New York, NY, April 27, 2018 (GLOBE NEWSWIRE) -- Zion Market Research has published a new report titled “Ophthalmic Viscosurgical Devices Market by Dispersive, Cohesive, Combined), By Application (Cataract Surgery, Vitreoretinal Surgery, Refractive Surgery, Keratoplasty), By End-User (hospitals and eye specialty clinics): Global Industry Perspective, Comprehensive Analysis and Forecast, 2017 – 2023”. According to the report, global ophthalmic viscosurgical devices market was valued at approximately USD 327.97 million in 2017 and is expected to generate revenue of around USD 606.83 million by end of 2023, growing at a CAGR of around 10.80% between 2017 and 2023.
Ophthalmic viscosurgical devices (OVDs) play a vital role in glaucoma filtering procedure. OVDs are an important part of modern anterior segment surgery. OVDs are used as a vitreous substitute. OVDs are used as a necessary tool in the ophthalmic surgery. OVDs are also used in cataract surgery, cornea surgery, trauma surgery, glaucoma surgery and vitreoretinal surgery. Such factors are expected to drive ophthalmic viscosurgical devices market growth in the future years. Visual impairment is a global health concern that has a negative impact on the mental and physical health of the individual. Geriatric people easily acquire eye-related diseases that cause blindness. Furthermore, government initiatives such as Healthy People 2020 Vision will improve visual health by decreasing visual impairment and blindness in the U.S.
Browse through 42 Tables & 21 Figures spread over 110 Pages and in-depth TOC on "Global Ophthalmic Viscosurgical Devices Market Types, Size, Share, Growth Analysis and Forecast 2016 – 2022”.
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OVDs are mostly used for modern phacoemulsification technique to remove the cataract. They provide excellent visibility owing to high transparency. OVDs are also used in Vitreo-retinal surgical procedures such as macular hole repair and various other retinal surgeries. Government initiatives to increase awareness levels regarding regular eye check-up will increase demand for the products in the coming years. Moreover, increasing prevalence of diabetes, as a diabetic population is more vulnerable to various ocular diseases which include diabetic retinopathy. According to the IDF, the prevalence of diabetes is expected to exceed 550 million by 2030. However, lack of ophthalmologists and less number of screening equipment in the developing countries may hinder industry growth.
Based on product, the ophthalmic viscosurgical devices market is segmented into dispersive, cohesive and combined. Dispersive devices are expected to contribute for major revenue share in 2017; dispersive devices are mostly used in cataract surgeries due to their enhanced rheological properties.
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On the basis of application, the market is segmented as cataract surgery, vitreoretinal surgery, refractive surgery, and keratoplasty. Cataract surgery is anticipated to generate major revenue share in 2017. Growing incidence rate of cataract among aging population coupled with increasing number of cataract surgical procedure is expected to drive segment growth over the forecast period.
Based on the end user, the market is segmented as hospitals and eye specialty clinics. Hospitals segment is expected to account for high market size, due to increased patient visit in the hospital for an eye checkup and surgery.
Browse the full "Ophthalmic Viscosurgical Devices Market by Dispersive, Cohesive, Combined), By Application (Cataract Surgery, Vitreoretinal Surgery, Refractive Surgery, Keratoplasty), By End-User (hospitals and eye specialty clinics): Global Industry Perspective, Comprehensive Analysis, and Forecast, 2017 – 2023 " report at https://www.zionmarketresearch.com/report/ophthalmic-viscosurgical-devices-market
North America dominates the ophthalmic viscosurgical devices market due to rising prevalence of eye-related diseases, increased government initiatives to increase awareness regarding eye diseases and high adoption of advanced technology products. Furthermore, adoption of an unhealthy lifestyle which gives rise to a high incidence rate of diabetes which causes diabetic retinopathy will further drive industry growth.
Europe is the second largest regional market and is expected to show significant growth over the forecast period, due to rising geriatric population base and increasing awareness regarding early diagnosis of eye-related diseases.
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The Asia-Pacific and Latin America market are anticipated to have the highest CAGR during the forecast period. Rising prevalence of cataract surgery for the elder population in the region is the major factor contributing for rapid growth rate in the region. Moreover, rising prevalence of diabetic retinopathy, growing disposable income of people in the region will stimulate demand for the product.
The Middle East and African region are expected to experience lucrative growth over the forecast timeframe. Growing number of eye diseases among people in the region is the major factor expected to drive industry growth in the Middle East and African region. Thus, all the aforementioned parameters are expected to propel the ophthalmic viscosurgical devices market growth globally.
Some of the key players operating in ophthalmic viscosurgical devices market include Alcon, Abbott Medical Optics, Carl-Zeiss, Bausch & Lomb, Precision Lens, Rayner, SD Healthcare and Hyaltech. Companies are mostly focusing on a new product launch, mergers & acquisition strategies to gain major revenue share and maintain their position in the market.
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This report segments the global ophthalmic viscosurgical devices market as follows:
Global Ophthalmic Viscosurgical Devices Market: Product Segment Analysis
- Dispersive
- Cohesive
- Combined
Global Ophthalmic Viscosurgical Devices Market: Technology Segment Analysis
- Cataract Surgery
- Vitreoretinal Surgery
- Refractive Surgery
- Keratoplasty
Global Ophthalmic Viscosurgical Devices Market: End-User Segment Analysis
- Hospitals
- Eye specialty clinics
Global Ophthalmic Viscosurgical Devices Market: Regional Segment Analysis
- North America
- The U.S.
- Europe
- UK
- France
- Germany
- Asia Pacific
- China
- Japan
- India
- Latin America
- Brazil
- The Middle East and Africa
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