(MENAFN- EIN Presswire) Ophthalmic Viscoelastic Devices (OVD) market size, share
Ophthalmic Viscoelastic Devices Market Projected to Reach $3.2 Billion by 2026, Growing at a 4.12% CAGR
PORTLAND, OREGON, UNITED STATES, February 21, 2023 /einpresswire.com / -- 'The growth in ophthalmic viscoelastic devices market is due to surge in prevalence of cataract and glaucoma across the globe. Furthermore, surge adoption of viscoelastic devices in various eyes surgeries is another factor that contributes to the growth of the market.'
According to a new report published by Allied Market Research, titled, 'Ophthalmic Viscoelastic Devices Market by Product, Application, and End User: Global Opportunity Analysis and Industry Forecast, 2019 - 2026', the global ophthalmic viscoelastic devices market was valued at $2,332 million in 2018, and is projected to reach $3,226 million by 2026, growing at a CAGR of 4.12% from 2019 to 2026.
Ophthalmic viscoelastic devices have transformed the way eye-related surgeries are performed. For instance, glaucoma surgery and cataract surgeries have revolutionized, in a way that the term“viscosurgery” is now being used to designate surgical procedures involving these solutions. Ophthalmic viscoelastic devices are regularly used in cataract surgeries to guard delicate optical structures and compartmentalize inside the eye. These devices are used to pressurize the anterior chamber and offer a quicker and safer surgery along with an improved visual recovery for the patients. The very first commercially launched OVD, Healon, has reformed cataract surgery for good and have started a new league of surgical products. The market for ophthalmic viscoelastic devices has witnessed tremendous growth in the recent years, owing to rise in patient preference toward ophthalmic viscoelastic devices during the surgical procedure.
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Key Market Players
1.Altacor
2. Bausch Health Companies
3. Bohus Biotech Ab
4. Carl Zeiss Meditec Ag
5. Cima Technology Inc
6. Eyekon Medical Inc.
7. Haohai Biological Technology
8. Johnson & Johnson
9. Novartis International AG (Alcon Inc.)
10. Rumex International Corporation
The ophthalmic viscoelastic devices (OVD) market is expected to grow due to several factors, as mentioned in the statement. The surge in prevalence of cataract and glaucoma is a major driver for the growth of the market, as these conditions often require surgical intervention and the use of OVDs. The increase in the geriatric population also contributes to the growth of the market, as older adults are more susceptible to eye diseases.
The adoption of OVDs during surgical procedures is another factor driving the growth of the market. OVDs have advantages over air bubbles, which were previously used during eye-related surgical procedures, including improved visualization and protection of the cornea. The increase in government initiatives to control visual impairment is also anticipated to drive the growth of the market, as these initiatives will raise awareness and increase the demand for eye care services.
However, the lack of proper medical attention and low income in developing countries hinder the growth of the market. This is because OVDs are often expensive and not easily accessible to the general population in these regions. Nevertheless, the rise in disposable incomes globally is expected to provide lucrative opportunities for the market during the forecast period, as more people will be able to afford the cost of OVDs and eye care services.
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Ophthalmic Viscoelastic Devices (OVD) Market Report Highlights
The Ophthalmic Viscoelastic Devices (OVD) Market can be classified by product, application, and end-user.
By Product:
Cohesive Ophthalmic Viscoelastic
Dispersive Ophthalmic Viscoelastic
By Application:
Cataract Surgery
Glaucoma Surgery
Corneal Transplant
Vitreoretinal Surgery
By End User:
Hospitals
Ophthalmic Clinics
Others
Cohesive Ophthalmic Viscoelastic and Dispersive Ophthalmic Viscoelastic are the two types of products available in the market. Cohesive Ophthalmic Viscoelastic is used for procedures that require longer-term separation and protection of the ocular tissues. Dispersive Ophthalmic Viscoelastic is used for procedures that require shorter-term separation and protection of ocular tissues.
The applications of OVDs include Cataract Surgery, Glaucoma Surgery, Corneal Transplant, and Vitreoretinal Surgery. Cataract Surgery is the most common application of OVDs. Glaucoma Surgery involves the use of OVDs to separate and protect the ocular tissues. Corneal Transplant requires the use of OVDs to protect the corneal endothelium during the transplantation process. Vitreoretinal Surgery involves the use of OVDs to separate the retina from the vitreous during surgery.
The end-users of OVDs are Hospitals, Ophthalmic Clinics, and Others. Hospitals and Ophthalmic Clinics are the major end-users of OVDs. Other end-users may include ambulatory surgical centers and research institutes.
The Ophthalmic Viscoelastic Devices (OVD) Market can also be classified by geography, with major regions including North America, Europe, Asia-Pacific, and LAMEA.
North America includes the United States, Canada, and Mexico. The region is expected to have a significant market share due to the presence of key market players, the high prevalence of eye disorders, and the advanced healthcare infrastructure.
Europe includes Germany, France, the UK, Italy, Spain, and the rest of Europe. The region is expected to have a significant market share due to the increasing incidence of eye diseases, the rising geriatric population, and the high adoption of advanced surgical procedures.
Asia-Pacific includes Japan, China, Australia, India, South Korea, and the rest of Asia-Pacific. The region is expected to experience significant growth due to the increasing disposable income, growing awareness regarding eye health, and the rising geriatric population.
LAMEA includes Brazil, Saudi Arabia, South Africa, and the rest of LAMEA. The region is expected to experience significant growth due to the increasing investment in healthcare infrastructure, the rising prevalence of eye diseases, and the increasing number of ophthalmic clinics and hospitals.
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David Correa
Allied Analytics LLP
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