The global ophthalmic devices market is projected to be worth $48.7 billion in 2020, according to a new report.
In 2014, the market is estimated to be worth $29.2 billion, according to Persistence Market Research. That represents a 6.5% compound annual growth rate between 2014 and 2020.
Spectacles are the most commonly used type of vision care device while cataract surgery devices comprise the most widely used type of ophthalmic surgical device. However, contact lenses is expected to be the fastest growing category of vision care ophthalmic devices.
The rapid growth of the overall market is being fueled by increasing incidence of eye-related disorders such as diabetic retinopathy and macular degeneration. Lack of awareness leading to children's eye diseases is also a driver of growth globally.
In North America, which is the largest market worldwide, age-related eye diseases, such as glaucoma, cataract, diabetic retinopathy and macular degeneration are contributing factors of market growth. They are also the leading causes of blindness and visual failures, according to the report.
The report notes that the North American market is expected to grow to $16.2 billion in 2020, up from $11.5 billion in 2014. Asia is expected to be the fastest-growing region in the period of the forecast.