OPHTHALMIC VISCOELASTIC DEVICES MARKET ANALYSIS

Ophthalmic Viscoelastic Devices Market Insights

Ophthalmic viscoelastic devices play a crucial role in ophthalmic surgeries such as cataract surgery, glaucoma surgery, vitreoretinal surgery, and corneal transplantation surgery. The selection of ophthalmic viscoelastic devices is based on surgical requirement and surgeons’ preferences. Innovative product offerings by major manufacturers such as Sight Sciences, Rayner Surgical Group, and Bausch & Lomb Incorporated who are engaged in the development of ophthalmic products is expected to drive growth of the ophthalmic viscoelastic devices market.

Increasing prevalence of ocular dysfunction and disease is expected to drive growth of the global ocular implant market. For instance, in January 2019, according to Glaucoma Research Foundation, over 3 million people in the U.S. have been diagnosed with glaucoma. The National Eye Institute projects that this number will increase by 58% and reach 4.2 million by 2030.

The global ophthalmic viscoelastic devices market was valued at US$ 810.9 million in 2019 and is expected to register a CAGR of 9.4% during the forecast period (2019–2027).

Figure 1. Global Ophthalmic Viscoelastic Devices Market value Analysis (US$ Mn), By Product Type

To learn more about this report, request sample copy

Source: Coherent Market Insights Analysis (2019)

Increasing number of corneal transplants surgeries/corneal transplantation is expected to be a major factor contributing to growth of the global ophthalmic viscoelastic devices market in near future.

In corneal transplantation surgery (keratoplasty), the damaged cornea is replaced by donated corneal tissue. The number of corneal transplantation surgeries is increasing significantly which is expected to drive demand for ophthalmic viscoelastic devices. For instance, according to Eye Bank Association of America, in 2018 according to Eye Bank Association of America, in 2018, around 85,441 tissue (corneal transplants) have been distributed for keratoplasty in the U.S. The number increased by 1.4% (84,297) from 2017. Thus, rising number of corneal transplant surgeries is expected to drive growth of the ophthalmic viscoelastic devices market.

Increasing product recalls is expected to hamper the global ophthalmic viscoelastic devices market growth

Product recalls for ophthalmic viscoelastic devices is expected to negatively impact the market growth. In November 2014, the U.S. FDA issued a product recall notice for Abbott Healon EndoCoat Ophthalmic Viscosurgical Device, developed by Abbott Medical Optics Inc. (AMO). The device was recalled due to finger grip dislodgement of the device which could result in unintentional movement of the surgeon's hand to the surface of the cannula and cause potential trauma to the eye. Product recalls due to mechanical defects in ophthalmic viscoelastic devices is projected to generate losses for manufacturers in terms of cost and time, and hinder growth of the global ophthalmic viscoelastic devices market.

Global Ophthalmic Viscoelastic Devices Market- Regional Analysis

Based on Region, the global ophthalmic viscoelastic devices market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.

North America is expected to hold a dominant position in the market, owing to increasing number of product approvals from the U.S. Food and Drug Administration for marketing products in North America. For instance, in May 2016, ALCON LABORATORIES received U.S. FDA approval for its Cellugel(R) Ophthalmic Viscosurgical Device (OVD).

Asia Pacific ophthalmic viscoelastic devices market is expected to witness significant growth during the forecast period owing to rising demand for technologically advanced products for ophthalmological surgery, as well as presence of major manufacturers such as Ophtechnics Unlimited, and Neu Micromed International Pvt. Ltd in the region. For instance, Ophtechnics Unlimited, company based in India, offers OCXYLON – SODIUM HYALURONATE, an ophthalmic viscosurgical device (OVD).

Figure 2: Global Ophthalmic Viscoelastic Devices Market Value (US$ Mn), By Region

To learn more about this report, request sample copy

Source: Coherent Market Insights Analysis (2019)

Global Ophthalmic Viscoelastic Devices Market - Competitive Landscape

Key players operating in the global ophthalmic viscoelastic devices market include Johnson & Johnson, Rumex International Co., Bausch & Lomb Incorporated., Ophtechnics Unlimited, Truviz Ophthalmic, Beye, LLC, Carl Zeiss Meditec AG, Precision Lens, Iso Clear (Pty) Ltd., and Neu Micromed International Pvt. Ltd.