What Has Been The Evolution of the Ophthalmic Viscoelastic Devices Market in Recent Years?
The ophthalmic viscoelastic devices market has seen considerable growth due to a variety of factors.
•In recent times, there's been consistent growth in the size of the ophthalmic viscoelastic devices market. The market is anticipated to increase from $2.65 billion in 2024 to $2.75 billion in 2025, with a compound annual growth rate (CAGR) of 3.4%.
Several factors have contributed to the market's expansion during the historic period, such as an uptick in cataract surgeries, advancements in methods used for ophthalmic surgery, an aging population, a rising number of eye disorder cases, and enhancements in patient awareness and accessibility to eye care facilities.
What Is the Forecasted Market Size and Growth Rate for The Ophthalmic Viscoelastic Devices Market?
The ophthalmic viscoelastic devices market is expected to maintain its strong growth trajectory in upcoming years.
• The market for ophthalmic viscoelastic devices is forecasted to experience substantial expansion in the coming years, reaching a worth of "$3.35 billion by 2029 with a compound annual growth rate (CAGR) of 5.1%.
This predicted growth during the forecast period can be linked to developments in device design technology, the broader use in eye surgeries, increased demand for high-quality intraocular lenses, worldwide initiatives in promoting eye health and vision care, market infiltration in developing economies, plus collaborations and educational programs in the field of ophthalmology. Notable trends for the forecast period encompass personalized ophthalmic solutions, regulatory conformity and quality assurance, collaborations and alliances, customers' preference for premium offerings, along with ongoing research and development.
What Are The Core Factors Supporting Growth In The Ophthalmic Viscoelastic Devices Market?
The increase in cases of conditions such as cataracts and glaucoma is anticipated to stimulate the expansion of the market for ophthalmic viscoelastic devices. Cataracts are characterized by clouding of the eyes and a reduction in vision, while glaucoma refers to a set of eye-related issues that harm the optic nerve, typically due to elevated pressure within the eye. If not addressed, it can lead to loss of vision and blindness. An ophthalmic viscoelastic device (OVD) is a substance with a gel-like consistency that is applied during operations on the eye, including those for cataracts and certain procedures for glaucoma. For example, the BrightFocus Foundation, a nonprofit organization based in the US, stated in October 2022 that there were at present 80 million people suffering from glaucoma worldwide, with projections reaching nearly 111 million by 2040. Consequently, the rise in cases of cataracts and glaucoma is a key driver for the growth of the ophthalmic viscoelastic devices market.
What Are The Major Segments Within The Global Ophthalmic Viscoelastic Devices Market?
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
Subsegments:
1) By Cohesive Ophthalmic Viscoelastic: Sodium Hyaluronate, Hyaluronic Acid, Other Cohesive Types
2) By Dispersive Ophthalmic Viscoelastic: Sodium Chondroitin Sulfate, Dispersive Hydrogel, Other Dispersive Types
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Which Trends Are Expected To Transform The Ophthalmic Viscoelastic Devices Market?
The ophthalmic viscoelastic devices market is increasingly focusing on product innovations as a significant trend. To maintain their market position, companies are implementing new technologies. For example, Bausch + Lomb Corporation, an American eye health firm, introduced the StableVisc cohesive ophthalmic viscosurgical device (OVD) as well as the TotalVisc Viscoelastic System in April 2023. StableVisc, a cohesive OVD, aids in preserving space in the anterior eye chamber, enabling surgeons to remove and replace the obscured natural lens. The TotalVisc Viscoelastic System, which includes both StableVisc and ClearVisc, a dispersive OVD, safeguards ocular tissue during surgery. These products consist of sodium hyaluronate and sorbitol, a distinctive chemical compound that demonstrated improved free radical scavenging capabilities in laboratory studies as compared to other OVDs. The TotalVisc OVD provides both mechanical and chemical protection.
Who Are the Key Players in the Ophthalmic Viscoelastic Devices Market?
Major companies operating in the ophthalmic viscoelastic devices market include:
• 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.
What Is The Most Dominant Region In The Ophthalmic Viscoelastic Devices Market?
North America was the largest region in the ophthalmic viscoelastic devices market in 2024.Asia-Pacific is expected to be the fastest-growing region in the global ophthalmic viscoelastic devices market report during the forecast period. The regions covered in the ophthalmic viscoelastic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
