Ophthalmic Viscoelastic Devices Market Projected to Grow at a CAGR of 4.3% During the Forecast Period 2021-2026
Ophthalmic Viscoelastic Devices Market size is estimated at $2.6 billion in 2020, projected to grow at a CAGR of 4.3% during the forecast period 2021-2026. Ophthalmic viscoelastic devices (OVDs) are considered a common method in ophthalmic surgery. These devices help to protect the fragile ocular structures by creating pressure in the anterior chamber, compartmentalizing within the eye, and allowing patients to have a quicker and safer surgery with a faster recovery. Depending on the situation, ophthalmologists use a variety of ophthalmic instruments. OVDs have a lot of attention in the last decade owing to its properties and benefits.
The most popular OVD substance is sodium hyaluronate. OVD has a significant impact on ophthalmic procedures, eye ailments, ophthalmic instruments anterior chamber, especially cataract surgery and intraocular lens implantation. OVD has been shown in several studies to improve the success rate of surgeries. The growing number of cataract and glaucoma surgeries around the world, advances in OVDs, and favorable reimbursement policies are all driving factors for the ophthalmic viscoelastic devices industry sector.
Manufacturers are being forced to develop new product lines as a result of a major increase in government-backed programs aimed at developing guidelines to address the rise in vision impairment around the world. This is aiding in the expansion of the global market for ophthalmic viscoelastic products.
Ophthalmic Viscoelastic Devices Market Segment Analysis – By Type
Based on Type, Ophthalmic Viscoelastic Devices Market is segmented into Cohesive Ophthalmic Viscoelastic Devices and Dispersive Ophthalmic Viscoelastic Devices. Cohesive Ophthalmic Viscoelastic Devices accounted for the largest revenue market share in 2020. Furthermore, this segment is projected to rise at the fastest pace during the forecast period at a CAGR of 6.7% owing to the wide range of benefits they offer in cataract surgery.
Cohesive ophthalmic viscoelastics, for instance, help in the formation and preservation of space in the anterior chamber segment of the eye ailments, as well as the inflation of the capsular bag prior to lens implantation and the removal of harmful vector forces. Furthermore, cohesive ophthalmic viscoelastic is easier to remove from the eye after surgery, which is a major benefit in the market’s development.
Dispersive Ophthalmic Viscoelastic Devices segment is anticipated to grow with the fastest CAGR of 4.8% in the forecast period 2021-2026. The fastest growth of the segment is owing to a consistency similar to honey, sugar, or molasses, and they flow like thick liquids. This allows dispersive OVDs to coat ocular structures effectively, eye ailments and this coating is not easily washed away during surgery by the flow of balanced salt solution. This dispersive OVD coating protects the corneal endothelium from ultrasonic waves during surgery, allowing segment growth to occur.
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Ophthalmic Viscoelastic Devices Market Segment Analysis – By Application
Based on Application, Ophthalmic Viscoelastic Devices Market is segmented into Cataract Surgery, Glaucoma Surgery, Corneal Transplantation and Vitreoretinal Surgery. Cataract Surgery accounted for the largest revenue market share in 2020 owing towards the growing prevalence of cataract cases. Cataract prevalence increases as people get older. Cataract-induced vision dysfunction and blindness are becoming more prevalent as the world’s population age is increasing.
According to WHO, it affects nearly 18 million people, with 90% of them living in low- and middle-income countries. Patients with cataracts benefit from ophthalmic viscoelastic devices because they provide pressure to the anterior chamber and shield the eye ailments from injury during cataract surgery. Cataracts can now be handled easily with new ophthalmic devices that are more reliable and take less time.
As a result of the growing geriatric population and technological advancements in ophthalmic instruments viscoelastic devices, the demand for ophthalmic viscoelastic devices has increased globally, thereby driving the Ophthalmic Viscoelastic Devices Industry. Glaucoma Surgery segment is anticipated to grow with the fastest CAGR of 5.1% during the forecast period 2021-2026 owing to advances in surgical procedures and an increase in the use of glaucoma drainage implants.
For instance, the American Academy of Ophthalmology (AAO) published a study in November 2014 that looked at the global prevalence of glaucoma and projected glaucoma burdens through 2040. According to the American Academy of Ophthalmology, 64.3 million people were diagnosed with glaucoma in 2013. Furthermore, according to AAO, the number is predicted to rise in the future, thereby, expanding the Ophthalmic Viscoelastic Devices Market.
Ophthalmic Viscoelastic Devices Market Segment Analysis – By Geography
Based on Geography, North America Ophthalmic Viscoelastic Devices Market accounted for the 47% revenue share in 2020 owing towards the presence of several key players in the region, increased availability of qualified ophthalmologists, ophthalmic instruments, viscoelastic instruments, the increase in the number of cataract surgeries – anterior chamber, performed and the increase in government action for the prevention of vision impairment.
