Ophthalmic Viscoelastic Devices Market Impressively growing Opportunities and Global Business Foreca

Ophthalmic viscoelastic devices (OVD) are basic tools used in modern cataract surgeries. They are non-active, clear, and gel-like solutions with viscous and elastic properties. OVDs mainly contain sodium hyaluronate. The viscoelasticity of OVD substance keeps the vitreous face in the proper position and prevents it from flat chambers during surgery. These substances cover and protect the intraocular tissues, ocular structures, and improves visualization. Major role of OVDs is to create and maintain volume in the anterior chamber of the eye and protect the corneal endothelium during particular steps of ophthalmic procedure.

Global Ophthalmic Viscoelastic Devices Market Drivers

The global ophthalmic viscoelastic devices market is expected to witness significant growth due to increasing number of cataract and glaucoma surgeries. Moreover, increasing prevalence of diabetes also contributes to eye disorders. According to WHO, around 422 million people were affected by diabetes worldwide in 2016. Similarly, according to American Academy of Ophthalmology, in 2013, around 48,229 corneal transplants and 2 million cataract surgery in 2014 were performed in the U.S.

Furthermore, education, awareness about eye health, increasing spending power of the populace on healthcare sector, and favorable reimbursements policies in the developed economies also contribute to growth of the OVDs market.

Global Ophthalmic Viscoelastic Devices Market Restraints

However, lack of awareness and ignorance about eye health coupled with high percentage of lower income population in emerging economies who cannot afford cataract or glaucoma surgeries is expected to hamper the market growth. For instance, according to the National Center for Biotechnology Information (NCBI) study of 2010, in Africa, over 40-50% of blindness is due to cataract, affecting around 170,000 people in the region. However, cataract surgical rate among the indigent population is 1,000 per million, annually. Under-developed economies in Africa such as Somalia, Burundi, and Malawi are expected to be a laggards due to poor economic conditions and poor healthcare penetration.

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Global Ophthalmic Viscoelastic Devices Market Regional Analysis

North America is expected to hold a dominant position in the global ophthalmic viscoelastic devices market during the forecast period due to increasing expenditure on healthcare in the region. According to the Centers for Medicare & Medicaid Services (CMS), in 2017, the U.S. invested US$ 3.5 trillion in the healthcare sector.

Furthermore, Asia Pacific is the fastest growing market in the global ophthalmic viscoelastic devices market. China and India are the major contributes in the market growth in the region due to increasing geriatric population suffering from cataract. In 2015, the United Nations (UN) reported that India has 8.6% of geriatric population above the age of 60. Moreover, according to China National Committee on Aging (CNCA), China had 17.3% of population above the age of 60 in 2017.

Global Ophthalmic Viscoelastic Devices Market Key Players

Key players operating in the global ophthalmic viscoelastic devices market include, Johnson & Johnson, Alcon Laboratories Inc., Bausch & Lomb, Carl Zeiss AG, Rayner Company, Bohus BioTech AB, and Lifecore Biomedical LLC.

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