The global market for ophthalmic devices is gaining momentum due to the rising instance of eye-related disorder in recent times. The population of people with cataract, refractor disorder, and vitreoretinal disorder has also seen an alarming rise over the past years. This has necessitated the need to have effective ophthalmic devices that can reduce the burden the ophthalmologists and enhance the effectiveness of the eye-care units. A report by Transparency Market Research (TMR) enunciates several factors that contribute to the progress of the market. The key standpoints that drive or restrain the market coupled with the opportunities that lie ahead of competitors have been included in the report.
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The rising geriatric population is at the helm of market development because the instance of ophthalmic diseases and disorders is the highest amongst the elderly. Dry eye and glaucoma are the commonly occurring disorder amongst the geriatric population. The initiatives of several national governments in strengthening the eye-care sector has also given a push to market demand. Irrespective of the propelling demand within the market, the high costs of ophthalmic devices have posed a threat to the market. Government subsidies and reimbursement policies can help in eliminating the odds prevalent in the market.
The geographical segmentation of the global ophthalmic devices market spans across North America, Europe, Latin America, the Middle East and Africa, and Asia Pacific. The Asia Pacific region is expected to exhibit substantial growth over the coming years on account of several government initiatives to enhance ophthalmic care.
Some of the key players in the market include CIBA Vision Corporation, Johnson & Johnson Vision Care Inc., Alcon Inc.., and Solotica Lentes de Contato.