help our clients identify opportunities within the market and develop effective strategies to optimize their market positions. Our ophthalmology market reports offer the following insights:
Technavio keeps itself abreast of the latest developments in the disease pipeline by tracking clinical ophthalmology research trials across the globe. Cataracts, diabetic macular edema, and macular degeneration trials form a sizable proportion of the ongoing ophthalmology clinical trials.
Ophthalmic clinical trials cover compound types varying from clinical development and bioanalytical services. Our ophthalmic clinical trials analysis encompasses all phases of development starting from discovery projects to phase I, phase II, and phase III concluding with the registration of clinical trials. In addition, the ophthalmic clinical trials submissions are classified as biosimilars or new molecular entity.