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Industry Insights on Ophthalmic Viscosurgical Devices Market| Top Players: Alcon, Abbott Medical Optics, Carl Zeiss Meditec, Bausch & Lomb, Rayner
Ophthalmic Viscosurgical Devices Market
Increasing number of people suffering from different types of ophthalmic disorders is the key factor driving ophthalmic viscosurgical devices (OVD) industry growth during the forthcoming years. Moreover, diabetic patients are at high risk of suffering from some or the other ophthalmic disease. Increasing prevalence of diabetes in developed as well as developed economies will further spur ophthalmic viscosurgical devices market size.
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Dispersive OVDs segment accounted for USD 170.2 million revenue in 2017 and is expected to show significant growth in the foreseeable future. Surgeries such as dense cataracts, requiring significantly greater amounts of fluid flow and ultrasound energy within the eye, have potential to traumatize the cornea. Growing adoption of dispersive OVDs to protect corneal endothelium from ultrasonic waves during such surgeries will accelerate segmental growth.
Cohesive OVDs segment is projected to show robust CAGR of 12.5% during the forecast timeline. Demand for cohesive OVDs for inflating capsular bag prior to lens implantation will increase its adoption in various surgical procedures. Growing usage of cohesive OVDs for creating and maintaining space in anterior segment of the eye during surgery will further spur segment size in coming years.
Vitreoretinal surgery segment will witness lucrative CAGR of 12.6% during the analysis timeframe owing to rising prevalence of vitreous and retinal diseases across the globe. According to British and Eire Association of Vitreoretinal Surgeons (BEAVRS) about 50% of the patients requiring vitreoretinal surgery are emergency cases including eye trauma and retinal detachment. Increasing prevalence of sight threatening conditions such as macular hole, epiretinal membrane and diabetic retinopathy will propel segment growth in coming years.
Hospitals segment held significant revenue share of 44.8% in 2017 and is estimated to grow during the forecast period. Segmental growth is attributable to growing disease burden across the globe. Availability of high-tech equipment and technologies in hospital settings will surge the number of surgeries being performed thereby augmenting business growth.
Companies operating in ophthalmic viscosurgical devices market include Alcon, Abbott Medical Optics, Carl Zeiss Meditec, Bausch & Lomb, Rayner, CIMA Technology, Precision Lens, Hyaltech, Maxigen Biotech, etc. Medical device manufacturers that can introduce novel innovative equipment will have huge benefits in the developing regions.
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Clinics segment was valued at USD 123.8 million in 2017 and will witness significant growth by 2024. Increasing number of cataract procedures in developed and developing countries will favour segmental growth. High adoption rate of advanced ophthalmic devices required in various minimally invasive Lasik procedures should escalate segmental growth over the forthcoming years.
North America OVD market dominated the global market with 48.8% revenue share in 2017 and is expected to witness similar trend over analysis period. High growth is attributed to rising incidence of ophthalmic diseases such as visual impairment and blindness, refractive errors and eye injuries in the region. According to American Academy of Ophthalmology’s Eye Health Statistics, cataract affects around 24.4 million Americans aged 40 years and above whereas glaucoma affects over 2.7 million in 2015. Increasing prevalence of such diseases will spur North America OVD market size over the forecast period.
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