Ophthalmic Viscoelastic Devices Market: Overview
Ophthalmic viscoelastic devices or OVDs are primarily used by ophthalmologists to perform different eye surgeries such as glaucoma or cataract surgery. These devices help in protecting the fragile ocular structure along with generating proper pressure in the anterior chamber. These devices also help in creating precise compartmentalization of the eye during surgery, which ultimately results in faster and safer surgery. This also helps in swift recovery of the patients. The ophthalmologists use different types of ophthalmic devices as per their requirement. Thus, ophthalmic viscoelastic devices play a major role in the treating wide range of eye ailments or disorders during the surgery across the world.
The report on the global ophthalmic viscoelastic devices market offers meaningful insights and information for the forecast period of 2019 to 2027. This report tries to map all the important trends, drivers, technologies, and developments that are influencing the growth of the ophthalmic viscoelastic devices market.
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Global Ophthalmic Viscoelastic Devices Market: Notable Developments
Some of the recent notable developments in the global ophthalmic viscoelastic devices are given below:
- In July 2019, Bausch + Lomb, an international leader in global eye health market and completely owned subsidiary of Bausch Health Companies Inc., announced the launch of their new product in the US. The product is called Ocuvite® Eye Performance Vitamins. The product is a nutritional supplement created to meet the evolving needs of the customers while helping the company to enhance its existing business portfolio.
- Bohus Biotech have recently launched a new product line in their ophthalmic viscoelastic devices segment. The products are named Microvisc, Microvisc Plus, and Microvisc Phaco. These products are widely used as surgical aids in refractive and cataract surgeries. Microvisc OVDs are produced from hyaluronic acid that naturally has a high molecular structure. This acid derived from a natural biological source.
- In 2016 Carl Zeiss Meditech AG appointed Andrew Ihan Chang to lead the global sales for ophthalmic devices. He was put in charge of its international sales organization for the recently consolidated strategic business unit global ophthalmic device.
- Cima Technology Inc. have recently announced to launch a new product CIMblu. This product is a dye that will be used in cataract surgery to stain the anterior capsule.
Some of the key players in the global ophthalmic viscoelastic devices market include names such as Rumex International Corporation, Altacor, Haohai Biological Technology, Novartis International AG, and Johnson & Johnson among others.
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Global Ophthalmic Viscoelastic Devices Market: Drivers and Restraints
Factors responsible for driving the growth of the market are listed below:
- Government backing: Substantial rise in the government backed initiatives with an aim to set up guidelines to check the rise in the vision impairment across the world is forcing manufacturers to bring in new lines of product. This is helping to fuel the growth of the global ophthalmic viscoelastic devices market.
- Rise in number of eye ailments: In the recent years, the number of people suffering from cataract or glaucoma has increased manifold. This has led to a considerable rise in the number of eye surgeries. This phenomenon coupled growing geriatric population is helping the development of the market.
However, high cost of the ophthalmic surgeries and lack of awareness about eye care in countries with low income is expected to hamper the growth of the ophthalmic viscoelastic devices market in the coming years of forecast period.
Global Ophthalmic Viscoelastic Devices Market: Regional Outlook
The global ophthalmic viscoelastic devices market is primarily segmented into key regions such as North America, Latin America, Asia Pacific, Middle East and Africa, and Europe. Of these regions, the North America market has been the dominant region in terms of market share. However, Asia Pacific region is projected to witness a highest rate of growth in the coming years of forecast period. This high growth rate is attributed to rising awareness, increasing disposable income, and beneficial governmental policies.
This study by TMR is all-encompassing framework of the dynamics of the market. It mainly comprises critical assessment of consumers' or customers' journeys, current and emerging avenues, and strategic framework to enable CXOs take effective decisions.
Our key underpinning is the 4-Quadrant Framework EIRS that offers detailed visualization of four elements:
- Customer Experience Maps
- Insights and Tools based on data-driven research
- Actionable Results to meet all the business priorities
- Strategic Frameworks to boost the growth journey
The study strives to evaluate the current and future growth prospects, untapped avenues, factors shaping their revenue potential, and demand and consumption patterns in the global market by breaking it into region-wise assessment.
The following regional segments are covered comprehensively:
- North America
- Asia Pacific
- Latin America
- The Middle East and Africa
The EIRS quadrant framework in the report sums up our wide spectrum of data-driven research and advisory for CXOs to help them make better decisions for their businesses and stay as leaders.
Below is a snapshot of these quadrants.
1. Customer Experience Map
The study offers an in-depth assessment of various customers’ journeys pertinent to the market and its segments. It offers various customer impressions about the products and service use. The analysis takes a closer look at their pain points and fears across various customer touchpoints. The consultation and business intelligence solutions will help interested stakeholders, including CXOs, define customer experience maps tailored to their needs. This will help them aim at boosting customer engagement with their brands.
2. Insights and Tools
The various insights in the study are based on elaborate cycles of primary and secondary research the analysts engage with during the course of research. The analysts and expert advisors at TMR adopt industry-wide, quantitative customer insights tools and market projection methodologies to arrive at results, which makes them reliable. The study not just offers estimations and projections, but also an uncluttered evaluation of these figures on the market dynamics. These insights merge data-driven research framework with qualitative consultations for business owners, CXOs, policy makers, and investors. The insights will also help their customers overcome their fears.
3. Actionable Results
The findings presented in this study by TMR are an indispensable guide for meeting all business priorities, including mission-critical ones. The results when implemented have shown tangible benefits to business stakeholders and industry entities to boost their performance. The results are tailored to fit the individual strategic framework. The study also illustrates some of the recent case studies on solving various problems by companies they faced in their consolidation journey.
4. Strategic Frameworks
The study equips businesses and anyone interested in the market to frame broad strategic frameworks. This has become more important than ever, given the current uncertainty due to COVID-19. The study deliberates on consultations to overcome various such past disruptions and foresees new ones to boost the preparedness. The frameworks help businesses plan their strategic alignments for recovery from such disruptive trends. Further, analysts at TMR helps you break down the complex scenario and bring resiliency in uncertain times.
The report sheds light on various aspects and answers pertinent questions on the market. Some of the important ones are:
1. What can be the best investment choices for venturing into new product and service lines?
2. What value propositions should businesses aim at while making new research and development funding?
3. Which regulations will be most helpful for stakeholders to boost their supply chain network?
4. Which regions might see the demand maturing in certain segments in near future?
5. What are the some of the best cost optimization strategies with vendors that some well-entrenched players have gained success with?
6. Which are the key perspectives that the C-suite are leveraging to move businesses to new growth trajectory?
7. Which government regulations might challenge the status of key regional markets?
8. How will the emerging political and economic scenario affect opportunities in key growth areas?
9. What are some of the value-grab opportunities in various segments?
10. What will be the barrier to entry for new players in the market?
Note: Although care has been taken to maintain the highest levels of accuracy in TMR’s reports, recent market/vendor-specific changes may take time to reflect in the analysis.