Ophthalmic Viscoelastic devices Market Overview

Ophthalmic viscoelastic devices are fundamental tools that are used in cataract surgery. They are designed to protect and coat delicate intraocular tissues and improve visualization. The global ophthalmic viscoelastic devices market is anticipated to reach USD 1,203.26 Mn at a CAGR of 11.6% by the end of the forecast period of 2017-2027, predicts Market Research Future (MRFR) in an in-depth study.

A substantial rise in the number of ophthalmic surgeries is a key factor influencing the growth of the global ophthalmic viscoelastic devices market. An increasing number of eye disorders require surgery which generates high demand for OVDs. As per a report published by Novartis healthcare in 2015, almost 4 Mn cataract surgeries are performed in the US every year.  OVDs make phacoemulsification easier and safer and thus have become standard in ophthalmic surgeries. OVDs are used separately or in a combination of both cohesive and dispersive. High prevalence of visual impairment and expanding healthcare expenditure is adding fuel to the growth of the market. Growing geriatric population and increase in the number of diabetic patients have also contributed significantly to the market growth.

Advancement in material science and development of better OVDs have demonstrated a high success rate in ophthalmic surgeries. In addition, improving reimbursement scenario and spreading awareness is expected to foster the growth of the market over the forecast period.

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Ophthalmic Viscoelastic devices Market Segmentation

The global ophthalmic viscoelastic devices (OVD) market has been segmented based on type, application, and end user.

·         By type, the global ophthalmic viscoelastic devices market has been segmented into cohesive ophthalmic viscoelastic devices and dispersive ophthalmic viscoelastic devices.

·         By application, the global ophthalmic viscoelastic devices market has been segmented into cataract surgery, glaucoma surgery, corneal transplantation, and vitreoretinal surgery.

·         By end user, the global ophthalmic viscoelastic devices market has been segmented into ophthalmic clinics & phaco centers, hospitals and academic & research institutes.

Ophthalmic Viscoelastic devices Market Regional Analysis

By region, the global ophthalmic viscoelastic devices market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East & Africa (MEA).

North America is leading the Americas market and accounted for almost 74.35% share in 2016. Meanwhile, the South America market is expected to grow at a relatively faster rate of 11.6% over the forecast period. The US is a key contributor to the market driven by favorable reimbursement scenario and high healthcare expenditure. The rapid adoption of the latest technologies within the healthcare sector is a significant driver of the market.

Europe follows the Americas closely and accounts for the second largest share of the market. A surge in awareness regarding the availability of advanced treatment options and increasing disposable income spur the growth of the market.

APAC ophthalmic viscoelastic devices market is expected to expand at a relatively faster rate of 12% over the forecast period. China and India are the key country-specific markets.

The MEA market is led by the Gulf nations, UAE and Saudi Arabia, in particular. Low healthcare penetration and poor economic conditions are restraining the growth of the Africa market.

Ophthalmic Viscoelastic devices Market Players

·         Globus Medical, Inc. (U.S.)

·         Depuy Synthes Inc. (Johnson & Johnson) (U.S.)

·         Smith & Nephew plc. (UK)

·         NuVasive, Inc. (U.S.)

·         Stryker Corporation (U.S.)

·         Integra LifeSciences Holdings Corporation (U.S.)

·         Zimmer Biomet Holdings, Inc. (U.S.)

·         Medtronic, plc (Ireland)

·         Wright Medical Group N.V. (Netherlands)

·         The Orthopedic Implant Company (U.S.)

·         Aesculap Implant Systems (U.S.)

·         Conmed Corporation (U.S.)

·         BioTek Instruments, Inc. (U.S.)

·         Arthrocare Corporation (U.S.)

among others are some key companies in the global ophthalmic viscoelastic devices that are listed by MRFR for market research.

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