Selbyville, DE -- (SBWire) -- 02/18/2019 --Market Study Report recently introduced new title on "2018-2024 Global Ophthalmic Viscosurgical Devices Market Report" that provides an in-depth overview of industry and competitive landscape, covering multiple market segments and elaborates market outlook and status to 2024.
Increasing incidence of ophthalmic disorders in developing countries will augment ophthalmic viscosurgical devices industry growth in coming years. Growing number of patients suffering from glaucoma disorders ultimately increases adoption of ophthalmic viscosurgical devices will foster industry growth in upcoming years.
Dispersive segment was valued at USD 170.2 million in 2017 and is projected to grow significantly over the forecast timeframe. Dispersive OVDs are short chain, low molecular weight and low viscosity devices used in chronic eye diseases including dense cataract. Increasing adoption of such dispersive OVDs will further stimulate segmental growth in forthcoming years.
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Rapidly growing geriatric population across the world is a major impact rendering factor that will drive ophthalmic viscosurgical devices (OVD) market growth over the forecast timeline. As per United Nations 2017 report around 962 million people were aged 60 and above in 2017, accounting for 13% of the global population. Elderly population base is more susceptible to various ophthalmic disorders that will foster adoption of innovative ophthalmic viscosurgical devices thereby, propelling ophthalmic viscosurgical devices business growth.
U.S. ophthalmic viscosurgical devices market accounted for 90.7% revenue share of North America in 2017 due to launch of technologically advanced ophthalmic viscosurgical devices in the country. For instance, Amring Pharmaceuticals a pharmaceutical company, announced the launch of Biolon OVD ophthalmic viscosurgical device for use in cataract surgery. Increasing adoption of such technological advancements coupled with high healthcare expenditure will augment ophthalmic viscosurgical devices business growth over the coming years.
China OVD market will witness 15.3% CAGR during the forecast timeframe. The growth is attributed to increasing prevalence of diabetes among the population. Diabetes is one of the major risk factors for various ophthalmic disorders. Increasing prevalence of such ophthalmic diseases ultimately surge adoption of advanced ophthalmic viscosurgical devices thereby, fostering ophthalmic viscosurgical devices industry growth.
Some of the prominent competitors operating in OVD market include Alcon, Abbott Medical Optics, Bausch & Lomb, Bohus Biotech, Carl Zeiss Meditec, CIMA Technology, Johnson & Johnson Vision Care, Maxigen Biotech, Precision Lens, Rayner Intraocular Lenses and Sidapharm. Industry competitors are mainly focusing on inorganic strategies such as partnership, merger and acquisitions to escalate their market position as well as strengthen product offerings.
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Cataract surgery segment accounted for 49.7% revenue share in 2017 due to growing prevalence of cataracts across the globe. As per American Academy of Ophthalmology, around 24.4 million Americans aged 40 years and above were suffering from cataract. Increasing patient demand for cataract surgeries will fuel segmental growth.
Hospitals segment was valued at USD 158.3 million in 2017 owing to availability of advanced ophthalmic viscosurgical devices in hospitals. In addition, increasing adoption of highly sophisticated systems in hospital settings coupled with growing number of surgeries worldwide will accelerate segmental growth in coming years.
Complete report for 2018-2024 on Ophthalmic Viscosurgical Devices market is now available at https://www.marketstudyreport.com/reports/ophthalmic-viscosurgical-devices-market
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Ophthalmic Viscosurgical Devices Market Outstanding Growth Rate Analysis - Bausch & Lomb, Bohus Biotech, Carl Zeiss Meditec, CIMA Technology, Johnson & Johnson
The newly released research at Market Study Report titled “2018-2024 Global Ophthalmic Viscosurgical Devices Market Report” provides data, information, brief analysis, company profiles and more