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Ophthalmic Viscosurgical Devices Market is determined to cross $790 mn by 2024

Author : Rahul Sankrityayan | Published Date : 2019-03-20 

The Ophthalmic Viscosurgical Devices Market is set to exceed USD 790 million by 2024; according to a new research report by Global Market Insights. Increasing number of people suffering from different types of ophthalmic disorders is the key factor driving ophthalmic viscosurgical devices (OVD) industry growth during the forthcoming years. Moreover, diabetic patients are at high risk of suffering from some or the other ophthalmic disease. Increasing prevalence of diabetes in developed as well as developed economies will further spur ophthalmic viscosurgical devices market size.

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Dispersive OVDs segment accounted for USD 170.2 million revenue in 2017 and is expected to show significant growth in the foreseeable future. Surgeries such as dense cataracts, requiring significantly greater amounts of fluid flow and ultrasound energy within the eye, have potential to traumatize the cornea. Growing adoption of dispersive OVDs to protect corneal endothelium from ultrasonic waves during such surgeries will accelerate segmental growth.

Cohesive OVDs segment is projected to show robust CAGR of 12.5% during the forecast timeline. Demand for cohesive OVDs for inflating capsular bag prior to lens implantation will increase its adoption in various surgical procedures. Growing usage of cohesive OVDs for creating and maintaining space in anterior segment of the eye during surgery will further spur segment size in coming years.

Enumerating the impact of the U.S. industry on the overall ophthalmic viscosurgical devices market:

The United States is a lucrative ground for not just the North American zone but also for the overall ophthalmic viscosurgical devices market. Indeed, estimates claim that the United States dominated the North America ophthalmic viscosurgical devices market in 2017 with a valuation of USD 156.1 million in 2017 and is apparently expected to depict a similar trend in the years to come.

The primary reason for the expansion of the U.S. ophthalmic viscosurgical devices market is the surging prevalence of diabetes in the region, specifically among the elderly, leading to visual disabilities. Not to mention there has been a tremendous rise in the awareness among the masses with regards to regular eye check-ups, that has further impelled the regional industry. Also, the United States is remnant of extensive healthcare spending on infrastructure and treatment, that would expedite the U.S. ophthalmic viscosurgical devices (OVD) market over 2018-2024.

How will Germany influence the global ophthalmic viscosurgical devices market statistics?

Germany is touted to come up as one of the most profitable regional arenas for ophthalmic viscosurgical devices market. One of the primary reasons for the same is the growing incidence of ophthalmic disorders in the nation. Not to mention, the presence of organizations such as the German Society of Ophthalmology, the Association of German Ophthalmic Surgeons, and the German Professional Association of Ophthalmologists have been continually implementing national screening programs for glaucoma and other age-related conditions such as macular degeneration. Powered by such initiatives, Germany ophthalmic viscosurgical devices market is forecast to register a CAGR of 12% over 2018-2024.

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Some of the prominent industry players operational in ophthalmic viscosurgical devices market include Alcon, Amring Pharmaceuticals, Bausch & Lomb, Bohus Biotech, Carl Zeiss Meditec, CIMA Technology, Johnson & Johnson Surgical Vision, Maxigen Biotech, Precision Lens, Rayner Intraocular Lenses and Sidapharm. Major industry players are primarily focusing on strategies including new product launch, mergers, acquisition and collaborations to strengthen existing product portfolio and capitalize on market share. For instance, in October 2018, Carl Zeiss announced agreement to acquire IanTech that is a firm focused in technological solutions for micro interventional cataract surgeries.

About Author

Rahul Sankrityayan

Rahul Sankrityayan

Fortified with a post-graduate degree in Computer Applications, Rahul Sankrityan writes for Fractovia, where he pens down news and articles spanning across segments of technology industry that excite him on a day-to-day basis. Rahul comes with a rich experience in technical field as well as writing. He can be contacted at- [email protected] | https://twitter.com/sankritsays

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