According to a new technical market research report from BCC Research, “Global Markets for Ophthalmic Devices, Diagnostics, and Surgical Equipment,” the value of the global market for ophthalmic devices, diagnostics, and surgical equipment was an estimated $15.2 billion in 2009. It is expected to increase to more than $19 billion in 2014, for a five-year compound annual growth rate (CAGR) of 4.6%.

The largest segment of the market, contact lenses, is projected to increase at a CAGR of 3.3%, rising to more than $7.7 billion in 2014, after being valued at nearly $6.6 billion in 2009. The second-largest segment, the ophthalmic surgical market, is estimated at $5.5 billion in 2009, and is expected to increase at a five-year CAGR of 5.9% to reach more than $7.3 billion in 2014. The ophthalmic diagnostics segment is expected to reach $4 billion in 2014, after rising at a CAGR of 5.2% from its 2009 value of nearly $3.1 ­billion.

The aging of the population worldwide will result in a rapid increase in the 65-and-over population by 2030, a population that accounts for the highest incidence and prevalence of eye conditions and diseases. According to the report, this sets the stage for increased research and development activities, speedy market approvals, and higher awareness through education. The industry is likely to experience a burst of new products and heavy competition as the ophthalmic market advances.

The competitive landscape of the ophthalmic market is highly aggressive in both the United States and internationally. Leaders in the market strive to meet the demands of the industry and continue to invest between 7% and 15% of total sales into research and development efforts, the report says. Long-term success is gained by focusing on improving technology and by enhancing productivity, patient outcomes, and reducing health costs to both patients and providers.

More than 50 companies are represented in this report with significant product penetration and geographical coverage. Many companies remain competitive in niche areas of the market and maintain leading market shares in their own respective markets. The report’s geographical scope is worldwide with emphasis on key markets such as the United States. It identifies products by type and, when applicable, by disease type.

Source: BCC Research (www.bccresearch.com)

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