Diabetic retinopathy is expected to be the leading cause of blindness in the United States, according to the Centers for Disease Control and Prevention. The number of Americans with diabetic retinopathy is estimated to nearly double from 7.7 million to 14.6 million between 2010 and 2050. Most major players are undertaking a range of strategic strategies, such as mergers and acquisitions, new product growth, and public awareness campaigns, in order to retain or boost their market position aiding towards the Ophthalmic Viscoelastic Devices Industry.
Asia-Pacific is predicted to be the fastest growing region during the forecast period 2021- 2026 owing to a rise in the incidence of ophthalmic diseases such as cataract, glaucoma, age-related macular degeneration (AMD), and refractive errors. Furthermore, an increase in the geriatric population and a preference for surgical procedures for treatment lead to the growth of the ophthalmic devices industry. Furthermore, the large number of patients treated for glaucoma and cataract in Asian countries presents a significant opportunity for manufacturers to expand their ophthalmic devices market share.
Ophthalmic Viscoelastic Devices Market Drivers
The Surge in Penetration of Digital Devices:
Increased emphasis on consumer training and education among eye care professionals about eye diseases and associated complications, as well as increased penetration of digital devices such as tablets, smartphones, computers, and e-readers; rapid technological advancements such as the introduction of intraocular lenses (IOLs), ophthalmic instruments all contribute to the global market’s development.
Furthermore, the market is expected to expand owing to an increase in R&D activities for novel devices related to vision error and an increase in awareness of devices in the developed countries, used in the field of ophthalmology. These tests are often used in combination with a particular medication that benefited the global Ophthalmic Viscoelastic Devices market’s growth. Furthermore, the rising disease burden, together with the broader population in these geographic segments, is a key factor in higher growth expectations in these areas. In addition, the increasing number of hospitals globally presents significant opportunities for Ophthalmic Viscoelastic Devices manufacturers.
Ophthalmic Viscoelastic Devices Market Challenges
Low-Income Countries Have Limited Access to Eye Care:
Rural populations in developing countries such as Saudi Arabia, Israel, Kenya, and South Africa have no awareness or knowledge of eye diseases. Access to specialized ophthalmic instruments is also restricted or non-existent in these countries. The shortage of primary eye care, exacerbated by a lack of knowledge and inadequate access to quality eye care anterior chamber pressure items, is a major factor driving the prevalence of blindness are expected hinder Ophthalmic Viscoelastic Devices industry growth.
Moreover, the emergence of SARS-CoV-2, a novel coronavirus, has posed a significant international public health danger. This has had an effect on all markets, affecting the supply chain and causing a supply shortage. Ophthalmology surgeries have been delayed due to the government’s lockdown. This is due to the fact that ophthalmologists are at a high risk when diagnosing patients due to their proximity to them restricting the market growth.
Ophthalmic Viscoelastic Devices Market Landscape:
The Ophthalmic Viscoelastic Devices Market’s main strategies include product releases, mergers and acquisitions, joint ventures, and regional expansion. Ophthalmic Viscoelastic Devices Market top 10 companies are Rumex International Corporation, Carl Zeiss Meditech AG, Altacor, Bausch Health Companies, Inc., Haohai Biological Technology, Novartis International AG, Bohus Biotech, Cima Technology Inc., Eyekon Medical Inc. and Johnson & Johnson.
Acquisitions/Product Launches:
In July 2019, Bausch Health Companies, Inc., a worldwide pioneer in the global eye health industry launched Ocuvite® Eye Performance Vitamins in North America. The product is a dietary supplement designed to meet the changing needs of consumers while also assisting the company in expanding its current market portfolio.
Key Takeaways
The rising prevalence of cataract and glaucoma surgeries, vision impairment, developments in ophthalmic viscoelastic products, and the growing diabetic population is driving the Ophthalmic Viscoelastic Devices Industry.
Geographically, North America Ophthalmic Viscoelastic Devices Market held the largest revenue share of 47% in 2020 owing to the high investments in R&D and support of government investments in healthcare. In the final report, the scope of the Ophthalmic Viscoelastic Devices Market for various regions will be given.
Increased government efforts aimed at establishing guidelines to monitor the global rise in vision deficiency are pressuring major manufacturers to bring new ophthalmic products to the market, thereby, driving the market’s growth.
Detailed analysis on the Strength, Weakness and Opportunities of the prominent players operating in the market is provided in the Ophthalmic Viscoelastic Devices Market.
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