Global Ophthalmic Viscosurgical Devices Market: Snapshot
The global ophthalmic viscosurgical devices market is driven by the growing number of cataract procedures held worldwide. In addition to this, the lack of awareness among people regarding the need for regular eye checkups will also heighten the demand for ophthalmic viscosurgical devices in the future. The tendency to procrastinate eye checkups and thus, delayed detection of eye problems will aggravate the demand for these devices, fueling the market’s growth.
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The growing geriatric population worldwide is one of the key factors fueling the growth of this market as ocular conditions such as high myopia, diabetic retinopathy, and cataracts are more common in aged people. The growing awareness brought about by campaigns as an effort from various NGOs will fuel the growth of the global ophthalmic viscosurgical market. People are becoming more aware about the seriousness of ocular disorders by such awareness programs and campaigns. On the other hand, the market’s growth is hampered by the lack of awareness among people regarding visual health.
The industry players are adopting strategies such as new product launches and strategic partnerships, collaborations, and mergers and acquisitions to gain more market shares. The competitiveness among players is increasing and this is driving them to come up with new developments so as to compete with each other on the basis of new product, better quality, and optimal pricing. Brand loyalty is playing a considerable role within the ophthalmic viscosurgical market.
Global Ophthalmic Viscosurgical Devices Market: Overview
Ophthalmic viscosurgical devices (OVD) are being used for treating cataracts with minimal disturbance to the structure of the eye. These agents or solutions contain chemicals such as hydroxypropyl methylcellulose, chondroitin sulfate, and sodium hyaluronate. The demand for ophthalmic viscosurgical devices is expected to rise in the coming years as they have considerably reduced the occurrence of corneal edema, which used to be a complication of phaco surgery.
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Global Ophthalmic Viscosurgical Devices Market: Key Trends
The overall rise in the number of cataract operations across the globe is the key growth driver for the ophthalmic viscosurgical devices market. The report indicates that the demand for dispersive ophthalmic viscosurgical devices will exceed other products in the overall market in the coming years. Medium-viscosity dispersive OVDs are expected gain an accelerated momentum in the near future as they will be used in a rising number of cataract surgeries owing to their rheological properties.
The National Alliance for Eye and Vision Research & National Eye Institute states that over 0.2 million individuals across the U.S. are diagnosed with advanced AMD every year. The institute predicts that the number will double by the end of 2020. Thus, the growing number of ocular and ophthalmic conditions across the globe are expected to fuel the growth of the global ophthalmic viscosurgical devices market in the coming years. Additionally, the high prevalence of diabetes, lifestyle changes, and increasing expenditure on healthcare are also projected to favor market’s growth.
Global Ophthalmic Viscosurgical Devices Market: Market Potential
The global ophthalmic viscosurgical devices market has a tremendous scope. Besides being used for treating glaucoma and cataracts, ophthalmic viscosurgical devices are being proposed to be used for performing iris implant surgeries. However, product recalls are projected to hamper market’s growth. For instance, a few years ago, Bausch & Lomb recalled about 27 gauge sterile cannula packed in Amvisc Plus and Amvisc and Ophthalmic Viscosurgical Devices (OVD) to prevent any injury to the patient. Despite product innovation and strong marketing strategies, such setbacks can restrain the global market in the near future. However, the persistently rising number of eye-related problems are likely to present lucrative opportunities as well.
Global Ophthalmic Viscosurgical Devices Market: Regional Outlook
The global ophthalmic viscosurgical devices Asia Pacific, North America, Europe, Latin America, and the Middle East and Africa. Presently, North America is leading the global market with U.S. showing a steady demand for ophthalmic viscosurgical devices. Analysts expect that the region will maintain its stance in the coming years due to the high prevalence of cataracts, glaucoma, and diabetic retinopathy. The high incidence of diabetes in the region due to improved diagnostics are expected to have a positive impact on the regional market. Furthermore, supportive reimbursement structure and access to better healthcare are projected to propel the regional market in the coming years.
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Europe is expected to follow suit due to a rising pool of geriatrics, who are prone to age-related ocular problems such as cataracts. Furthermore, growing awareness about regular checkups is also expected to boost the regional market in the near future. Meanwhile, Asia Pacific is also expected to show a reasonable growth rate in the coming years due to the high incidence of diabetes in the region that has a high possibility of leading to eye-related complications.
Key Players Mentioned in the Report are:
The key players in the global ophthalmic viscosurgical devices market are Hyaltech, CIMA Technology, Rayner, and Precision Lens. The report has identified Alcon, Carl-Zeiss, Abbott Medical Optics, and Bausch & Lomb as the leading players in the global market. These players are continuously involved in developing new and improved products. Impactful marketing strategies and product innovation are expected to be the important focal points of these players in the global ophthalmic viscosurgical devices market.
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