Ophthalmic Viscoelastic Devices Market

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.

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.

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.