European OVD Market Analysis | 2024-2032

Market Insights

“The European OVD Market was estimated at USD 320 million in 2023 and is likely to grow at a CAGR of 4.6% during 2024-2032 to reach USD 488 million in 2032.”

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Market Dynamics

Introduction

Ophthalmic viscoelastic devices (OVDs) have entirely changed the way eye surgeries are performed. The term viscosurgery has been coined to describe surgical procedures that are performed using OVDs. They play a pivotal role in ophthalmic surgeries by maintaining the volume and shape of the anterior chamber of the eye, and by protecting the intraocular tissues during the surgery.

Market Drivers

The growing prevalence of eye disorders among the elderly creates demand for affordable and versatile viscoelastic devices. Technological advancements have significantly improved the efficacy and accessibility of OVDs, further solidifying their role in critical ophthalmic surgeries.

Recent Market JVs and Acquisitions:

The market offers limited opportunities for expansion through acquisitions. Companies focus more on organic growth strategies. Only a couple of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In April 2024, Zeiss Group completed the acquisition of DORC (Dutch Ophthalmic Research Center). The acquisition will expand ZEISS Medical Technology’s ophthalmic product portfolio.
• In February 2017, Johnson & Johnson finalized its acquisition of Abbott Medical Optics (AMO), a subsidiary of Abbott. The acquisition strengthened the former’s position in the eye care segment and extended its product offerings. The renowned Healon OVDs came under J&J with this acquisition.

Recent Product Development:

• The medical devices and consumables industry is overseen by quite several national and international regulations and certification standards, so frequent new product launches are a little unlikely in the market.

Segment Analysis

By End-Use Type

“Ophthalmic clinics are estimated to generate the highest demand for ophthalmic viscoelastic devices in the market during the forecast period.”

• The market is segmented into hospitals, ophthalmic clinics, and others.
• Ophthalmic clinics are estimated to generate the highest demand for ophthalmic viscoelastic devices in the market during the forecast period. Ophthalmic clinics experience higher foot traffic than hospitals and are a preferred choice for eye surgeries in Europe.

By Product Type

“Cohesive OVDs are poised to remain the dominant and faster-growing product in the market during the forecast period.”

• The European OVD market is categorized into cohesive ophthalmic viscoelastic devices and dispersive viscoelastic devices.
• Cohesive OVDs are poised to remain the dominant and fastest-growing product type in the market during the forecast period.
• Cohesive OVDs exhibit higher viscosity and solid behavior, akin to jelly (Healon GV, Provisc, and Amvisc). Their cohesiveness permits easy removal at the end of the process.

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By Application Type

“Cataract surgery is projected to lead the application segment in the market during the forecast period.”

• The market is segmented into cataract surgery, glaucoma surgery, corneal transplant surgery, and vitreoretinal surgery.
• Cataract surgery is projected to lead the application segment in the market during the forecast period. Cataracts are the most common cause of blindness in Europe and worldwide, and their prevalence is continuously increasing.

Regional Insights

“France is anticipated to remain the largest market for ophthalmic viscoelastic devices in Europe during the forecast period.”

• In terms of countries, the market is segmented into Germany, France, The UK, Russia, Spain, and the Rest of Europe.
• France is anticipated to remain the largest market for ophthalmic viscoelastic devices in Europe during the forecast period. France’s dominant position in the market is significantly boosted by its high rate of cataract surgeries (recorded 1,417 per 100,000 people in 2021).
• Germany is expected to be the fastest-growing market during the forecast period. Cataract surgery is the most frequently performed medical surgery in Germany, leading to the extensive use of OVDs in the country.

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Key Players

The market is highly concentrated with a handful of players accounting for more than 80% share in 2023. Key players hold distinct capabilities in manufacturing OVD using a multitude of materials. Players are increasing their R&D investments to cope with the high demand from the healthcare industry. The following are the key players in the European OVD market. Top companies have a proven track record, a large customer base, and a wide geographical presence.

Here is the list of the Top Players (Based on Dominance)

• Alcon Inc.
• Johnson & Johnson
• Zeiss Group
• Bausch + Lomb
• VSY Biotechnology GmbH

Note: The above list does not necessarily include all the top players in the market.

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Report Features

This report provides market intelligence most comprehensively. The report structure has been kept such that it offers maximum business value. It provides critical insights into market dynamics and will enable strategic decision-making for existing market players as well as those willing to enter the market. The following are the key features of the report:

• Market structure: Overview, industry life cycle analysis, supply chain analysis.
• Market environment analysis: Growth drivers and constraints, Porter’s five forces analysis, SWOT analysis.
• Market trend and forecast analysis.
• Market segment trend and forecast.
• Competitive landscape and dynamics: Market share, Service portfolio, New Product Launches, etc.
• COVID-19 impact and its recovery curve.
• Attractive market segments and associated growth opportunities.
• Emerging trends.
• Strategic growth opportunities for the existing and new players.
• Key success factors.

The European OVD market is segmented into the following categories:

By Product Type

• Cohesive
• Dispersive

By Application Type

• Cataract
• Glaucoma
• Corneal Transplant
• Vitreoretinal Surgery

By End-Use Type

• Hospitals
• Ophthalmic Clinics
• Others

By Country

• Germany
• France
• The UK
• Russia
• Spain
• Rest of Europe

Research Methodology

• This strategic assessment report from Stratview Research provides a comprehensive analysis that reflects today’s European OVD market realities and future market possibilities by 2032.
• The report segments and analyzes the market in the most detailed manner to provide a panoramic view of the market.
• The vital data/information provided in the report can play a crucial role for market participants as well as investors in the identification of the low-hanging fruits available in the market as well as to formulate growth strategies to expedite their growth process.
• This report offers high-quality insights and is the outcome of a detailed research methodology comprising extensive secondary research, rigorous primary interviews with industry stakeholders, and validation and triangulation with Stratview Research’s internal database and statistical tools.
• More than 1,000 authenticated secondary sources, such as company annual reports, fact books, press releases, journals, investor presentations, white papers, patents, and articles, have been leveraged to gather the data.
• We conducted more than 15 detailed primary interviews with market players across the value chain in all four regions and industry experts to obtain both qualitative and quantitative insights.

Customization Options

With this detailed report, Stratview Research offers one of the following free customization options to our respectable clients:

Company Profiling

• Detailed profiling of additional market players (up to three players)
• SWOT analysis of key players (up to three players)

Competitive Benchmarking

• Benchmarking of key players on the following parameters: Service portfolio, geographical reach, regional presence, and strategic alliances

Custom Research: Stratview Research offers custom research services across sectors. In case of any custom research requirement related to market assessment, competitive benchmarking, sourcing and procurement, target screening, and others, please send your inquiry to [email protected]