Sarasota, FL -- (SBWIRE) -- 07/05/2018 -- 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.

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Ophthalmic viscosurgical devices (OVDs) play a vital role in glaucoma filtering procedure. OVDs are important part of modern anterior segment surgery. OVDs are used as vitreous substitute. OVDs are used as necessary tool in the ophthalmic surgery. OVDs are also used in cataract surgery, cornea surgery, trauma surgery, glaucoma surgery and vitreoretinal surgery. Such factors is expected to drive ophthalmic viscosurgical devices market growth in the future years. Visual impairment is a global health concern that has negative impact on mental and physical health of 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.

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 check up and surgery.

North America, Europe, Asia-Pacific, Latin America and Middle East & Africa are regional segments of global ophthalmic viscosurgical devices market. North America followed by Europe are expected to remain the leading regions over the forecast period. The growth is attributed due to favorable reimbursement policies and well-established healthcare facilities and in the region. Furthermore, government initiatives to increase awareness regarding eye-related diseases will increase demand for the product. The Asia Pacific is expected to generate fastest growth rate over the forecast period. The growth is attributed due to increasing prevalence of diabetic retinopathy, growing geriatric population who are more prone to cataract.

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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.