Increase in prevalence of cataract & glaucoma worldwide, rise in government initiatives to control visual impairment, surge in adoption of ophthalmic viscoelastic devices across the globe, and escalation in number of ophthalmic surgeries propel the growth of the global ophthalmic viscoelastic devices market
PORTLAND, Oregon, July 11, 2019 /PRNewswire/ -- Allied Market Research published a report, titled, "Ophthalmic Viscoelastic Devices (OVD) Market by Product Type (Cohesive Ophthalmic Viscoelastic, and Dispersive Ophthalmic Viscoelastic), Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplant and Vitreoretinal Surgery), and End User (Hospital, Ophthalmology Clinics, and Others): Global Opportunity Analysis and Industry Forecast, 2019–2026." The report provides a detailed analysis of drivers & opportunities, changing market trends, competitive market landscape, and market size & estimates. According to the report, the global ophthalmic viscoelastic devices market was estimated at $2.33 billion in 2018 and is expected to hit $3.22 billion by 2026, registering a CAGR of 4.1% during the forecast period.
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Rise in prevalence of cataract & glaucoma worldwide, surge in government initiatives to control visual impairment, growing adoption of ophthalmic viscoelastic devices across the globe, and increase in number of ophthalmic surgeries fuel the growth of the global ophthalmic viscoelastic devices market. On the other hand, high cost of ophthalmic surgeries and lack of advanced eye surgery devices & ophthalmic clinics restrain the growth to some extent. Nevertheless, high potential of the emerging economies is expected to create multiple opportunities for the frontrunners in the industry.
The cohesive ophthalmic viscoelastic segment to maintain its dominance till 2026-
Based on product, the cohesive ophthalmic viscoelastic segment accounted for more than two-thirds of the total market revenue in 2018 and is expected to dominate throughout the estimated period. The wide array of benefits they provide in cataract surgery such as creating & maintaining space in the anterior segment of the eye, and implanting & reducing deleterious vector forces drive the growth of the segment.
The hospitals segment to rule the roost-
Based on end user, the hospitals segment generated the highest share in 2018, contributing to more than half of the total market. The fact that hospitals always tend to have the availability of expensive eye surgery devices used during surgeries has impelled the growth of the segment.
North America to lead the trail during the study period-
Based on geography, North America contributed more than two-fifths of the total market share in 2018 and is anticipated to retain its top status through 2019–2026. This is attributed to high prevalence of cataract and rise in government initiatives to prevent visual impairment. Simultaneously, the Asia-Pacific region is projected to grow at the fastest CAGR of 5.5% till 2026.
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Key players in the industry-
The key market players analyzed in the report include Eyekon Medical Inc., Carl Zeiss Meditec AG, Cima Technology Inc, Johnson & Johnson, Altacor Haohai Biological Technology, Bausch Health Companies, Inc., Bohus Biotech Ab, Novartis International AG (Alcon Inc.), and Rumex International Corporation. Adhering to a number of high-end strategies including expansions, mergers & acquisitions, partnerships, joint ventures, collaborations, and others, these market players have become able to heighten their status in the industry.
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