Ophthalmic Viscosurgical Devices (OVD) Market Worth USD 1 Bn by 2026: Global Market Insights, Inc.
SELBYVILLE, Del., March 13, 2020 /PRNewswire/ -- Global Market Insights, Inc. has recently added a new report on ophthalmic viscosurgical devices market which estimates the global market valuation for ophthalmic viscosurgical devices will cross US $1 billion by 2026. The growing prevalence of ophthalmic diseases along with growing diabetes burden across the world is the key factor driving the OVD market growth.
Growing patient preference towards minimally or non-invasive treatments including LASIK surgeries will trigger market growth in the coming years. Factors such as age-related macular degeneration (AMD) and glaucoma among the elderly population have led to increased adoption of cataract surgeries, thus contributing to the global OVD industry progress. For instance, according to the National Eye Institute, the number of people suffering from AMD is expected to double from 2.07 million to 5.44 million by 2050. However, risks associated with ophthalmic procedures may hamper the OVD market growth during the forthcoming years.
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Cohesive OVD market was valued around USD 170 million in 2019 and is projected to show significant growth during the forecast period. The growth is attributed to a wide array of benefits offered by OVDs during cataract surgery. Increasing demand for cohesive ophthalmic viscoelastic aid for inflating capsular bag prior to lens implementation will upsurge the product demand. Higher viscosity cohesive OVDs are good for inducing & maintaining space and sustaining pressure on eye. Such advantages will increase the demand for cohesive OVDs, thereby fostering industry growth.
According to the report, keratoplasty surgery is estimated to register a CAGR of more than 10% through 2026. Significant increase in the number of corneal transplantation surgeries/keratoplasty over the recent years will primarily drive the segment growth. Moreover, adoption of lamellar keratoplasty and penetrating keratoplasty for the treatment of corneal pathologies will boost segmental growth.
Hospitals segment held around 44% revenue share in 2019 and is expected to show robust growth over 2020 to 2026. Availability of well-developed infrastructure and presence of advanced technologies in hospital facilities will uplift the segmental growth. Several government initiatives in developed as well as developing economies to lower the cost of ophthalmic surgeries being performed in hospitals will escalate the market progress. Additionally, favorable reimbursement policies will further spur the overall market size.
Browse key industry insights spread across 150 pages with 178 market data tables & 12 figures & charts from the report, "Ophthalmic Viscosurgical Devices (OVD) Market Share & Forecast, 2020 - 2026" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/ophthalmic-viscosurgical-devices-market
The report also forecasts, Asia Pacific ophthalmic viscosurgical devices market recorded around USD 57 million revenue in 2019. Large patient pool suffering from chronic ophthalmic diseases is likely to drive industry growth. Growing prevalence of diabetic eye diseases such as diabetic retinopathy and diabetic macular edema (DME) will render positive impact on the regional demand. Additionally, rapidly growing geriatric population prone to various eye disorders, numerous government initiatives and increasing healthcare expenditure is further expected to accelerate the regional market expansion.
Some major findings of the ophthalmic viscosurgical devices market report include:
-- The visco-adaptive properties of the newest generation OVD is
anticipated to prevent capsular breaks and offer complete endothelial
protection, thus making refractive and cataract procedures easy and
safe.
-- As per The Lancet Global Health Journal, around 8.8 million people in
India were found to be blind in 2015 and more than 47.7 million people
suffered moderate to severe vision impairment.
-- About 1 in 3 diabetic people, aged 40 years and above have some signs of
diabetic retinopathy, according to the National Institute of Diabetes
and Digestive and Kidney Diseases (NIDDK).
-- Industry players such as Alcon, Bausch & Lomb, Sidapharm, Precision Lens
and Johnson & Johnson Surgical Vision among others adopt various growth
strategies to capitalize on opportunities and maintain their position in
the market.
Some of the prominent players operating in OVD market share include Alcon, CIMA Technology, Bausch & Lomb, Amring Pharmaceuticals, Bohus Biotech AB and Maxigen Biotech among others. The companies implement strategies such as mergers, acquisitions and partnerships to sustain market competition. For instance, in July 2018, Amring Pharmaceuticals Inc. launched Biolon OVD for use in cataract surgery. The new product introduction enabled company to offer this cost-effective device in the U.S. and sustain its position in the growing ophthalmic market.
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Partial chapters of report table of contents (TOC):
Chapter 2. Executive Summary
2.1. Ophthalmic viscosurgical devices (OVD) industry 360° synopsis, 2015-2026
2.1.1. Business trends
2.1.2. Product trends
2.1.3. Application trends
2.1.4. End-use trends
2.1.5. Regional trends
Chapter 3. Ophthalmic Viscosurgical Devices Industry Insights
3.1. Industry segmentation
3.2. Industry landscape, 2015 - 2026
3.3. Industry impact forces
3.3.1. Growth drivers
3.3.1.1. Rapidly growing geriatric population
3.3.1.2. Increasing incidence of ophthalmic and ocular condition in developing countries
3.3.1.3. Expanding base of diabetic patients worldwide
3.3.1.4. Technological advancements
3.3.1.5. Growing demand and preference for non-invasive treatment
3.3.2. Industry pitfalls & challenges
3.3.2.1. High cost of ophthalmic devices
3.3.2.2. Risk associated with eye surgeries
3.4. Growth potential analysis
3.4.1. By product
3.4.2. By application
3.4.3. By end-use
3.5. Porter's analysis
3.6. Competitive landscape
3.6.1. Strategy dashboard, 2019
3.7. PESTEL analysis
About Global Market Insights
Global Market Insights, Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy and biotechnology.
GMIPulse, our business analytics platform offers an online, interactive option of exploring our proprietary industry research data in an easy-to-use and dynamic manner. Clients get to explore market intelligence across 11 top-level categories and hundreds of industry segments within them, covering regional, company level and cross-sectional statistics that make our offering a stand-out for decision-makers.
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Corporate Sales, USA
Global Market Insights, Inc.
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Global OVD Market size to exceed $1 Bn by 2026
OVD Market size is estimated to surpass USD 1 billion by 2026; according to a new research report by Global Market Insights, Inc.
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