According to Coherent Market Insights, the global ophthalmic viscoelastic devices market was valued at US$ 810.9 million in 2019 and is projected to exhibit a CAGR of 9.4% during the forecast period (2019 – 2027).
Key Trends and Analysis of the Global Ophthalmic Viscoelastic Devices Market:
Increasing number of corneal transplantation surgeries is expected to drive demand for ophthalmic viscoelastic devices. For instance, according to Eye Bank Association of America, in 2018, around 85,441 tissue (corneal transplants) have been distributed for keratoplasty in the U.S. The number increased by 1.4% (84,297) from 2017. Thus, such rising number of corneal transplant surgeries is expected to drive the growth of ophthalmic viscoelastic devices market.
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Moreover, technological innovations by key players in the market and regulatory approvals for such products are supporting growth of the ophthalmic viscoelastic devices market. For instance, in April 2018, Sight Sciences received U.S. FDA 510(k) clearance for its OMNI Surgical System. The devices is indicated for delivery of controlled volumes of viscoelastic fluid, as well as cutting of trabecular meshwork tissue. Moreover, in October 2015, Alcon, a division of Novartis focused on eye care received U.S. Food and Drug Administration approval for its AcrySof IQ Aspheric IOL with the UltraSert Pre-loaded Delivery System.
Furthermore, increasing research and development activities by key players to enhance their ophthalmic product capabilities for various ophthalmic surgeries. For instance, in February 2019, Sight Sciences, Inc. initiated a clinical trial study to evaluate impact of ab‐interno transluminal viscoelastic delivery and trabeculotomy using OMNI Surgical System in combination with cataract extraction in open-angle glaucoma. Thus, such initiatives by key players are contributing to growth of the ophthalmic viscoelastic devices market.
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Among regions, Europe is expected to witness lucrative growth in the ophthalmic viscoelastic devices market, owing to increasing prevalence of eye-related disorders such as cataract, and glaucoma, and also due rising number of cataract surgeries in the region. For instance, according to the estimation by the Royal National Institute of Blind People (RNIB), in 2018, around 30% of the aged people in UK had cataract in one or both eyes. Moreover, according to RNIB, around 330,000 cataract surgeries are performed each year in England alone.
Key Market Takeaways:
- The global ophthalmic viscoelastic devices market is projected to witness CAGR of 9.4% over the forecast period (2019 – 2027) owing to new product developments. For instance, in July 2018, Amring Pharmaceuticals Inc. launched its Biolon OVD (Ophthalmic Viscosurgical Device) in the U.S. market
- Among regions, North America is expected to show significant growth in the ophthalmic viscoelastic devices market, owing to increasing number of product approvals from regulatory agencies. In April 2018, Sight Sciences received U.S. FDA 510(k) clearance for its OMNI Surgical System.
Major players operating in the global ophthalmic viscoelastic devices market include Johnson & Johnson, Rumex International Co., Bausch & Lomb Incorporated., Ophtechnics Unlimited, Truviz Ophthalmic., Beye, LLC, Carl Zeiss Meditec AG, Precision Lens, Iso Clear (Pty) Ltd., and Neu Micromed International Pvt. Ltd.
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