Ophthalmic Viscosurgical Devices (OVD) Market worth over $584mn by 2027
Published Date: July 7, 2021 Authors: Sumant Ugalmugle, Rupali Swain
Ophthalmic Viscosurgical Devices Market size is set to surpass USD 584 million by 2027, according to a new research report by Global Market Insights Inc.
Growing incidence of ophthalmic disorders such as glaucoma, amblyopia, and strabismus are among the prime factors increasing the adoption of ophthalmic viscosurgical devices. The geriatric population base susceptible to different eye ailments is anticipated to be a significant factor augmenting the market demand. The elderly population is at high risk of suffering from macular degeneration, diabetic retinopathy, cataract, and other ocular disorders. Recent advancements in these devices have led to rapid transformation in the ophthalmology field. The industry players are emphasized on adding new modalities to the eye surgeries that will lead to the development of advanced ophthalmic viscosurgical devices.
Advancement in ophthalmic viscosurgical devices is slated to drive the market growth
The minimally invasive procedures for improving vision health are tremendously surging due to the benefits offered by these procedures including minimal discomfort for the patients, lower procedure time, and shorter recovery periods among others. The upsurge in the acceptance of these procedures is propelling the significant inventions aimed to enhance convenience to the patients, thereby fueling the market value across the globe.
Cohesive ophthalmic viscosurgical devices offering greater efficacy in protecting corneal endothelium is poised to spur the market expansion
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The cohesive segment in the ophthalmic viscosurgical devices market accounted for USD 147 million in 2020 led by the reduction in the cell loss of corneal endothelial after phacoemulsification, especially in eyes with dense cataracts. These cohesive ophthalmic viscosurgical devices mainly containing sodium hyaluronate are widely used in cataract procedures to protect the cornea endothelium. Surgeons select these devices based on patient cases and surgical procedures. This segment is expected to upsurge over the forecast period owing to the rising number of complex eye surgeries and its biphasic advantages. These devices are preferred in complex ophthalmic surgeries including trauma, patient with floppy iris syndrome, and pediatric cataract surgery among others to avoid post-surgical complications. Cohesive devices are used for anterior cavity care during insertion and removal of intraocular lenses.
Browse key industry insights spread across 200 pages with 178 market data tables & 16 figures & charts from the report, “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), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2021 – 2027” in detail along with the table of contents:
Increasing prevalence of cataract in the elderly population is projected to foster the ophthalmic viscosurgical devices market progression
The cataract surgery segment exceeded USD 188 million in 2020 impelled by the rise in the incidence of cataract disorders along with advancements in ophthalmic viscosurgical devices. Numerous government initiatives to decrease the burden of cataract-related ailments are predicted to create lucrative opportunities for major market leaders. The computer-controlled optical delivery systems that allow minimal incisions without any impairment to the surrounding tissues are boosting the demand for cataract surgeries in emerging economies.
Growing usage of ophthalmic viscosurgical devices in clinics are anticipated to fuel the industry growth
The ophthalmic viscosurgical devices market for clinics segment is set to reach USD 210 million by 2027 on account of the rising number of ophthalmic clinics and growing product adoption. The preference for specialty ophthalmic clinics is increasing in developing nations due to the time effectiveness and increasing disposable income. Growing awareness related to ocular disorders among the population, better accessibility, rapid services are some of the factors influencing the segment growth.
Rising cases of visual impairment in China is expected to stimulate the market revenue
China ophthalmic viscosurgical devices market is estimated to witness 4.3% growth rate through 2027 driven by the increasing prevalence of eye-related disorders. For instance, according to the World Blind Union – Asia Pacific, in 2018, in China, around 17.5 million people were diagnosed with visually impairment disorder. As per the recently published article, in 2017, around 2,205 cataract operations were performed in the country. In China, the demand for the treatment of common eye diseases has made significant progress that is poised to accelerate the demand for ophthalmic viscosurgical devices during the forecast timeframe.
Companies are focusing on strategies and launch of innovative products to expand customer base
Some of the major participants 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. These players are involved in partnerships, agreement and acquisition to gain an edge over their competitors.
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