Ophthalmic Viscoelastic Devices (OVD) Global Market Foreseen For A Modest Growth Potential By 2030

Pune, India, June, 2023/MRFR Press Release/- Market Research Future published a half cooked research report on “Global Ophthalmic Viscoelastic Devices Market Research Report - Forecast to 2030”  - Market Analysis, Scope, Stake, Progress, Trends and Forecast to 2030.

Ophthalmic Viscoelastic Devices (OVD) Global Market – Overview

Ophthalmic Viscosurgical Device (OVD) is viscoelastic solutions used in cataract surgery to create and maintain space in the anterior chamber of the eye during phacoemulsification and implantation of an intraocular lens (IOL), as well as protect the corneal endothelium and coat surgical instruments. Different types of ophthalmic viscoelastic devices (dispersive and cohesive OVDs) are available to support the  surgical technique (level of protection, safety, space, ease of removal) and workflow (volume, ease of use  and consistent supply) of cataract surgeons. Most OVDs contain sodium hyaluronate (NaHA) or hydroxypropyl methylcellulose (HPMC).

Ophthalmic Viscoelastic devices (OVD) Market is growing with the rise in geriatric (old age) population; population aged 40 years and above is affected by cataract, indicating that a large number of populace is diagnosed with cataract. Therefore to treat the affected populace OVDs would gain a huge traction in the recent future. According to a recent study report published by the Market Research Future, the global market for Ophthalmic Viscoelastic devices (OVD) is estimated to witness a steady growth by 2030, in terms of value USD 1.29 billion with a 11.60% CAGR; surpassing its previous growth records by the end of the forecasted period (2023 – 2030).

Growing prevalence of Cataract along with the increasing geriatric populace is mainly driving the growth of Ophthalmic Viscoelastic devices market. Additionally, growing awareness towards health and regulatory shift in focus towards resolving unmet medical needs is contributing the market growth. Moreover, technical advancement that making the cataract surgeries easier and the improving economic conditions is providing an added impetus to the market growth of Ophthalmic Viscoelastic Devices market. However, factors such as lack of health care insurance, lack of general awareness among people about eye disorders and poor primary health care infrastructure are posing as a challenge or hindrance to the growth of Ophthalmic Viscoelastic devices market, states the MRFR Research Analyst while commenting upon this deep diving study report, presented through more than 100 market data tables and figures, widely spread over 120 pages.

Ophthalmic Viscoelastic Devices (OVD) Global Market – Key Players

Major players having a strong presence in the international and regional market adorn the global Ophthalmic Viscoelastic Devices market as highly competitive and fragmented.

Ophthalmic Viscoelastic Devices market is no exception when it comes to adopting strategies trends, to sustain the market position and to drive the market; Key Players of the market adopt the same prevailing trends such as merger & acquisition or strategic collaboration and investing in local manufacturers in emerging economies for product developments and manufacturing activities. Manufacturers strive to develop innovative products which can deliver more than just safe and effective results. 

Profiled in MRFR Analysis some of the key players operating in the in Ophthalmic Viscoelastic Devices market are Abbott Laboratories Inc. (U.S), ZEISS Medical Technology, Bohus BioTech AB (Sweden), Lifecore Biomedical, LLC (U.S), Rayner (UK), SD Healthcare and others.

Ophthalmic Viscoelastic Devices (OVD) Global Market – Segments

Ophthalmic Viscoelastic Devices (OVD) market can be segmented in to 4 key dynamics for the convenience of the report and enhanced understanding; 

Segmentation By Types           : Comprises Cohesive OVDs, Dispersive OVDs and others. 

Segmentation By Application    : Comprises Cataract Surgery, Glaucoma surgery, posterior segment surgeries, and others

Segmentation By End User       : Comprises hospitals, clinics and others

Segmentation By Regions          : Comprises Geographical regions - North America,  Europe, APAC and Rest of the World.

Ophthalmic Viscoelastic Devices (OVD) Global Market – Synopsis

As per statics from WHO Cataract is the main cause for about 50% of blindness across the globe. There are three types of cataracts, such as nuclear cataracts, cortical cataracts and sub capsular cataracts. Cataract is one of the most common ocular disorders across the globe and is highly prevalent in the developed countries with rise in geriatric population.

Phacoemulsification Equipment and Femtosecond laser Equipment. Phacoemulsification is the most preferred cataract surgery device worldwide, whereas in developing countries such as China and India manual and suture less Small-Incision Cataract Surgery (SICS) is preferred because of the lower costs of the procedure.

The adoption of foldable IOLs and advanced IOLs in emerging countries such as China and India is at a growing stage, due to factors such as reduced access to health care resources, and difference in income levels between urban and rural areas. The use of femtosecond lasers has ensured high efficiency along without any collateral tissue damages. The use of these lasers along with computer-controlled optical delivery systems has led to precise incisions without any damage to the surrounding tissues.

Explore In-depth Details: Ophthalmic Viscoelastic Devices (OVD) Market Research Report

Ophthalmic Viscoelastic Devices (OVD) Market –

Regional Analysis

Globally North America is the largest market for Ophthalmic Viscoelastic Devices which is expected to grow at a substantial CAGR and is expected to grow over its previous growth records by the end of the forecasted period. The growing prevalence of adoption of the advanced technology caused an increase in the market in the North American Countries. However, market saturation and slowing economy pose as barrier to the U.S. ophthalmology cataract surgery devices market's growth.

Europe is expected to be the second-largest market for Ophthalmic Viscoelastic devices (OVD) which is expected to grow at a considerable CAGR.

Asia Pacific market is expected to grow at a substantial growth rate owing to factors such as growing population, economic development in countries such as India and China support the market growth.

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