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.
The major factor that boost the growth of the OVD market are surge in prevalence of cataract and glaucoma across the globe. Rise in geriatric population, which serves as a potential patient base as they are more prone to eye diseases is another factor that contributes toward the growth of this market. In addition, surge in adoption of ophthalmic viscoelastic devices during surgical procedures as compared to air bubble, which was previously used during the eye-related surgical procedures and increase in government initiatives to control visual impairment are anticipated to propel the market growth. However, low income and lack of proper medical attention in the developing countries hamper the growth of the ophthalmic viscoelastic devices market. Rise in disposable incomes of the global population is also anticipated to provide lucrative opportunities for the market during the forecast period.
On the basis of product, the cohesive segment was a major revenue contributor in 2018. In addition, this segment is expected to maintain its dominant position throughout the analysis period due to the wide array of benefits they provide in cataract surgery such as creating and maintain space in the anterior segment of the eye, inflation of capsular bag prior to lens implantation and reduction of deleterious vector forces. Moreover, cohesive ophthalmic viscoelastic are easier to remove from the eye post-surgery, which serves as another major advantage for the growth of this market.
According to application, the cataract surgeries in the application segment generated the highest revenue in 2018 owing to surge in prevalence of cataract across the globe. Moreover, the major factor that contribute toward the growth of this segment include wide array of benefits that ophthalmic viscoelastic devices offer in cataract surgeries. For instance, these devices help in creating and maintaining space in the anterior segment of the eye. In addition, increase in geriatric population has driven the demand for the use of ophthalmic viscoelastic devices worldwide. Furthermore, the glaucoma surgery segment is expected to exhibit fastest growth owing to the advancements in the surgical techniques and rise in the use of glaucoma drainage implants.
In 2018, North America accounted for the major share of ophthalmic viscoelastic devices market size and is expected to continue this trend owing to, presence of skilled ophthalmologists and easy availability of these devices. Moreover, high prevalence of cataract and rise in government initiatives to prevent visual impairment contribute to the growth of this market. On the other side, Asia-Pacific is estimated to register the fastest growth during the forecast period
Key Findings of the Ophthalmic Viscoelastic Devices Market :
- Glaucoma accounted for approximately one-fourth share of the market in 2018.
- North America accounted for more than one-third market share in 2018 and is expected to maintain this trend throughout the forecast period.
- The ophthalmic clinics in the end user segment is anticipated to grow at a CAGR of 5.05% from 2018 to 2025.
- The cohesive ophthalmic viscoelastic accounted for two-third share of the market in 2018.