Ophthalmic Viscoelastic Devices (Ovd) Market Growth And Trends Analysis By Types (Cohesive Ophthalmic Viscoelastic Devices (Ovds), Dispersive Ophthalmic Viscoelastic Devices (Ovds)) Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, Vitreoretinal Surgery) ,End-User (Ophthalmic Clinics & Phaco Centers, Hospitals, Academic & Research Institutes) - Forecast Till 2027
Market Scope
Market Research Future (MRFR) expects the ophthalmic viscoelastic devices or OVD to touch 1,203.26 million by 2027-end. Meanwhile, the global market is presumed to clock in a CAGR of around 11.6% between 2020 and 2027.
Growth Boosters and Deterrents
The World Health Organization/WHO reveals that cataract is the leading cause of 54% of blindness worldwide, representing almost 25 million individuals in 2010. Cataract is identified as a common ocular disorder across the globe and its prevalence rate is exceptionally high in developed nations where the geriatric population is quite large. The National Institutes of Health says that roughly 25 million Americans are affected by cataract and close to 50% of the population in the US is expected to develop the eye disorder by the age of 85 years in the years to come. These statistics are noted to be quite alarming and are prompting several technological innovations for better patient outcomes. Apart from cataract, the alarming rise in glaucoma cases worldwide have also led to higher demand for ophthalmic viscoelastic devices.
The accelerated cases of eye ailments have resulted in a considerable growth in the number of surgeries. This along with the continuously expanding elderly population will also ensure steady market expansion from 2020 to 2027. In short, the rising burden of cataract and glaucoma and the consequent increase in the number of eye surgeries performed will ultimately propel the demand for OVDs in the near future.
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Market Segmentation
The MRFR report presents a detailed framework of the ophthalmic viscoelastic devices industry, throwing light on a couple of segments including types, application and end users.
The key types of ophthalmic viscoelastic devices include cohesive ophthalmic viscoelastic devices (OVD) as well as dispersive ophthalmic viscoelastic devices (OVD).
Top applications include glaucoma surgery, cataract surgery, vitreoretinal surgery, and corneal transplantation.
The industry end users covered in the MRFR study are hospitals, academic & research institutes and ophthalmic clinics & phaco centers.
Regional Analysis
The ophthalmic viscoelastic devices industry has been regionally segregated into APAC/Asia Pacific, MEA/Middle East & Africa, North America as well as Europe.
In 2016, North America commanded the biggest share of 74.35% while South America was identified as the fastest expanding market at a rate of 11.6% the same year. The US is the highest grosser in the regional market, considering the supportive reimbursement scenario as well as the sizeable spending on healthcare. The rapid uptake of the latest technologies by the healthcare industry in the country also adds to the ophthalmic viscoelastic devices market’s value. Companies expending large amounts on conducting vigorous R&D activities to design more innovative ophthalmic viscoelastic devices with better features also ensure sustained growth throughout the review period.
Europe has clocked in the second position in the global industry, given the escalating use of latest ophthalmic viscoelastic devices, thriving healthcare industry in line with the mounting cases of cataract and glaucoma cases in the region. A substantially large pool of skilled and well-trained ophthalmologists and the availability of advanced viscoelastic devices, soaring number of cataract surgeries and the strong presence of world-renowned manufacturers also facilitate market growth in the region. Growing government intervention for spreading awareness about visual impairment and the resultant rise in the number of people coming forward to seek treatment should catapult the market position further in the coming years.
Asia Pacific happens to be charting the fastest growth trajectory at a rate of 12.0% over the analysis period. The region’s exploding population, rising disposable income, and the surge in patient awareness about eye care are touted as the major growth boosters. Additionally, burgeoning geriatric populace prone to cataract and glaucoma contributes to the market growth as well. Substantial increase in the efforts given by the government to curb the escalation in vision impairment cases coupled with the solid growth witnessed by the healthcare industry in general can be favorable as well.
Leading Companies
The top names in the global market for ophthalmic viscoelastic devices include Carl Zeiss AG, Lifecore Biomedical LLC, Rayner Company, Bohus BioTech AB, Johnson & Johnson, Bausch & Lomb, Alcon Laboratories Inc., and more.
Many of these players allocate large-scale budgets for research and development (R&D) activities to support their focus on product innovation and new launches to bolster their worldwide presence. Some other competitive strategies employed by the vendors in the global industry include FDA approvals, acquisitions, joint ventures, collaborations, and expansions, to name a few.
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