Ophthalmic Viscosurgical Devices Market Size By Product (Dispersive, Cohesive, Combined), By Application (Cataract Surgery, Vitreoretinal Surgery, Canaloplasty, Refractive Surgery, Keratoplasty), Industry Analysis Report, Regional Outlook (U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Malaysia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia), Growth Potential, Price Trends, Competitive Market Share & Forecast, 2016 – 2024
Published Date: January 2017 | 120 Pages | Report ID: GMI1134 Report Format: PDF
Ophthalmic Viscosurgical Devices Market size was over USD 280 million in 2015 with growth in excess of 10% predicted through 2024.
U.S. Ophthalmic Viscosurgical Devices Market Size, By Application, 2012-2024 (USD Million)
Shifting demographic trends towards increased geriatric population is a pivotal factor driving the global ophthalmic viscosurgical devices market size. World geriatric population increased from 9.2% in 1990 to 11.7% in 2013 and will continue to grow crossing 21% by 2050. This is associated with increased susceptibility towards ophthalmic and ocular conditions stimulating business.
Rising number of people suffering from diabetes and growing awareness regarding regular eye check-up should stimulate ophthalmic viscosurgical devices market growth. Diabetic people are prone to various ocular conditions such as diabetic retinopathy, and blindness. As per IDF, diabetes prevalence globally is expected to exceed from 360 million in 2011 to more than 550 million by 2030. Rapid increase in prevalence should positively impact demand. However, limited availability of screening equipment in developing nations coupled with scarcity of ophthalmologists could hamper growth.
Ophthalmic Viscosurgical Devices Market, By Product
Dispersive ophthalmic viscosurgical devices market size was valued over USD 130 million accounting for over 47% of revenue market share in 2015. Medium-viscosity dispersive OVDs are popularly used for cataract surgical applications owing to their better rheological properties.
Growing incidence of various ophthalmic and ocular conditions worldwide, should boost ophthalmic viscosurgical devices market share. According to National Alliance for Eye and Vision Research & National Eye Institute estimates, more than 0.2 million people in the U.S. develop advanced AMD each year, with number expected to double by 2020.
Global rise in number of cataract procedures and other ophthalmic surgeries such refractive surgery, keratoplasty and canaloplasty should drive product share. Combined devices are set to witness growth of more than 12.3% from 2016 to 2024.
Ophthalmic Viscosurgical Devices Market, By Application
Cataract surgery held more than 49% of ophthalmic viscosurgical devices market share in 2015, growing at healthy 12.6% CAGR from 2016 to 2024. Increasing incidence of cataract and growing number of cataract procedures should drive business growth.
Vitreoretinal surgery was valued at over USD 53 million in 2015 with expectations to surpass USD 150 million by 2024. Growing incidence of age-related macular degeneration, diabetic retinopathy and diabetic vitreous haemorrhage should lead to increased demand for vitreoretinal procedures.
Ophthalmic Viscosurgical Devices Market, By Region
U.S. ophthalmic viscosurgical devices market size was valued at over USD 110 million in 2015 due to increasing prevalence of ocular conditions such as cataract, diabetic retinopathy, and glaucoma. Moreover, favourable reimbursement scenario and availability of better healthcare infrastructure should complement industry growth.
Germany should witness a robust 11.9% growth from 2016 to 2024. Increasing geriatric population and growing awareness regarding early diagnosis of eye related complications should spur industry growth. Overall Europe ophthalmic viscosurgical devices market will see revenue in excess of USD 230 million by 2024.
Japan ophthalmic viscosurgical devices market was more than USD 12 million in 2015 and is expected to exceed USD 41 million by 2024. Japan witnesses the fastest growing aging population offering a healthy business growth platform over the forecast period.
Competitive Market Share
Global ophthalmic viscosurgical devices market is competitive and lucrative in nature. The key players such as Alcon, Abbott Medical Optics, Carl-Zeiss, and Bausch & Lomb held more than 50% of industry revenue in 2015.
New product launches and partnerships were some of the major strategies adopted by the market players to sustain industry competitiveness. Industry participants compete on the basis of product quality, price and brand loyalty. Other notable companies in this space include Rayner, CIMA Technology, Precision Lens and Hyaltech.
Ophthalmic Viscosurgical Devices Industry Background
The industry is hampered by lack of awareness amongst people regarding visual health leading to increased incidence of ophthalmic conditions such as cataract, glaucoma, diabetic retinopathy. Moreover, in case of diabetic patients, screening of eyes for every two years is recommended by physicians; however patient compliance remains poor. Accurate and timely diagnosis is expected to prevent complications and undergo treatment at right time. These products are very important in determining the success of cataract surgery. Cataract is the major cause of blindness in the world and the most prevalent eye disorder. As per the estimates, more than 21 million people in the U.S. are affected by age-related cataract, and number is predicted to rise to 30 million by 2020, while over 10 million cataract operations are performed each year globally.
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