Ophthalmic Viscoelastic Devices (Ovd) Market Growth And Trends Analysis By Types (Cohesive Ophthalmic Viscoelastic Devices (Ovds), Dispersive Ophthalmic Viscoelastic Devices (Ovds)) By Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, Vitreoretinal Surgery) By End-User (Ophthalmic Clinics & Phaco Centers, Hospitals, Academic & Research Institutes) – Global Forecast Till 2027
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.
A substantial rise in the number of ophthalmic surgeries is a key factor influencing the growth of the global ophthalmic viscoelastic devices market. An increasing number of eye disorders require surgery which generates high demand for OVDs. As per a report published by Novartis healthcare in 2015, almost 4 Mn cataract surgeries are performed in the US every year. OVDs make phacoemulsification easier and safer and thus have become standard in ophthalmic surgeries. OVDs are used separately or in a combination of both cohesive and dispersive. High prevalence of visual impairment and expanding healthcare expenditure is adding fuel to the growth of the market. Growing geriatric population and increase in the number of diabetic patients have also contributed significantly to the market 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.
On the other hand, among factors which can affect the market growth negatively include complications associated with the removal of OVDs. OVDs, especially the dispersive ones can be hard to remove since they tend to spread out and coat the ocular structures. OVDs are subject to stringent FDA clinical evidence and testing requirements which are becoming tightened gradually. Lack of general awareness among people regarding eye disorders is also likely to constrain market growth over the forecast period.
The global ophthalmic viscoelastic devices (OVD) 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 and dispersive ophthalmic viscoelastic devices.
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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By region, the global ophthalmic viscoelastic devices market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).
North America is leading the Americas market and accounted for almost 74.35% share in 2016. Meanwhile, the South America market is expected to grow at a relatively faster rate of 11.6% over the forecast period. The US is a key contributor to the market driven by favorable reimbursement scenario and high healthcare expenditure. The rapid adoption of the latest technologies within the healthcare sector is a significant driver of the market.
Europe follows the Americas closely and accounts for the second largest share of the market. A surge in awareness regarding the availability of advanced treatment options and increasing disposable income spur the growth of the market.
APAC ophthalmic viscoelastic devices market is expected to expand at a relatively faster rate of 12% over the forecast period. China and India are the key country-specific markets.
The MEA market is led by the Gulf nations, UAE and Saudi Arabia, in particular. Low healthcare penetration and poor economic conditions are restraining the growth of the Africa market.
Lifecore Biomedical LLC, Alcon Laboratories Inc., Johnson & Johnson, Bohus BioTech AB, Carl Zeiss AG, Rayner Company, and Bausch & Lomb are the key players in the global ophthalmic viscoelastic devices market.
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