21 Apr 2021
Posted in Medical Devices
Global ophthalmic viscoelastic devices market set to reach $1.4bn by 2030, says GlobalData
The global ophthalmic devices viscoelastic devices (OVD) market was valued at $709.1m in 2020 and is set to increase to $1.4bn by 2030 at a compound annual growth rate (CAGR) of 6.5%. Growth will be driven by the increasing sales of cohesive, disperisve and viscoadaptive OVDs, according to GlobalData, a leading data and analytics company.
GlobalData’s market value includes the negative impact of COVID-19, as year-over-year (YOY) sales for OVDs declined 17% in 2020 due to ophthalmic clinics closing during Q2 2020. In 2021, GlobalData anticipates the start of a ‘surge period’ in procedures and OVD sales to make up for procedures that were postponed in 2020. However, according to GlobalData’s report, ‘Ophthalmic Viscoelastic Devices (Ophthalmic Devices) – Global Market Analysis and Forecast Model (COVID-19 Market Impact)’, the surge will not offset revenue losses until 2022. Sales for OVDs was more severely impacted than other markets as these devices rely mainly on elective procedures to generate revenue.
Eric Chapman, Senior Medical Devices Analyst at GlobalData, comments: “In Q1 2020, elective procedures were postponed from around mid-March (two out of 12 weeks) and this two-week period negatively impacted the overall sales of OVDs. By Q2 2020, as the number of new COVID-19 cases had reached a peak, many clinics were closed, and the market was down over 50%.
“Carl Zeiss is the market leader for OVD sales, followed by Bausch & Lomb, Johnson & Johnson and Alcon. As such, these companies lost the most revenue due to the impact of COVID-19. However, these players are expected to retain their market position after the market recovers post-pandemic, while much smaller manufacturers will continue to struggle and will have a difficult time winning market share from the leading companies, especially in the US.”