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Ophthalmic Viscosurgical Devices Market Size By Product (Dispersive, Cohesive, Combined), By Application (Cataract Surgery, Vitreoretinal Surgery, Canaloplasty, Refractive Surgery, Keratoplasty), By End-use (Hospitals, Clinics), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027

  • Report ID: GMI1134
  • Published Date: Jul 2021
  • Report Format: PDF

Industry Trends

Ophthalmic Viscosurgical Devices (OVD) Market size was valued at around USD 379 million in 2020 and is expected to grow at a CAGR of 3.1% between 2021 and 2027. Constant innovation associated with the application of 3D display systems in ophthalmic surgery has provided the optimum outcomes. The rising technological advancement in ophthalmic surgical tools has fuelled the demand for novel ophthalmic viscosurgical devices. As per the survey performed in Canada, around 2.5 million people are suffering from cataracts every year. Moreover, surging cases of cataract, glaucoma, and age-related macular degeneration are some of the factors propelling the market growth.

Ophthalmic Viscosurgical Devices Market Overview

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Ophthalmic viscosurgical devices (OVDs) also known as viscoelastic agents are used as a surgical aid in different ophthalmic surgeries including glaucoma surgery, cataract surgery, and retinal surgery among others. Ophthalmic viscosurgical devices are unique and possess the characteristics of both fluids and solids. Surgical applications of the ophthalmic viscosurgical devices are identified primarily to maintain & preserve space, coat & protect tissue and displace & stabilize tissue. These devices help in maintaining the anterior chamber during the IOL insertion, protecting the corneal endothelium from turbulence, and preventing iris prolapse and trapping nuclear fragments.

However, the risk factors related to eye surgeries may have a negative impact on the market expansion. The risk factors allied to eye surgeries may rise due to the surgeon’s lack of proper training and essential expertise. The possible issues included in these surgeries are bleeding, inflammation inside the eye, retinal detachment, infection, etc.

The emergence of COVID-19 pandemic is an unprecedented health concern across the globe and has negatively affected the ophthalmic viscosurgical devices market. Initially, the outbreak of SARS-CoV-2 disrupted the supply chain and put restrictions on trade and movement of goods, thereby impacting the market. For instance, the U.S. declared a national emergency and ban all elective surgical and diagnostic procedures in outpatient and inpatient settings. As a result, the pandemic had a substantial negative impact on the industry growth.

Increasing prevalence of diabetes across the globe is projected to enhance the market progression

Rising prevalence of diabetes across the globe is one of the prime factors driving the industry expansion. Diabetic eye disorders such as diabetic macular edema and diabetic retinopathy may lead to poor vision or blindness. As per the International Diabetes Federation, in 2020, diabetic macular edema affected over 28 million people with diabetes. Hence, over 240 national diabetes associations in 168 countries have established a team of professionals for managing diabetic macular edema.

Growing demand for ophthalmic viscosurgical devices in surgical procedures will accelerate the market value

The dispersive segment in the ophthalmic viscosurgical devices market is anticipated to witness a 3.4% growth rate through 2027 led by the multiple advantages offered by the dispersive ophthalmic viscosurgical devices such as better endothelial protection, phacoemulsification and ability to coat ocular structures. These dispersive ophthalmic viscosurgical devices are considered standard tools in eye surgeries that are widely used in different procedures comprising corneal transplant surgery, secondary intraocular lens implantation, and glaucoma filtration surgery. In the U.S., over 47,000 corneal transplants are performed every year and this number is set to upsurge with the growing geriatric population in the country. Hence, key market players emphasize offering a combination package of dispersive and cohesive ophthalmic viscosurgical devices contained in a single unit. These units are cost-effective and provide better quality.

Rising awareness pertaining to refractive surgery among patients is slated to spur the industry progression

The refractive surgery segment accounted for 9% of the market share in 2020 and is projected to expand at 1.9% CAGR by 2027 impelled by the refractive surgery corrects vision problems, improvises refractive status, and induces structural changes to the eyes. The rising patient population suffering from refractive errors and an increase in awareness related to the treatment options is poised to augment the demand for refractive surgery. According to the World Health Organization, myopia is the most widely diagnosed refractive error across the globe. For instance, as per the Investigative Ophthalmology and Visual Science, over 32% of the world's population have myopia or nearsightedness. Ophthalmic viscosurgical devices used in refractive surgical treatment have reduced patient’s dependency on glasses and contact lenses, thereby boosting the industry revenue.  

