The ophthalmic devices are medical equipment designed for diagnosis, surgical, and vision correction purposes. These devices have gained increasing importance and adoption due to the high prevalence of various ophthalmic diseases such as glaucoma, cataract, and other vision-related issues across the world. Moreover, technological advancements in the field have boosted the adoption rate of the rate globally.
Although there have been advancements, the devices are still deemed unsafe and can cause damages if not handles professionally. Hence all these factors have been restraining the market growth.
Key Market Trends
Vision Correction Devices are Expected to Register a High 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.
According to the World Aging Population report by the United Nations in 2017, Germany had one of the highest percentages of population aged 60 years or above in 2017. Moreover, most of the highly developed countries like Germany are facing problems healthcare problems primarily due to the growing geriatric population. The older population is more prone to illnesses and poor vision. As this population grows, the demand for vision correction devices is also expected to increase. This will help the market growth in the region.
Germany has a well-structured and developed healthcare system. Germany also promotes R&D for pharmaceutical devices, and hence, records for a 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.
Reasons to Purchase this report:
- The market estimate (ME) sheet in Excel format
- 3 months of analyst support