European Ophthalmic Viscoelastic Devices [OVD] Market Size, Share, Trend, Forecast, Competitive Analysis, and Growth Opportunity: 2024-2032

"The European OVD Market size was US$ 320 Million in 2023 and is likely to grow at a healthy CAGR of 4.6% in the long run to reach US$ 488 Million in 2032".

Market Dynamics

Introduction

Ophthalmic viscoelastic devices (OVDs) have entirely changed the way eye surgeries are performed. The term viscosurgery has been coined to describe surgical procedures that are performed using OVDs. They play a pivotal role in ophthalmic surgeries by maintaining the volume and shape of the anterior chamber of the eye, and by protecting the intraocular tissues during the surgery.

Recent Market JVs and Acquisitions:

The market offers limited opportunities for expansion through acquisitions. Companies focus more on organic growth strategies. Only a couple of strategic alliances including M&As, JVs, etc. have been performed over the past few years:

• In April 2024, Zeiss Group completed the acquisition of DORC (Dutch Ophthalmic Research Center). The acquisition will expand ZEISS Medical Technology's ophthalmic product portfolio.
• In February 2017, Johnson & Johnson finalized its acquisition of Abbott Medical Optics (AMO), a subsidiary of Abbott. The acquisition strengthened the former's position in the eye care segment and extended its product offerings. The renowned Healon OVDs came under J&J with this acquisition.

Recent Product Development:

• The medical devices and consumables industry is overseen by quite several national and international regulations and certification standards, so frequent new product launches are a little unlikely in the market.
• By Product Type
• "Cohesive OVDs are poised to remain the dominant and faster-growing product in the market during the forecast period."
• The European OVD market is categorized into cohesive ophthalmic viscoelastic devices and dispersive viscoelastic devices.
• Cohesive OVDs are poised to remain the dominant and fastest-growing product type in the market during the forecast period.
• Cohesive OVDs exhibit higher viscosity and solid behavior, akin to jelly (Healon GV, Provisc, and Amvisc). Their cohesiveness permits easy removal at the end of the process.
• By Application Type
• "Cataract surgery is projected to lead the application segment in the market during the forecast period."
• The market is segmented into cataract surgery, glaucoma surgery, corneal transplant surgery, and vitreoretinal surgery.
• Cataract surgery is projected to lead the application segment in the market during the forecast period. Cataracts are the most common cause of blindness in Europe and worldwide, and their prevalence is continuously increasing.
• By End-Use Type
• "Ophthalmic clinics are estimated to generate the highest demand for ophthalmic viscoelastic devices in the market during the forecast period."
• The market is segmented into hospitals, ophthalmic clinics, and others.
• Ophthalmic clinics are estimated to generate the highest demand for ophthalmic viscoelastic devices in the market during the forecast period. Ophthalmic clinics experience higher foot traffic than hospitals and are a preferred choice for eye surgeries in Europe.
• Regional Analysis
• "France is anticipated to remain the largest market for ophthalmic viscoelastic devices in Europe during the forecast period."
• In terms of countries, the market is segmented into Germany, France, The UK, Russia, Spain, and the Rest of Europe.
• France is anticipated to remain the largest market for ophthalmic viscoelastic devices in Europe during the forecast period. France's dominant position in the market is significantly boosted by its high rate of cataract surgeries (recorded 1,417 per 100,000 people, in 2021).
• Germany is expected to be the fastest-growing market during the forecast period. Cataract surgery is the most frequently performed medical surgery in Germany, leading to the extensive use of OVDs in the country
• Key Players
• The market is highly concentrated with a handful of players accounting for more than 80% share in 2023. Key players hold distinct capabilities in manufacturing OVD using a multitude of materials. Players are increasing their R&D investments to cope with the high demand from the healthcare industry. The following are the key players in the European OVD market. Top companies have a proven track record, a large customer base, and a wide geographical presence.
• Here is the list of the Top Players (Based on Dominance)
• Alcon Inc.
• Johnson & Johnson
• Zeiss Group
• Bausch + Lomb
• VSY Biotechnology GmbH