Global Ophthalmic Viscoelastic Devices Market Insights
Ophthalmic viscoelastic devices play a crucial role in ophthalmic surgeries such as cataract surgery, glaucoma surgery, vitreoretinal surgery, and corneal transplantation surgery. The selection of ophthalmic viscoelastic devices is based on surgical requirement and surgeons’ preferences. Innovative product offerings by major manufacturers such as Sight Sciences, Rayner Surgical Group, and Bausch & Lomb Incorporated who are engaged in the development of ophthalmic products is expected to drive growth of the ophthalmic viscoelastic devices market.
Increasing prevalence of ocular dysfunction and disease is expected to drive growth of the global ocular implant market. For instance, in January 2019, according to Glaucoma Research Foundation, over 3 million people in the U.S. have been diagnosed with glaucoma. The National Eye Institute projects that this number will increase by 58% and reach 4.2 million by 2030.
The global ophthalmic viscoelastic devices market was valued at US$ 685.3 million in 2018 and is expected to register a CAGR of 10.2% during the forecast period (2019–2027).
Figure 1. Global Ophthalmic Viscoelastic Devices Market Share (%) Analysis, By End User, 2019 & 2027
Source: Coherent Market Insights Analysis (2019)
Increasing number of corneal transplants surgeries/corneal transplantation is expected to be a major factor contributing to growth of the global ophthalmic viscoelastic devices market in near future.
In corneal transplantation surgery (keratoplasty), the damaged cornea is replaced by donated corneal tissue. The number of corneal transplantation surgeries is increasing significantly which is expected to drive demand for ophthalmic viscoelastic devices. For instance, according to Eye Bank Association of America, in 2018 according to Eye Bank Association of America, in 2018, around 85,441 tissue (corneal transplants) have been distributed for keratoplasty in the U.S. The number increased by 1.4% (84,297) from 2017. The number increased by 1.4% (84,297) from 2017. Thus, rising number of corneal transplant surgeries is expected to drive growth of the ophthalmic viscoelastic devices market.
Increasing product recalls is expected to hamper the global ophthalmic viscoelastic devices market growth
Product recalls for ophthalmic viscoelastic devices is expected to negatively impact the market growth. In November 2014, the U.S. FDA issued a product recall notice for Abbott Healon EndoCoat Ophthalmic Viscosurgical Device, developed by Abbott Medical Optics Inc. (AMO). The device was recalled due to finger grip dislodgement of the device which could result in unintentional movement of the surgeon's hand to the surface of the cannula and cause potential trauma to the eye. Product recalls due to mechanical defects in ophthalmic viscoelastic devices is projected to generate losses for manufacturers in terms of cost and time, and hinder growth of the global ophthalmic viscoelastic devices market.
Global Ophthalmic Viscoelastic Devices Market - Regional Analysis
Based on Region, the global ophthalmic viscoelastic devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
North America is expected to hold a dominant position in the market, owing to increasing number of product approvals from the U.S. Food and Drug Administration for marketing products in North America. For instance, in May 2016, ALCON LABORATORIES received U.S. FDA approval for its Cellugel(R) Ophthalmic Viscosurgical Device (OVD).
Asia Pacific ophthalmic viscoelastic devices market is expected to witness significant growth during the forecast period owing to rising demand for technologically advanced products for ophthalmological surgery, as well as presence of major manufacturers such as Ophtechnics Unlimited, and Neu Micromed International Pvt. Ltd in the region. For instance, Ophtechnics Unlimited, company based in India, offers OCXYLON – SODIUM HYALURONATE, an ophthalmic viscosurgical device (OVD).
Figure 2: Global Ophthalmic Viscoelastic Devices Market Share (%) Analysis, By Region, 2019 & 2027
Source: Coherent Market Insights Analysis (2019)
Global Ophthalmic Viscoelastic Devices Market - Competitive Landscape
Key players operating in the global ophthalmic viscoelastic devices market include Johnson & Johnson, Rumex International Co., Bausch & Lomb Incorporated., Ophtechnics Unlimited, Truviz Ophthalmic, Beye, LLC, Carl Zeiss Meditec AG, Precision Lens, Iso Clear (Pty) Ltd., and Neu Micromed International Pvt. Ltd.
Ophthalmic viscoelastic devices (OVD) are tools used in modern cataract surgeries. They are non-active, clear, and gel-like solutions with viscous and elastic properties. OVDs mainly contain Sodium Hyaluronate, Chondroitin Sulfate, and Hydroxypropyl Methylcellulose. These substances cover and protect the intraocular tissues, ocular structures, and improve visualization. Major role of OVDs is to create and maintain volume in the anterior chamber of the eye and protect the corneal endothelium during the ophthalmic procedure.
Increasing the prevalence of ophthalmic diseases such as glaucoma and cataract is expected to drive the ophthalmic viscoelastic devices (OVD) market growth. For instance, in November 2014, the American Academic of Ophthalmology (AAO) studied the global prevalence of glaucoma and projections of glaucoma burden up to 2040. According to AAO, in 2013, there were an estimated 64.3 million people diagnosed with glaucoma. Moreover, AAO also stated that the number is expected to increase in the future.
Key features of the study:
“*” marked represents similar segmentation in other categories in the respective section
Table of Contents
*Browse 23 market data tables and 19 figures on "Ophthalmic Viscoelastic Devices Market” - Global forecast to 2027”.
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