Ophthalmic viscosurgical devices (OVDs) are used in cataract surgery as a viscoelastic solution to create and maintain space in the anterior chamber of the eye. OVDs have generally been used during phacoemulsification, implantation of intraocular lens, to protect corneal endothelium, and as a coating to surgical instruments. OVDs are transparent, gel like viscous substances having elastic properties. OVDs have properties of both fluids and solids. The differentiating feature in OVDs can be because of viscosity, pseudoplasticity, viscoelasticity, and coatability.
Rising geriatric population is a major factor driving the global ophthalmic viscosurgical devices market. The global geriatric population has increased from 9.2% in 1990 to 11.7% in 2013 and is expected to increase to 21% in 2050. Moreover, rising diabetic population and growing awareness regarding complications associated with diabetes are likely to fuel the growth of the global ophthalmic viscosurgical devices market. Diabetic people are affected with complications such as diabetic retinopathy and blindness. According to IDF, global prevalence of diabetes is projected to increase from 360 million in 2011 to 550 million by 2030. This is anticipated to propel the ophthalmic viscosurgical devices market. Additionally, high life expectancy and shift toward older average age has led to increased incidence of cataract cases and is expected to contribute to the growth of the global ophthalmic viscosurgical devices market. Along with cataract, increasing incidence of age-related macular degeneration (AMD) and glaucoma are factors driving the market. According to the National Alliance for Eye and Vision Research & National Eye Institute, an estimated 0.2 million individuals are affected with AMD in the U.S. and the number of affected individuals is expected to double during the forecast period. However, lack of awareness among people about visual health, shortage of skilled ophthalmologists, and limited availability of screening equipment in the undeveloped countries are factors likely to hamper the growth of global ophthalmic viscosurgical devices market.
The global ophthalmic viscosurgical devices market has been segmented based on product type, material used, end-user, and region. In terms of product type, the market has been segmented into cohesive OVD, dispersive OVD, and combined OVD. Cohesive OVDs are long chain, high weight, and high viscosity substance. Dispersive OVDs are short chain, low molecular weight, and have low viscosity. In terms of material used, the ophthalmic viscosurgical devices market has been segmented into sodium hyaluronate, chondroitin sulfate, and methyl cellulose. Based on end-user, the ophthalmic viscosurgical devices market has been segmented into hospitals, ambulatory surgical centers, and eye specialty clinics.
In terms of region, the global ophthalmic viscosurgical devices market has been segmented into North America, Europe, Asia Pacific, Latin America, and Middle East & Africa. North America dominated the global ophthalmic viscosurgical devices market due to increased awareness and availability of wider treatment options in the region. The U.S. held the largest market share in North America in terms of revenue, followed by Canada. Europe is the second largest market in terms of revenue, with the U.K. and Germany accounting for major share of the market. Asia Pacific is a highly potential market, with emerging countries such as India and China. The market in the region is expected to expand at a high CAGR during the forecast period. Increasing awareness regarding treatment options and rising diabetic population with complications are likely to boost the growth of the market. Latin America and Middle East & Africa are expected to contribute to the growth of the market due to improving economy and rising awareness regarding the disorder.
Key players operating in the ophthalmic viscosurgical devices market are Abbott Medical Optics, Inc., Carl-Zeiss AG, Novartis International AG (Alcon Inc.), Johnson & Johnson Vision Care, Inc., F. Hoffmann-La Roche Ltd., Pfizer, Inc., Allergan, Inc., Hyaltech Ltd., Valeant Pharmaceuticals International, Inc. (Bausch + Lomb, Inc.), CIMA Technology, Inc., and Rayner, among others.
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.