Numerous benefits offered by hospitals in eye surgeries will uplift the industry value

Ophthalmic Viscosurgical Devices Market Size

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The ophthalmic viscosurgical devices market for hospital end-use segment is estimated to attain a CAGR of 3.1% CAGR and will reach over USD 259 million by 2027. This is attributed to the easy accessibility to skilled surgeons, high-quality care, patient satisfaction, etc. Availability of advanced technologies increases the preference for ophthalmic surgical procedures to be performed in hospitals. Further, constant monitoring and post-surgical care delivered in hospitals is slated to influence the patient preference for these healthcare facilities, thereby fostering the industry demand. Thus, increasing hospital admissions with eye issues and demand for ophthalmic viscosurgical devices are revolutionizing the surgeries are predicted to drive the demand for ophthalmic procedures in these healthcare settings.

Presence of major industry leaders across the developed regions will stimulate the regional growth

Global Ophthalmic Viscosurgical Devices Market

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U.S. ophthalmic viscosurgical devices market captured over 90% of revenue share in 2020 owing to the numerous factors comprising the presence of major market players, favorable insurance policies, and better access to ophthalmic care facilities among others. The majority of the private health insurance policies in the country cover all major eye surgeries. As per the article published in 2019, in the U.S., around 600,000 laser eye surgeries are performed every year. The availability of proper consultation services and stringent protocols for patient safety is further fueling the market revenue in the country. The U.S. Department of Health and Human Services supports the National Eye Health Education Program and the National Eye Institute that focuses on vision loss and the funding of various activities to promote eye health.

Germany region held 20% of the market share and exceeded USD 25 million in 2020 propelled by the growing prevalence of ocular disorders and the rising geriatric population in the country. Increasing awareness related to the early diagnosis of eye-related disorders in the country is expected to favor the market demand.

Strategic initiatives implemented by major industry leaders will augment the market expansion

Some of the major companies operating in the market are Alcon, Amring Pharmaceuticals, Bausch & Lomb Incorporated, Bohus Biotech AB, Carl Zeiss Meditec AG, CIMA Technology Inc, Johnson & Johnson Surgical Vision, Inc., Maxigen Biotech Inc., Precision Lens, and Rayner Intraocular Lenses Ltd. among others. The key players are focus on strategic initiatives, mergers and acquisitions in order to expand their business and launch of new products to strengthen the procedure portfolio. Furthermore, these companies are investing in research and development activities that allow these participants to garner maximum revenue share.

Recent industry developments:

  • In April 2021, Bausch & Lomb Incorporated received the U.S. FDA approval for ClearVisc. ClearVisc is a dispersive ophthalmic viscosurgical device used in ophthalmic surgery. This strategic move will strengthen the company’s market position and expand its portfolio in the ophthalmic viscosurgical devices segment.
  • In October 2019, Carl Zeiss Meditec announced the acquisition of IanTECH, Inc., a firm emphasized on the manufacturing of products for micro-interventional cataract surgical procedures. This acquisition was intended to improve the company’s product portfolio of surgical ophthalmology solutions and further position the firm as a global provider in the area of ophthalmology.

Ophthalmic viscosurgical devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2016 to 2027, for the following segments:

Market, By Product, 2016 - 2027 (USD Million)

  • Dispersive
  • Cohesive
  • Combined

Market, By Application, 2016 - 2027 (USD Million)

  • Cataract Surgery
  • Vitreoretinal Surgery
  • Canaloplasty
  • Refractive Surgery
  • Keratoplasty
  • Others

Market, By End-use, 2016 - 2027 (USD Million)

  • Hospitals
  • Clinics
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • Japan
    • China
    • India
    • Australia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Ophthalmic viscosurgical devices market size had reached USD 379 million in 2020 and will observe a CAGR of 3.1% through 2027.

Dispersive segment will witness a CAGR of 3.4% through 2027 owing to the heightened product demand driven by the advantages like better endothelial protection, ability to coat ocular structures, etc.

Refractive surgery segment had held 9% market share in 2020 and will register a CAGR of 1.9% through 2027 with increasing demand for this surgery to correct vision problems, improve refractive status, etc.

Hospital segment will record a CAGR of 3.1% through 2027 on account of the availability of skilled surgeons, high-quality care, patient satisfaction, etc.

U.S. ophthalmic viscosurgical devices market had held over 90% share in 2020 owing to the presence of major market players, favorable insurance policies, and better access to ophthalmic care facilities, etc.

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Premium Report Details

  • Base Year: 2020
  • Companies covered: 11
  • Tables & Figures: 194
  • Countries covered: 17
  • Pages: 200

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