Ophthalmic Surgical Instruments Market Revenue will cross $790 million by 2024
SELLBYVILLE, Del., May 15, 2018 /PRNewswire-iReach/ — The rising prevalence of cataract disorders worldwide has been profoundly uplifting ophthalmic surgical instruments market trends in the recent years. Reliable statistics in fact state that cataract is one of the most prevalent eye disorders and a major cause of blindness globally. Moreover, it has been reported that more than 21 million people in the United States are diagnosed with age-related cataract, which is further projected to rise to more than 30 million by 2020. Ophthalmic viscosurgical devices (OVD) market has been a major beneficiary of this factor, given the extensive use of these devices in performing faster and safer cataract surgeries. According to reports, the OVDs have indeed led to a dramatic improvement in minimizing damage of the ocular structures and are indeed the most vital advances in cataract surgery.
Speaking of the contribution of cataract surgery application toward ophthalmic surgical instruments industry, estimates claim the segment to be the highest revenue generating application of 2015, accounting for 49% of the overall market share. It is further projected to witness a y-o-y growth of 12.6% over 2016-2024.
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Another chief factor which has been profoundly influencing ophthalmic surgical instruments market size is the escalating number of people suffering from diabetes. As per a report by IDF, the number of diabetic patients is expected to cross 550 million by 2030 from 360 million in 2011. The aforesaid fact clearly underpins the probability of increasing diabetic retinopathy cases, strongly validating an upward trend for global ophthalmic surgical instruments market. As per Global Market Insights, Inc., ophthalmic viscosurgical devices market was worth USD 280 million in 2015 and is further anticipated to exceed USD 790 million by 2024.
U.S. to be a major regional contender
U.S. ophthalmic viscosurgical devices market has emerged as one of the foremost leaders in the geographical landscape having held a revenue of USD 125 million in 2015. Analysts deem that rising prevalence of ophthalmic ailments such as glaucoma, diabetic retinopathy, and cataract in the region have heralded robust OVD demand which in turn has spiked the regional market growth. Reportedly, U.S. registered over 24 million cases of cataract in 2013 and over 3.6 million cataract surgery procedures are carried out annually.
The advanced healthcare facilities and presence of leading industry participants in the region have also been acknowledged as prominent drivers impelling U.S. ophthalmic surgical instruments industry share. Other than US, the ophthalmic viscosurgical devices market is also likely to make profound gateways in Germany, Argentina, and Japan.
Taking into consideration the competitive spectrum, ophthalmic surgical instruments industry is rather consolidated and intensely competitive in nature, with top players sharing 50% of the overall marketplace. The leading participants are further expected to invest massively in research & development actives to enhance product innovations in sync with the technological advancements. For the record, some of the leading names in the competitive hierarchy of ophthalmic surgical instruments industry include Alcon, Carl Zeiss AG, Bausch + Lomb, Abbott Medical Optics, Rayner, and Maxigen Biotech.
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SOURCE Global Market Insights, Inc.