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Ophthalmology Devices Market Set to Expand

BioPhotonics
Sep 2014
The global market for ophthalmology devices is expected to reach $9,466.7 million by 2018, according to a report published by MarketsandMarkets of Dallas.

The market is expected to grow at a compound annual growth rate of 6.8 percent. This expansion is attributed to the increased prevalence of eye diseases, varying lifestyles, increasing income levels and a rise in the aging population. Technological developments have also compounded this increase.

North America is expected to hold the largest share of the industry, followed by Europe, Asia and the rest of the world. The Asian market, however, is expected to grow at a higher rate during the period of 2013 through 2018, as low death rates are seen with increased government health care spending and rising household incomes.

The report analyzed diagnostic and monitoring devices, vision care products, and surgical devices used for cataracts, glaucoma, refractive errors and vitreoretinal disorders.


GLOSSARY
eye
The organ of vision or light sensitivity.  
ophthalmology
The branch of medicine involved in the study of the anatomy, functions, diseases and treatments of the eye.
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