Vitreoretinal Surgery of Ophthalmic Viscosurgical Devices Market to reach USD 150 million by 2024
Dispersive, Combined, and Cohesive are some of the major products of ophthalmic viscosurgical devices industry. Dispersive ophthalmic viscosurgical devices market revenue estimated at USD 130 million in 2015, is expected to grow at a rate of 12% over the coming timeframe. High demand for medium-viscosity dispersive ophthalmic viscosurgical devices for cataract surgeries, due to its beneficial rheological features, will drive the growth.
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Cohesive ophthalmic viscosurgical devices market is expected to witness a significant growth over 2016-2024. It plays a vital role in retaining ophthalmic viscosurgical devices in the frontal chamber during phacoemulsification.
Global increase in the proportion of eye surgeries such as refractive surgery, cataract surgery, keratoplasty, vitreoretinal surgery, and canaloplasty will drive the ophthalmic viscosurgical devices industry growth over the next few years.
Cataract surgery, which accounted for over 49% of the global market share in 2015, is expected to witness a healthy growth over the coming seven years. High occurrence of cataract and rising proportion of cataract surgeries will drive the growth.
Rise in percentage of vitreoretinal surgical operations among the aging population along with introduction of low costs vitreoretinal surgical systems will boost ophthalmic viscosurgical devices industry growth.
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Below are the regional highlights of Ophthalmic Viscosurgical Devices Market over 2016-2024:
Europe ophthalmic viscosurgical devices industry, which contributed toward 30% of the total revenue in 2015, will witness a noticeable growth over the next few years. Early diagnosis of eye-related problems/disorders and high demand for intraocular lens is expected to nurture the growth. France, Germany, and UK are the key regional revenue pockets.
Favorable government initiatives promoting cataract surgeries along with free treatment are anticipated to drive Latin America ophthalmic viscosurgical devices market over the coming timeframe. In addition to this, rise in occurrence of diabetic retinopathy, high rate of cataract surgeries, and easy availability of new medicines & devices will foster the industry growth. Argentina is forecast to make significant regional revenue contributions.
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Rise in amount of minimally invasive surgical operations, better healthcare amenities, and beneficial compensation policies are estimated to drive the business growth in North America. U.S. ophthalmic viscosurgical devices market, worth USD 110 million in 2015, is expected to drive the regional growth.
Rising elderly patient population vulnerable to suffer from cataract along with high incidence of myopia, diabetic retinopathy, and age-related optic nerve & retinocortical degeneration will boost APAC ophthalmic viscosurgical devices industry size in the near future. Japan and China are expected to contribute substantially towards the regional share.
Product innovations & strategic alliances are few of the key growth strategies by the market players to increase the geographical presence and retain their market position. Key industry participants include Rayner, Bausch & Lomb, Abbott Medical Optics Inc., Maxigen Biotech Inc., Carl Zeiss Meditec, Alcon, Hyaltech Limited, CIMA Technology Inc., and Precision Lens.
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