Global OVD Market size to exceed $1 Bn by 2026
Published Date: March 12, 2020 Authors: Sumant Ugalmugle, Rupali Swain
OVD Market size is estimated to surpass USD 1 billion by 2026; according to a new research report by Global Market Insights, Inc.
Increasing prevalence of cataract cases across the globe will drive the market demand. The industry is witnessing robust growth owing to growing diabetes burden globally, advancement in technologies as well as novel product launches. Diabetic patients are susceptible to complications such as diabetic retinopathy and blindness. Surge in the diabetic patient pool worldwide will thus, favor the industry growth. Moreover, regulatory bodies play a vital role in managing and ensuring safety parameters of ophthalmic viscosurgical devices.
Surge in demand for non-invasive treatments will foster the market growth
Rising awareness regarding ocular diseases and improving accessibility to ophthalmic care facilities will trigger the global ophthalmic procedural volume, thus, driving the demand for OVDs. Moreover, various programs for ocular surgeries organized by the government and other organizations will aid the market expansion. Large population base suffering from various eye disorders including myopia will serve as an opportunity in developed and under developing economies. High demand for non-invasive treatments & advanced technologies will further upsurge the OVD market progress.
Get more details on this report - Request Free Sample PDF
Dispersive OVDs with low molecular weight and small molecular chains provide high tissue adherence
The dispersive segment held more than 48% of the total OVD market share in 2019. The low-viscosity dispersive OVDs tend to remain in the eye, adjacent to the corneal endothelium, providing potential protection throughout phacoemulsification.
Dispersive OVDs are used for selective isolation and movement of tissues owing to its low viscosity and the tendency to disperse. Adoption of these OVDs in myopia and other ophthalmic diseases will thus accelerate the market progression. However, growing usage of cohesive OVDs during surgery, for creating and maintaining the space in anterior segment of the eye, will further boost the segmental growth.
Browse key industry insights spread across 150 pages with 178 market data tables & 12 figures & charts from the report, “Ophthalmic Viscosurgical Devices (OVD) 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, Price Trends, Application Potential, Competitive Market Share & Forecast, 2020 – 2026” in detail along with the table of contents:
Usage of OVDs to address refractive errors in case of myopia and astigmatism will escalate the product demand
The refractive surgery is anticipated to show around 11% CAGR during 2020 to 2026. The growth is attributed to rising demand for refractive surgeries in the treatment of myopia, hypermetropia, astigmatism, presbyopia and other such eye disorders. Availability of technologically advanced procedures as well as products such as femtosecond lasers used in the LASIK surgery will further escalate the OVD market growth.
Increasing patient footfall in eye clinics will pave way for market growth
The clinics segment was valued over USD 150 million in 2019 and is expected to show similar growth over the coming years. Elderly population base prone to cataract and other ophthalmic disorders will serve to be a major impact rendering factor in the OVD market growth.
Surge in the number of visual impairment cases has led to increased preference towards laser-assisted vision correction surgeries. According to the National Eye Institute, the number of people suffering from cataract is estimated to exceed 35 million by 2030. Accessibility to technologically advanced devices and increasing demand for minimally invasive procedures will favor the market expansion. Presence of skilled and trained healthcare professionals will thus, escalate the number for cataract surgeries being performed in clinics.
Strong foothold of key industry players in North America will offer several opportunities for regional market growth
North America OVD market dominated the global market in 2019 and is anticipated to surpass USD 480 million by 2026. Regional industry growth is attributed to increasing prevalence of ophthalmic diseases coupled with favorable reimbursement policies for various ophthalmic procedures.
The presence of major market players in the region, improved access to Medicare policies, rising geriatric population and presence of developed ophthalmic care facilities are some key factors driving the regional industry growth. Rising incidence of ophthalmic diseases such as cataract, visual impairment, blindness and eye injuries coupled with high healthcare expenditure will further spur the regional market growth.
Adoption of inorganic growth strategies to strengthen companies’ OVD product portfolio as well as geographical reach
Some of the eminent players operating in the ophthalmic viscosurgical devices market share include Alcon, Amring Pharmaceuticals, Bohus Biotech, Bausch & Lomb, CIMA Technology and J&J Surgical Vision among others. These industry players focus on strategies such as partnerships, acquisitions, mergers and innovative product development to garner more revenue and sustain industry competition.
Explore More on Related Topics: