Ophthalmology Diagnostics Market to Reach $40 Billion by 2019
ALBANY, N.Y., April 30, 2014 — The ophthalmology diagnostics and surgical devices market is poised to reach $40.4 billion by 2019, up from just over $26 billion in 2012.
Transparency Market Research made the prediction in a recent report that forecasts an annual global growth rate of 6.6 percent between 2013 and 2019. The quickest growth is expected in the Asia-Pacific region, at a rate of 8.9 percent annually.
The report was based on analysis of product type (diagnostic devices, surgery devices and vision care products), as well as geography and applications. Among applications under this market’s umbrella are optical coherence tomography (OCT), specular microscopes, and refractive and vitreoretinal surgery devices.
OCT systems represented the largest of this market in 2012 with a value of $352.1 million, according to the report. Such systems, as well as advanced OCT and implantable miniature telescopes, exemplify the technological progress of diagnostic platforms. These devices provide high-resolution imaging, efficient diagnosis and improved visual acuity, and have demonstrated improvement in patients’ quality of life.
As ocular disorders such as cataracts and glaucoma become more prevalent, particularly among the growing elderly population, demand increases for more advanced and enhanced diagnostic and surgical technologies and devices, which contributes to market’s growth, the researchers said.
Data from the US Centers for Disease Control and Prevention shows that, as of 2013, about 20.5 million Americans over age 40 are affected by cataracts, and a research report by the Association of Optometrists states that blindness due to cataracts is expected to affect approximately 50 million people by 2020.
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