Ophthalmic Viscoelastic Devices are fundamental tools that are used in cataract surgery. They are designed to protect and coat delicate intraocular tissues and improve visualization. The global ophthalmic viscoelastic devices market is anticipated to reach USD 1,203.26 Mn at a CAGR of 11.6% by the end of the forecast period of 2017-2027, predicts Market Research Future (MRFR) in an in-depth study.
OVDs have come to be considered a standard if not fundamental tool in various ophthalmic surgeries. These devices have received increased attention recently due to their various advantages. Use of ophthalmic viscoelastic devices has been observed to increase the success rate of surgeries. Modern cataract and glaucoma surgeries make use of OVDs to coat and protect delicate parts of the eye. This helps increase the chances of success, thus the high adoption of OVDs.
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Ophthalmic viscoelastic devices also have other protective roles during eye surgery, making them an essential tool. Ongoing development of products is expected to lead to continued growth of the market as the devices become increasingly sophisticated. New ophthalmic viscoelastic devices combine the advantage of traditional agents and can be used for a wider range of ophthalmic applications. The presence of a large and expanding geriatric population which is highly susceptible to glaucoma and cataract are driving the growth of the OVD market as these types of surgeries have increased significantly. Moreover, favorable reimbursements in developed regions are also expected to drive the market’s growth.
Advancement in material science and development of better OVDs have demonstrated a high success rate in ophthalmic surgeries. In addition, improving reimbursement scenario and spreading awareness is expected to foster the growth of the market over the forecast period.
Global Ophthalmic Viscoelastic Devices (OVD) Market – Key Players
Key players profiled in the report are
- Johnson & Johnson
- Alcon Laboratories Inc.
- Bausch & Lomb
- Carl Zeiss AG
- Rayner Company
- Bohus BioTech AB
- Lifecore Biomedical LLC
Global Ophthalmic Viscoelastic Devices (OVD) Market – Segmentation
The Global Ophthalmic Viscoelastic Devices Market has been segmented based on type, application, and end user. By type, the global ophthalmic viscoelastic devices market has been segmented into cohesive ophthalmic viscoelastic devices (OVD) and dispersive ophthalmic viscoelastic devices (OVD).
By application, the global ophthalmic viscoelastic devices market has been segmented into cataract surgery, glaucoma surgery, corneal transplantation, and vitreoretinal surgery.
By end user, the global ophthalmic viscoelastic devices market has been segmented into ophthalmic clinics & phaco centers, hospitals and academic & research institutes.
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Global Ophthalmic Viscoelastic Devices (OVD) Market – Regional Analysis
In the Americas region, North America commands the largest market share in 2016 at 74.35% in 2016 while South America is expected to be the fastest growing segment with the CAGR of 11.6% during the forecasted period.
US accounts for the maximum market share due to favorable reimbursement scenario and greater expenditure on healthcare. The faster market uptake of new technology in the US is also an important driver of the market for global ophthalmic viscoelastic devices (OVD).
Europe is the second largest market due to large disposable income and rising awareness.
Asia Pacific region is expected to have the most potential and it is estimated to be led by China and India. Asia pacific region is expected to be the fastest growing segment with the CAGR of 12.0% during the forecasted period.
The Middle East & Africa market is led by the gulf nations particularly Saudi Arabia and UAE. The poor regions of Africa are expected to be a laggard due to poor economic and political conditions and poor healthcare penetration.
Global Ophthalmic Viscoelastic Devices (OVD) Market – Key finding
- The Global Ophthalmic Viscoelastic Devices Market is growing at a growth rate of 11.59% during the period 2017-2027. Increasing prevalence of cataract and glaucoma surgeries, advances in the ophthalmic viscoelastic devices, and the increasing diabetic population are some of the major factors responsible for market growth.
- Currently, cohesive OVDs accounts for the largest market share in the global scenario due to their advantages and long history. They are easily removed from the eye, they have high molecular weight and high viscosity, making them the perfect agent for maintaining the space. There has been significant growth in the demand for the cohesive OVDs.
- Johnson & Johnson, Alcon Laboratories, Inc., Bausch & Lomb, Carl Zeiss AG are some of the prominent market players in the ophthalmic viscoelastic devices (OVDs) market.
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