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Ophthalmic Viscoelastic Devices (OVD) market Size, Share, Competitive Landscape and Trend Analysis Report by Product Type, Application and End User : Global Opportunity Analysis and industry Forecast, 2019-2026
PORTLAND, OREGON, UNITED STATES, June 19, 2024 /EINPresswire / -- Global Ophthalmic Viscoelastic Devices Market Overview
In 2018, the global ophthalmic viscoelastic devices (OVDs) market was valued at $2.332 billion and is projected to reach $3.226 billion by 2026, growing at a compound annual growth rate (CAGR) of 4.12% from 2019 to 2026.
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Role and Importance of OVDs in Eye Surgeries
OVDs are critical tools used by ophthalmologists in various eye surgeries, including cataract and glaucoma procedures. These devices play a crucial role in protecting the delicate structures of the eye, maintaining intraocular pressure, and facilitating safer and more efficient surgical outcomes. By compartmentalizing the eye and aiding in faster recovery, OVDs significantly enhance surgical performance and patient outcomes.
Market Growth Drivers
Several factors contribute to the robust growth of the OVD market:
Government Initiatives: Policies aimed at reducing vision impairment are driving manufacturers to innovate and introduce advanced ophthalmic devices.
Increasing Prevalence of Eye Disorders: The rising incidence of cataracts and glaucoma, along with a growing number of eye surgeries, boosts demand for OVDs.
Aging Population: The increasing geriatric population, which is more prone to eye conditions, further propels market growth.
Adoption of Advanced Devices: Enhanced acceptance and utilization of OVDs globally are fueling market expansion.
Emerging Economies: Developing regions present significant growth opportunities due to improving healthcare infrastructure and increasing awareness about eye care.
Market Challenges
Despite the positive growth trajectory, the OVD market faces challenges such as:
High Cost of Surgeries: The expensive nature of ophthalmic surgeries can limit access, particularly in low-income regions.
Limited Accessibility: Inadequate eye care services in certain areas hinder market penetration and growth.
Market Segmentation
The OVD market is segmented by product type, application, end user, and region:
Product Type: The market is divided into cohesive and dispersive OVDs. Cohesive OVDs held the largest market share in 2018 and are expected to grow the fastest due to their benefits in cataract surgery, such as creating and maintaining space in the eye and being easier to remove post-surgery.
Application: Key applications include cataract surgery, glaucoma surgery, corneal transplants, and vitreoretinal surgery. Cataract surgery was the dominant application in 2018, driven by the high prevalence of cataracts and the efficiency of modern OVDs in these procedures.
End User: The end users of OVDs include hospitals, ophthalmic clinics, and others. Hospitals and specialized clinics are the primary users due to the complexity and volume of surgeries performed in these settings.
Region: The market is analyzed across North America, Europe, Asia-Pacific, and LAMEA. North America led the market in 2018, attributed to the availability of skilled professionals, advanced devices, and supportive government policies. Asia-Pacific is expected to exhibit the highest growth rate, driven by a large population, increasing disposable incomes, and growing awareness of eye care.
Leading Companies
Major players in the OVD market include:
Bausch Health Companies, Inc.
Eyekon Medical Inc.
Bohus Biotech AB
Carl Zeiss Meditec AG
Cima Technology Inc.
Johnson & Johnson
Novartis International AG (Alcon Inc.)
Rumex International Corporation
Haohai Biological Technology
Altacor
These companies are at the forefront of innovation, continually developing advanced products to meet the growing demands of ophthalmic surgeries
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