The ophthalmic devices are the medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to high prevalence of various ophthalmic diseases, such as glaucoma, cataract, and other vision related issues across the Australia. Moreover, technological advancements in the field has also boosted the adoption rate of the rate, globally.
Although there have been advancements, the devices are stilled deemed unsafe, and can cause damages if not handled professionally. Hence, all these factors can restrain the market growth.
Key Market Trends
Vision Correction Devices are Expected to Register a High Growth CAGR
The vision correction devices or corrective lenses are used to aid and improve vision for those with common refractive errors like myopia, hypermetropia, astigmatism, and presbyopia. These visual impairments result in low vision. Moreover, these conditions seem to be rising in Australia that helps in increasing the ophthalmic devices market.
According to the 2017–18 National Health Survey (NHS) of Australia, the percentage of population with visual impairment has been increasing over the years in Australia. This is expected to increase the demand for vision correction devices in Australia, which will further help in the market growth.
The Australia has a well-structured and developed healthcare system. Australia also promotes research and development for pharmaceutical devices and hence has very high expenditure on healthcare. As a result of these policies, many companies globally are encouraged to operate in the region, which makes the market competitive.
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