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, 2020 – 2026

Published Date: Mar 2020  |  Report ID: GMI1134  |  Authors: Sumant Ugalmugle, Rupali Swain

Report Format: PDF   |   Pages: 150   |   Base Year: 2019




Summary Table of Contents Industry Coverage Methodology

Industry trends

Ophthalmic Viscosurgical Devices (OVD) Market size was valued over USD 0.4 billion in 2019 and is expected to witness more than 12.7% CAGR from 2020 to 2026. Adoption of ophthalmic viscosurgical devices is increasing due to rising prevalence of various ophthalmic diseases such as cataract, glaucoma and other vision related disorders. Moreover, technological advancements in the field will further boost its adoption rate worldwide.
 

Ophthalmic Viscosurgical Devices (OVD) Market

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Another major factor driving the upward trend in the market is the growing burden of diabetic eye diseases. Diabetic patients are highly susceptible to ocular disorders such as diabetic macular edema and diabetic retinopathy among others. Growing patient preference towards minimally or non-invasive treatments coupled with development of novel products with improved efficiency and accuracy will thus, accelerate the OVD market progress.
 

Ophthalmic Viscosurgical Devices Market Report Coverage
Report Coverage Details
Base Year: 2019 Market Size in 2019: USD 0.4 Billion
Historical Data for: 2015 to 2019 Forecast Period: 2020 to 2026
Forecast Period 2020 to 2026 CAGR: 12.7% 2026 Value Projection: USD 1.0 Billion
Pages: 150 Tables, Charts & Figures: 190
Geographies covered (17): U.S., Canada, Germany, UK, France, Spain, Italy, Japan, China, India, Australia, Malaysia, Brazil, Mexico, Argentina, South Africa, Saudi Arabia
Segments covered: Product, Application, End-use and Region
Companies covered (11): 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, Rayner Intraocular Lens Ltd., Sidapharm
Growth Drivers:
  • Rapidly growing geriatric population
  • Increasing incidence of ophthalmic and ocular conditions in developing countries
  • Expanding base of diabetic patients worldwide
  • Technological advancements
  • Growing demand and preference for non-invasive treatment
Pitfalls & Challenges:
  • High cost of ophthalmic devices
  • Risk associated with eye surgeries

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Demographic trends coupled with technological advancement in ophthalmology will offer growth opportunities

Ophthalmic Viscosurgical Devices Market

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The elderly population base susceptible to various ocular diseases will serve to be a major factor driving the market growth. The ageing population is at high risk of suffering from cataract, diabetic retinopathy, macular degeneration, glaucoma and other eye related diseases. Cataract is an important cause of vision impairment and the number of patients suffering from cataract is projected to grow due to aging and high life expectancy.
 

Technological advancements have led to rapid transformation in the ophthalmology field. Focus of market players on adding new modalities to the ophthalmic surgical procedures will lead to development of advanced ophthalmic devices. Introduction of novel technologies such as FLACS and LASIK will foster the usage of OVDs in the ophthalmic procedures. However, risk associated with eye surgeries and high cost of devices may restrain the OVDs industry growth.
 

Dispersive OVDs regulate greater efficacy in protecting corneal endothelium

The dispersive segment was valued around USD 210 million in 2019 and is estimated to grow significantly during the forecast period. The chronic eye diseases including dense cataract surgery requires significantly greater amount of ultrasound energy and fluid flow within the eye. These surgeries have potential to traumatize the cornea. Thus, increase in adoption of dispersive OVDs to protect corneal endothelium from ultrasound frequencies during the surgical procedures will foster the market growth.
 

Ability of OVDs to stabilize and pressurize the anterior chamber of the eye will increase its usage in vitreoretinal surgeries

Ophthalmic Viscosurgical Devices Market Share By Application

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Vitreoretinal surgery segment will witness lucrative CAGR of 13% during the analysis time period owing to growing prevalence of retinal and vitreous diseases worldwide. Moreover, incidence of vision-threatening conditions such as diabetic retinopathy, epiretinal membrane and macular hole is on rise. Increasing usage of OVDs among the vitreoretinal surgeons, to coat the corneal surface prior to pars plana vitrectomy (PPV) and prevent prolapse of gas/air into the anterior chamber during the procedure will further spur the market size.
 

High demand for surgeries being performed in hospitals will upsurge the OVD market growth

Hospitals segment held more than 40% revenue share in 2019 and is estimated to show similar growth during the analysis period. Market growth is attributed to availability of advanced equipment and technologies in hospital settings. Presence of trained and skilled healthcare professionals will further escalate the number of surgeries being performed in the hospitals. Increasing burden of ophthalmic diseases will thus, boost the demand for minimally invasive treatments being performed in the hospital settings.
 

Cataract, glaucoma and diabetic retinopathy found to be the main causes of preventable blindness in Europe

Europe ophthalmic viscosurgical devices market share accounted for considerable revenue in 2019 and is poised to exceed USD 300 million by 2026. Rapidly growing geriatric population base and increasing prevalence of ocular diseases will positively impact the regional market expansion. According to the European Commission (Eurostat), in 2015, Portugal holds the highest rate of cataract operations per thousand inhabitants, followed by Austria and France. Rising awareness regarding early diagnosis of eye-related diseases and increased healthcare spending in the region will favor the market progression.
 

Adoption of inorganic growth strategies to create a global footprint will pave growth opportunities for companies operating in the OVD market

Prominent players operating in the market share include Carl Zeiss Meditec, Alcon, Johnson & Johnson Surgical Vision, Amring pharmaceuticals, CIMA Technology and Bausch & Lomb among others. These market players majorly concentrate on various strategies including collaborations, acquisitions, mergers and partnerships to create a global footprint and sustain market competition.
 

Some of the recent industry developments:

  • In October 2018, Carl Zeiss Meditec announced that it has entered into an agreement to acquire lanTECH, a provider of technology-based solutions for micro-interventional cataract surgery. This acquisition enabled Carl Zeiss to enhance its surgical ophthalmology solutions portfolio and mark its presence in the full space of ophthalmology.
     
  • In February 2017, Johnson & Johnson acquired Abbott Medical Optics, a subsidiary of Abbott, focusing on ophthalmic products in three areas of patient care including laser refractive surgery, cataract surgery and consumer eye health. The strategy helped Johnson & Johnson to expand its business portfolio and broaden its customer base globally.
     

The ophthalmic viscosurgical devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2015 to 2026, for the following segments:
 

By Product

  • Dispersive
  • Cohesive
  • Combined

By Application

  • Cataract surgery
  • Vitreoretinal surgery
  • Canaloplasty
  • Refractive surgery
  • Keratoplasty
  • Others

By End-use

  • Hospitals
  • Clinics
  • Others

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

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Italy
    • Spain
  • Asia Pacific
    • China
    • India
    • Japan
    • Australia
    • Malaysia
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
       

Frequently Asked Questions (FAQ) :

The dispersive products segment of OVD was valued at around USD 210 million in 2019.
According to this report, vitreoretinal surgery segment will witness 13% CAGR during 2020 to 2026 owing to growing prevalence of retinal and vitreous diseases worldwide.
Europe market for OVD is poised to exceed USD 300 million by 2026, says this GMI report.

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