Germany ophthalmic viscosurgical devices market to register substantial gains over 2016-2024, high prevalence of eye disorders to drive the demand
Ophthalmic viscosurgical devices market is expected to carve a remarkable growth path, owing to the surging product requirement for age-related cataract treatment. Reliable statistics state that more than 10 million cataract operations are carried out across the globe. According to Global Market Insights, Inc., “Worldwide ophthalmic viscosurgical devices market will surpass a revenue collection of USD 790 million by 2024 with an annual growth rate of more than 10% over the years ahead.” Increasingly changing dietary habits and a hectic, modern lifestyle has led to a widespread occurrence of diabetes. Diabetic people are vulnerable to ocular disabilities such as blindness and diabetic retinopathy, which in turn, will favor ophthalmic viscosurgical devices industry growth noticeably.
U.S. Ophthalmic Viscosurgical Devices Market Size, By Application, 2012-2024 (USD Million)
Based on the products, ophthalmic viscosurgical devices market is mainly divided into cohesive, dispersive, and combined. Dispersive devices covered more than 47% of the revenue share in 2015 and will exhibit lucrative growth prospects over the coming years of 2016 to 2024. The prominent usage of these devices for cataract surgeries due to their notable rheological characteristics will augment the product demand. Cataract surgery application acquired more than 49% of the market share of the application landscape in 2015 and will record a CAGR of 12.6% over the period of 2016 to 2024. The number of patients affected by cataract are increasing substantially across the globe, which will noticeably boost the demand for ophthalmic viscosurgical devices.
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Cohesive ophthalmic viscosurgical devices market is anticipated to cover a market share of about 40% over the coming years of 2016 to 2024, owing to the cohesive nature of the device, which is mainly used in OVD retention for phacoemulsification. Phacoemulsification technology is extensively used for the treatment of cataract.
Vitreoretinal surgery is another attractive application segment of ophthalmic viscosurgical devices market. Vitreoretinal surgery was worth more than USD 53 million in 2015 and will cross a revenue collection of USD 150 million by 2024. The growth can be attributed to the surging need of these devices in diabetic retinopathy, macular degeneration, and diabetic vitreous haemorrhage.
Geographically, Germany ophthalmic viscosurgical devices market will register an annual growth rate of 11.9% over the period of 2016 to 2024, owing to the growing awareness regarding eye-related disorders such as cataracts among the rising geriatric population.
U.S. ophthalmic viscosurgical devices industry was worth more than USD 110 million in 2015 and will exhibit significant growth rate over the years ahead. The growth can be attributed to the growing occurrence of ophthalmic ailments such as diabetic retinopathy, cataract, and glaucoma. In addition, the availability of advanced healthcare facilities and supportive reimbursement policies will augment the industry growth noticeably.
Japan ophthalmic viscosurgical devices market collected a revenue of over USD 12 million in 2015 and will cross a market value of USD 41 million by 2024, primarily driven by the invasively growing geriatric population.
Industry giants will focus on product differentiation, strategic partnerships, and new product launches to sustain their position in the market. Top business competitors occupied more than 50% of the revenue share in 2015. Key participants in ophthalmic viscosurgical devices market are Abbott Medical Optics Inc., Alcon, Bausch & Lomb, Carl-Zeiss, Hyaltech Ltd., CIMA Technology, Inc., Rayner, and Precision Lens.
Author Name :Sunil Hebbalkar