Ophthalmic Viscosurgical Devices Market size was valued at USD 353.0 million in 2017 and is expected to witness 12.3% CAGR from 2018 to 2024. Ophthalmic viscosurgical devices market is expected to chart out a remarkable growth path in the years to come, primarily on account of the surging product requirement for age-related cataract treatments. As per reliable statistics, more than 10 million cataract operations are carried out across the globe. The International Agency for the Prevention of Blindness (IAPB) has also gone on record to state that cataract is the leading cause of blindness across the globe. Amidst this backdrop, grim though it may seem, it is quite overt that people suffering from cataract and other ophthalmic disorders will fuel the demand for ophthalmic viscosurgical devices market.
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Lately, the increasingly changing dietary habits and the prevalence of a hectic, modern lifestyle have led to the widespread occurrence of diabetes. Diabetic people are quite vulnerable to ocular disabilities such as blindness and diabetic retinopathy. As the prevalence of diabetes and diabetes related blindness increases, the global ophthalmic viscosurgical devices industry trends are expected to undergo a massive change.
Elaborating on the pointer of cataract occurrence being a prime influencer of ophthalmic viscosurgical devices market, it is pivotal to mention that cataract surgery accounted for quite some share of the global industry in the year 2017. This is essentially pertaining to the escalating prevalence of the disease in addition to the surging elderly populace across the globe. Apparently, ophthalmic viscosurgical devices market from cataract surgery will register a CAGR of 12.8% 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.
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.
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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.
The competitive landscape of ophthalmic viscosurgical devices market is rather ferocious, encompassing prominent bigwigs such as Alcon, Rayner Intraocular Lenses, Bohus Biotech, Abbott Medical Optics, Johnson & Johnson Vision Care, Bausch & Lomb, Maxigen Biotech, CIMA Technology, and Carl Zeiss Meditec. Pivotal contenders are known to adopt several strategic tactics such as novel product innovation and M&As to thrive in this business space. The declaration of the acquisition of IanTech a firm that concentrates on brainstorming technological solutions for micro-interventional cataract surgeries by Carl Zeiss in 2018 is an instance validating the adoption of strategic tactics in this industry.