Press release
Global Ophthalmic Viscosurgical Devices Market to grow at a CAGR of 10% from 2016 to 2024
Fractovia.org
With the rising global elderly population, vulnerable to myriad ocular conditions, ophthalmic viscosurgical devices industry is all set to witness a humongous surge over the coming years. Increasing prevalence of people suffering from eye disorders coupled with growing awareness regarding ophthalmic diagnosis will lead to noticeable market growth.
One of the principal reasons of recurring eye diseases is the lack of periodic eye checkups, which contributes to delayed disease detection. With cataract touted to be one of the major causes of blindness worldwide, accurate diagnosis becomes a mandate in order to commence the correct treatment. The trend of timely screening and treatment and the eventual rise in the number of surgical procedures will propel ophthalmic viscosurgical devices market in cataract surgery. This application segment is projected to grow at a CAGR of more than 12.6% over 2016-2024, having accounted for more than 49% of the overall revenue in 2015.
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The U.S. holds a record of more than 10 million cataract procedures being performed annually, which will stimulate business growth. The existence of high-tech healthcare infrastructure and an excellent reimbursement framework will further fuel U.S. ophthalmic viscosurgical devices industry, which was worth more than USD 125 million in 2015.
An ever-growing geriatric population highly prone to ocular conditions such as glaucoma, high myopia, cataract, diabetic retinopathy, and retinochoroidal degeneration will propel Japan ophthalmic viscosurgical devices market. This regional industry was valued at USD 12 million in 2015 and is anticipated to be worth more than USD 41 million by 2024.
Growing public awareness regarding the seriousness of ocular disorders is also expected to spur Germany ophthalmic viscosurgical devices market, which is set to observe a healthy annual growth rate of 11.9% over 2016-2024.
Browse key industry insights spread across 120 pages with 54 market data tables & 6 figures & charts from the report Ophthalmic Viscosurgical Devices Market in detail along with the table of contents:
https://www.fractovia.org/news/industry-research-report/ophthalmic-viscosurgical-devices-market
Vitreoretinal surgery is one of the key application segments of ophthalmic viscosurgical devices industry. This procedure helps enhance vision for ocular conditions such as diabetic vitreous haemorrhage, macular degeneration, and diabetic retinopathy. With the increasing prevalence of such age-related eye disorders and the high demand for vitreoretinal surgical procedures, ophthalmic viscosurgical devices market size in vitreoretinal surgery will exceed USD 150 million by 2024, having registered a revenue of more than USD 53 million in 2015.
Cohesive ophthalmic viscosurgical devices industry is anticipated to account for more than 40% of the overall share by 2024. Dispersive ophthalmic viscosurgical devices market size, worth more than USD 130 million, held a revenue share of more than 47% in 2015. This product segment is projected to increase at a CAGR of 12% over 2016-2024, driven by improved rheological properties of the product.
Worldwide ophthalmic viscosurgical devices industry is fiercely competitive and ruled by established giants such as Carl-Zeiss, Abbott Medical Optics, Alcon, and Bausch & Lomb, who collectively held more than 50% of industry revenue in 2015.
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