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Ophthalmic Viscoelastic Devices Market Report 2024-2033 | Size, Trends, Growth Analysis, Insights
Ophthalmic Viscoelastic Devices Market
The ophthalmic viscoelastic devices market size is expected to see steady growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%. The growth in the forecast period can be attributed to technological refinements in device design, expanding applications in eye surgery, rising demand for premium intraocular lenses, global efforts in eye health and vision care, market penetration in emerging economies, collaborations and training programs in ophthalmology. Major trends in the forecast period include customized ophthalmic solutions, regulatory compliance and quality assurance, collaborations and partnerships, patient preference for premium products, continuous research and development.
Market Overview -
An ophthalmic viscoelastic device (OVD) is a gel-like substance that is used during certain types of eye surgery to create and maintain space within the eye, protect delicate intraocular structures, and facilitate surgical maneuvers. OVDs are typically clear, viscous, and elastic, and they are designed to mimic the properties of the natural fluids inside the eye.
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Rising Prevalence Of Cataracts And Glaucoma Fueling Growth In The Ophthalmic Viscoelastic Devices Market
The surge in the prevalence of cataracts and glaucoma is expected to propel the growth of the ophthalmic viscoelastic devices market going forward. A cataract refers to clouding in the eyes with decrease in vision. Glaucoma is a group of eye conditions that damage the optic nerve, often due to increased pressure inside the eye. It can result in vision loss and blindness if left untreated. An ophthalmic viscoelastic device (OVD) is a gel-like substance that is used during eye surgeries, including cataract surgery and certain glaucoma procedures. For instance, in January 2022, according to the National Library of Medicine, a US-based biomedical library operated by the federal government, 4.13 million adults over the age of 50 had moderate to severe vision impairment in 2020, and 3.6 million had glaucoma-related blindness. For people aged 50 and over, glaucoma was the primary cause of 11% of all cases of blindness worldwide in 2020. Furthermore, in October 2022, according to The BrightFocus Foundation, a US-based nonprofit organization, there were currently 80 million glaucoma sufferers globally, and by 2040, that figure was projected to rise to nearly 111 million. Therefore, the surge in the prevalence of cataracts and glaucoma is driving the growth of the ophthalmic viscoelastic devices market.
Competitive Landscape -
Major companies operating in the ophthalmic viscoelastic devices market report are Altacor Ltd.,Bausch Health Companies Inc.,Bohus Biotech Ab,Carl Zeiss Meditec Ag,Cima Technology Inc.,Eyekon Medical Inc.,Haohai Biological Technology Co. Ltd.,Johnson & Johnson Pvt. Ltd.,Novartis International AG,Rumex International Corporation,Rayner Intraocular Lenses Limited,Aurolab,Ophtechnics Unlimited,Truviz Ophthalmic,Beye LLC,Alcon Inc.,Beaver Visitec Limited,Neu Micromed International Pvt. Ltd.,Abbott Medical Optics,Maxigen Biotech Inc.,Amring Pharmaceuticals Inc.,OcuCo Ltd.,Precision Lens Co. Ltd.,Croma Pharma GmbH,Medicontur Medical Engineering Ltd.,Rhein Medical Inc.,MicroSurgical Technology,FCI Ophthalmics Inc.,Hanita Lenses Ltd.,HOYA Medical Singapore Pte. Ltd.
Innovative Launches Revolutionizing Ophthalmic Viscoelastic Devices Market Presence
Product innovations are a key trend gaining popularity in the ophthalmic viscoelastic devices market. Companies operating in the ophthalmic viscoelastic devices market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Bausch + Lomb Corporation, a US-based eye health company, launched the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System. StableVisc, a cohesive OVD, helps maintain space in the anterior chamber of the eye to allow surgeons to extract and replace the clouded natural lens. The TotalVisc Viscoelastic System includes both StableVisc and ClearVisc, a dispersive OVD, and protects ocular tissue during the surgical procedure. These products contain sodium hyaluronate and sorbitol, a unique chemical compound that, when compared to other OVDs examined in laboratory research, has been found to deliver improved free radical scavenging properties. Dual-action mechanical and chemical protection is offered by TotalVisc OVD.
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Key Segments -
The ophthalmic viscoelastic devices market covered in this report is segmented -
1) By Product Type: Cohesive Ophthalmic Viscoelastic, Dispersive Ophthalmic Viscoelastic
2) By Application: Cataract Surgery, Glaucoma Surgery, Corneal Transplant, Vitreoretinal Surgery
3) By End User: Hospital, Ophthalmology Clinics, Other End-Users
Key highlights covered in the report -
1. Detailed market size forecast and historical data analysis
2. Key drivers influencing market growth
3. Identification of upcoming trends and potential opportunities in the market
4. Analysis of major players strategies, to understand competitive dynamics and market positioning
5. Evaluation of regional dynamics
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