Ophthalmic Viscoelastic Devices Market To Find Better Growth with US$ 1,669.4 Million By 2027 | CAGR: 9.4%: Coherent Market Insights

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The Global Ophthalmic Viscoelastic Devices Market, by Product Type (Dispersive Ophthalmic Viscoelastic Devices, and Cohesive Ophthalmic Viscoelastic Devices), By Application (Cataract Surgery, Glaucoma Surgery, Vitreoretinal Surgery, Corneal Transplantation Surgery, and Others), By Composition (Sodium Hyaluronate, Chondroitin Sulfate, and Hydroxypropyl Methylcellulose), By End User (Ophthalmic Clinics, Hospitals, and Academic and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa), was valued at US$ 810.9 million in 2018, and is expected to exhibit a CAGR of 9.4%, over the forecast period (2019-2027), as highlighted in a new report published by Coherent Market Insights.

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The increasing number of regulatory approvals for ophthalmic viscoelastic devices is the factor that is expected to drive growth of the global ophthalmic viscoelastic devices market over the forecast period. For instance, Alcon, a division of Novartis focused on eye care, received the U.S. Food and Drug Administration approval for its AcrySof IQ Aspheric IOL with the UltraSert Pre-loaded Delivery System for patients undergoing cataract surgery, in October 2015. Similarly, in June 2015, the company received the CE marking for its AcrySof IQ Aspheric IOL with the UltraSert Pre-loaded Delivery System.

Browse 48 Market Data Tables and 32 Figures spread through 209 Pages and in-depth TOC on ‘Ophthalmic Viscoelastic Devices Market, by Product Type (Dispersive Ophthalmic Viscoelastic Devices, and Cohesive Ophthalmic Viscoelastic Devices), by Application (Cataract Surgery, Glaucoma Surgery, Vitreoretinal Surgery, Corneal Transplantation Surgery, and Others), by Composition (Sodium Hyaluronate, Chondroitin Sulfate, and Hydroxypropyl Methylcellulose), by End User (Ophthalmic Clinics, Hospitals, and Academic and Research Institutes), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) – Global Forecast to 2027′

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Moreover, market players are focusing on adopting inorganic strategies such as acquisitions is expected to drive growth of the ophthalmic viscoelastic devices market over the forecast period. For instance, in July 2017, Rayner Surgical Group acquired the ophthalmic cataract surgery business of Switzerland-based Aptissen SA. Under this agreement, Rayner acquired the ophthalmic viscoelastic device product portfolio which include Ophteis, OphteisMax, OphteisBio, and Methylvisc. This acquisition aided Rayner to expand its presence in the global market by offering these devices to customers, globally.

Additionally, increasing number of product launches by major market players is expected to augment growth of the ophthalmic viscoelastic devices market over the forecast period. For instance, in July 2018, Amring Pharmaceuticals Inc. launched its Biolon OVD (Ophthalmic Viscosurgical Device) in the U.S. market. Biolon OVD is a fermentation-based, sterile, optically clear, 1% (10mg/mL), sodium hyaluronate viscoelastic solution in sterile prefilled syringes.

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Key Takeaways of the Global Ophthalmic Viscoelastic Devices Market:

• The global ophthalmic viscoelastic devices market is expected to exhibit a CAGR of 9.4% over the forecast period (2019-2027), attributed to increasing initiatives by major players such as development of innovative ophthalmic viscoelastic devices for application in various ophthalmic surgeries. For instance, in February 2019, Sight Sciences, Inc. initiated a clinical trial study to evaluate safety and efficacy of the OMNI Surgical System for multiple micro-invasive glaucoma surgery (MIGS) procedures. The study is estimated to complete by December 2020.
• Furthermore, increasing number of regulatory approvals of ophthalmic viscoelastic devices is expected to drive the market growth over the forecast period. For instance, in April 2018, Sight Sciences received the U.S. FDA 510(k) clearance for its OMNI Surgical System. The devices is indicated for delivery of controlled volumes of viscoelastic fluid, coupled with cutting of trabecular meshwork tissue.
• Key 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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