Ophthalmic Viscosurgical Devices Market revenue to cross USD 584 Mn by 2027: Global Market Insights Inc.
The combined segment in the ophthalmic viscosurgical devices market is predicted to expand at a CAGR of more than 1.4% through 2027 owing to the combining advantages of dispersive and cohesive agents in a single vial making it more economical for eye surgery.
Selbyville, Delaware, July 08, 2021 (GLOBE NEWSWIRE) —
According to latest report “Ophthalmic Viscosurgical Devices (OVD) Market by Product (Dispersive, Cohesive, Combined), Application (Cataract Surgery, Vitreoretinal Surgery, Canaloplasty, Refractive Surgery, Keratoplasty), End-use (Hospitals, Clinics), Regional Outlook, Price Trends, Competitive Market Share & Forecast 2027”, by Global Market Insights Inc., the market valuation of ophthalmic viscosurgical devices will cross $584 million by 2027.
Rising medical technology development for vision care along with growing access to health insurance is expected to augment the market growth. Development in innovative approaches to enhance vision wellness and a more health-conscious society is anticipated to impact the market expansion. Organizations in the U.S. such as the American Optometric Association, National Eye Institute, and American Academy of Ophthalmology are providing education and resources to improve the lives of people suffering from vision impairment diseases. As per the World Health Organization, 2.2 billion people are suffering from near or distance vision impairment owing to uncorrected cataracts and refractive errors that need focused medical attention. Further, rising demand for minimally invasive surgeries along with a focus to increase the number of healthcare workers to develop a more efficient healthcare system is poised to spur the market progression.
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The combined segment in the ophthalmic viscosurgical devices market is slated to witness 1.4% growth rate by 2027 on account of the combining advantages of dispersive and cohesive agents in a single vial making it more economical for eye surgery. The syrupy dispersive protects the corneal endothelium and the thick cohesive retains the eye inflated during the creation of the anterior chamber deep to avoid tearing the capsulorhexis. Additionally, combined ophthalmic viscosurgical devices can be used for each stage of the phaco procedure and are less costly. As per the article published in 2017, the mixture of dispersive and cohesive rheological properties in a combined device offers several advantages during eye surgery. Combined devices are a recent innovation that enables the execution of dual surgical steps simultaneously.
The vitreoretinal surgery segment held 18% of the ophthalmic viscosurgical devices market share and was valued at more than USD 69 million in 2020 led by the increasing incidence of ophthalmic disorders such as retinal detachment, vitreous hemorrhage, and macular hole among others. As per the International Agency for the Prevention of Blindness, age-related macular degeneration is estimated to reach 288 million by 2040. The demand for vitreoretinal surgery is predicted to upsurge attributed to the large patient pool and high disposable income in emerging economies. As per the American Diabetic Association report, in 2017, around 93 million people were suffered from diabetic retinopathy disease. Moreover, growing number of eye health awareness programs have helped in creating awareness regarding dispersive and cohesive ophthalmic viscosurgical devices, thereby fueling the industry growth.
The ophthalmic viscosurgical devices market for hospitals segment exceeded USD 169 million in 2020 impelled by the industry players investing substantial efforts both in terms of marketing strategies and revenue to promote their product among the hospitals. The rising incidence of the ocular condition in developing countries is set to boost the segment growth. With the upsurge in demand for ophthalmic procedures and awareness about vision wellness, a significant rise in revenue of the hospital segment is projected. Furthermore, due to the improved quality of devices and quicker recovery from surgeries, patient stay duration has reduced significantly.
Brazil ophthalmic viscosurgical devices market size was USD 4 million in 2020 propelled by the improvements in the country’s healthcare system, government programs, and increased life expectancy among others. The government programs include a focus on public healthcare plans to ensure access to quality care for vulnerable populations. In Brazil, around 16.8 individuals are suffering from diabetes. As per the article published in 2018, diabetic retinopathy is the leading cause of blindness in economically active populations that increases the need for improving access to eye care and screening programs for diabetic retinopathy in the country. In addition, the traditional risk factors such as hypertension, poor glycemic control, and duration of diabetes have emerged as potential markers of diabetic retinopathy.
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Some of the major companies operating in the ophthalmic viscosurgical devices market are Alcon, Amring Pharmaceuticals, Bausch & Lomb Incorporated, Bohus Biotech AB, Carl Zeiss Meditec AG, CIMA Technology Inc, Johnson & Johnson Surgical Vision, Inc., Maxigen Biotech Inc., Precision Lens, and Rayner Intraocular Lenses Ltd. among others.
Table of Contents (ToC) of the report:
Chapter 3 Ophthalmic viscosurgical devices Market Insights
3.1 Industry segmentation
3.2 Industry landscape, 2016 – 2027 (USD Million)
3.3 Industry impact forces
3.3.1 Growth drivers
3.3.2 Industry pitfalls & challenges
3.4 Growth potential analysis
3.4.1 By product
3.4.2 By application
3.4.3 By end-use
3.5 COVID-19 impact analysis
3.6 Porter’s analysis
3.7 Competitive landscape, 2020
3.7.1 Company matrix analysis, 2020
3.8 PESTEL analysis
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