Ophthalmic Viscoelastic Devices (OVD) Market Analysis | 2021-2026

Market Insights

The Ophthalmic Viscoelastic Devices (OVD) Market is estimated to grow from USD 2.5 billion in 2020 to USD 3.1 billion by 2026 at a healthy CAGR of 4.1% during the forecast period.

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What are ophthalmic viscoelastic devices?

Ophthalmic viscoelastic devices (OVDs) are widely employed by ophthalmologists in numerous eye surgeries like glaucoma surgery, cataract surgery, and others. OVDs are a typical tool employed in ophthalmic surgeries. These devices help in protecting the fragile ocular structures together with creating pressure within the anterior chamber, compartmentalizing inside the attention, and providing a faster and safer surgery with better recovery for the patients.

Key Players

Key players operating in the Ophthalmic Viscoelastic Devices (OVD) market are-

• Altacor (UK)
• Bausch Health Companies Inc. (Canada)
• Bohus Biotech Ab (Sweden)
• Carl Zeiss Meditec Ag (Germany)
• Cima Technology Inc. (US)
• Eyekon Medical Inc. (US)
• Haohai Biological Technology (China)
• Johnson & Johnson (US)
• Novartis International AG (Alcon Inc.) (Switzerland)
• Rumex International Corporation (US).

Market Dynamics

An increase in favorable government initiatives which aim at setting up guidelines to control the rise in vision impairment around the world is encouraging the product manufacturers to introduce novel ophthalmic devices in the industry. Also, the surge in the number of eye surgeries performed, the rise in prevalence of cataracts and glaucoma, and an increase in the geriatric population are other major factors augmenting the market growth. However, the high cost of ophthalmic surgeries, as well as low accessibility to eye care in low-income countries, is likely to hamper the industry's growth.

COVID-19 Impact

The COVID-19 outbreak has moderately affected the ophthalmic viscoelastic devices (OVD) industry. The virus outbreak has turned the lives of people worldwide, with the number of cases increasing rapidly. The COVID-19 crisis has reduced the number of visits to ophthalmology clinics and eye surgeries were postponed to curb the spread of the virus, thus affecting the market growth amid the pandemic.

Segment Analysis

Application Trends

The ophthalmic viscoelastic devices (OVD) market is classified into cataract, glaucoma, corneal transplant, vitreoretinal surgery. The cataract segment held a significant market share in 2020 and is estimated to register a healthy CAGR during the forecast timeline. This is mainly attributed to an increasing prevalence of cataracts, which was witnessed over the past few years worldwide. In addition, ophthalmic viscoelastic devices play a key role in the patients suffering from cataracts by offering pressure to the anterior chamber and protecting the eye from getting damaged during the cataract surgeries, which bolsters the segment growth.

Regional Trends

The North American market accounted for a significant share in 2020 and is expected to grow at a substantial CAGR in the following years. This is mainly ascribed to a surge in the number of cataract surgeries performed, easy availability of skilled ophthalmologists and viscoelastic devices, the large presence of a majority of major players, and rise in government intervention for prevention of visual impairment, thereby proliferating the regional market growth.

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Target Audience

Here is the list of the group of customers that the market hopes to have the greatest opportunity to convert-

• Distributors
• Suppliers
• Manufacturers
• Logistics organizations
• Government bodies

Report Features

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

What deliverables will you get in this report?

Research Methodology

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 the 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: Product portfolio, geographical reach, regional presence, and strategic alliances.

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