Ophthalmic Viscoelastic Devices - Market Insights, Competitive Landscape, and Market Forecast - 2030

Ophthalmic Viscoelastic Devices Market by Type (Cohesive Ophthalmic Viscoelastic, Dispersive Ophthalmic Viscoelastic, Combination Ophthalmic Viscoelastic, and Visco-Adaptive Ophthalmic Viscoelastic), Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, Vitreoretinal Surgery, and Others), End-User (Hospitals, Ophthalmology Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World) is expected to advance at a respectable CAGR forecast till 2030 owing to growing cases of eye-related disorders and increasing government initiatives to improve eye health worldwide

The ophthalmic viscoelastic devices market was valued at USD 2.40 billion in 2023, growing at a CAGR of 4.23% during the forecast period from 2024 to 2030, to reach USD 3.07 billion by 2030. The ophthalmic viscoelastic devices market is expanding rapidly due to the increasing incidence of eye-related disorders such as glaucoma, increasing government initiatives to improve eye health, growing geriatric population, among others that are expected to escalate the overall ophthalmic viscoelastic devices market during the forecast period from 2024 to 2030.

Ophthalmic Viscoelastic Devices Market Dynamics:

According to the World Health Organization 2021, the prevalence rate of unaddressed glaucoma in the year 2020 was 7.7 million globally. Moreover, as per the World Glaucoma Association 2021, the worldwide prevalence reported in 2020 was estimated to be approximately 79.6 million. As per the same source, the number is likely to increase to 111.8 million individuals by 2040. Ophthalmic Viscoelastic Devices are crucial in managing glaucoma and related ophthalmic conditions. They are used during surgical procedures, or glaucoma drainage device implantation, to maintain intraocular space, protect delicate tissues, and ensure the proper functioning of surgical implants, providing optimal cushioning and support that helps in minimizing surgical complications.

Furthermore, government initiatives aimed at enhancing eye health, coupled with advancements in ophthalmology technology, are driving the market growth. For instance, in August 2022, The International Agency for the Prevention of Blindness (IAPB), launched a global awareness campaign by emphasizing the importance of eye care, for approximately 1 billion people worldwide lacking access to treatment for poor vision. As awareness grows about the importance of regular eye exams in maintaining eye health, there will be an increase in the number of individuals seeking eye care services. This rise in demand for eye examinations will consequently lead to an increased demand for ophthalmic viscoelastic devices, which are essential tools used by eye care professionals to address refractive errors and other eye conditions during these exams.

The World Health Organization (2021) further stated that between 2015 to 2050, people above 60 years of age will be doubled from 12 to 22%, and will eventually reach 2.1 billion by the year 2050, globally. Moreover, by 2030, 1 in 6 people will be aged 60 years or above. As people age, they are more likely to develop cataract. As the global population ages, the incidence of cataracts and other ophthalmic conditions increases, driving the demand for ophthalmic viscoelastic devices. These devices are crucial in cataract surgeries, where they help maintain the eye's intraocular space, protect delicate tissues, and enhance surgical outcomes.

Therefore, the factors stated above collectively will drive the overall ophthalmic viscoelastic devices market growth.

However, risks associated with the removal of ophthalmic viscoelastic devices after surgery, availability of alternative methods, and others may prove to be challenging factors for ophthalmic viscoelastic devices market growth.

Ophthalmic Viscoelastic Devices Market Segment Analysis:

Ophthalmic Viscoelastic Devices Market by Type (Cohesive Ophthalmic Viscoelastic, Dispersive Ophthalmic Viscoelastic, Combination Ophthalmic Viscoelastic, and Visco-Adaptive Ophthalmic Viscoelastic), Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, Vitreoretinal Surgery, and Others), End-User (Hospitals, Ophthalmology Clinics, and Others), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the type segment of the ophthalmic viscoelastic devices market, the combination ophthalmic viscoelastic category is expected to have a significant revenue share in the year 2023. This is because of the rising prevalence of glaucoma conditions due to increased production of aqueous humor, genetic predisposition to the condition, and other medical conditions worldwide. According to the latest data provided by the Glaucoma Research Foundation (2022), it was stated that about 80 million people were living with glaucoma worldwide with projections indicating that the stats will rise to 22 million individuals by 2040.

Combination ophthalmic viscoelastic devices are advanced formulations that integrate both cohesive and dispersive properties to enhance surgical outcomes. These devices offer several key features and applications. The cohesive aspect ensures strong adhesion to ocular tissues, providing excellent maintenance of intraocular space and stability during procedures like cataract surgery or lens implantation.

The dispersive component, on the other hand, offers a protective barrier to safeguard the corneal endothelium and reduce friction between surgical instruments and ocular tissues. This dual functionality minimizes the risk of complications, such as corneal damage or increased intraocular pressure, and improves the overall efficiency of surgeries. These devices are particularly valuable in complex or challenging cases, where their versatile properties allow for greater control and precision, contributing to better visual and functional outcomes for patients.

Therefore the widespread uses and various advantages of combination ophthalmic viscoelastic solidify the impact on the growth of the overall ophthalmic viscoelastic devicess market during the forecast period from 2024 to 2030.

North America is expected to dominate the overall ophthalmic viscoelastic devices market:

Among all the regions, North America is expected to dominate the ophthalmic viscoelastic devices market in the year 2023 and is expected to do the same during the forecast period from 2024 to 2030. This is driven by the presence of a significant number of eye care professionals and clinics, including optometrists, ophthalmologists, and eye care centers, a large patient pool associated with glaucoma, and cataracts, the presence of a developed & sophisticated healthcare infrastructure, and product developmental activities are factors that drive the expansion of the ophthalmic viscoelastic devices market in the North America region during the forecast period from 2024 to 2030.

As per data by the Centers for Disease Control and Prevention 2020, in the United States, cases of glaucoma are expected to reach 5.5 million by 2050. Ophthalmic viscoelastic devices play a crucial role in the management of glaucoma, particularly in surgical interventions aimed at reducing intraocular pressure, which is a primary treatment strategy. In glaucoma surgeries, these are used to maintain anterior chamber depth, protect ocular tissues, and facilitate the manipulation of delicate structures within the eye.

According to the data provided by the Centers for Disease Control and Prevention, in 2020, about 30.1 million people in the United States were estimated to develop cataracts, out of which 20.5 million Americans over the age of 40 years and above had cataracts in one or both eyes, and 6.1 million had their lens removed operatively. Ophthalmic viscoelastic devices are crucial in cataract surgeries, which are common for managing cataracts, particularly among the aging population. These are used to maintain space in the anterior chamber of the eye, protect delicate ocular tissues such as the corneal endothelium, and facilitate safe manipulation of intraocular lenses during cataract extraction and lens replacement procedures. They provide the necessary viscosity and elasticity to stabilize the eye structures during surgery and reduce the risk of complications.

Rising product developmental activities by regulatory bodies and key players in the region will further boost the market for ophthalmic viscoelastic devices. For example, in April 2023, Bausch & Lomb, Inc., a leading global eye health company committed to helping people see better to live better, announced the U.S. launch of the StableVisc(TM) cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc(TM) Viscoelastic System. StableVisc and TotalVisc provided eye surgeons with new options for dual-action protection during cataract surgery.

Therefore, the interplay of all the aforementioned factors would provide a conducive growth environment for the North American ophthalmic viscoelastic devices market.

Ophthalmic Viscoelastic Devices Market key players:

Some of the key market players operating in the ophthalmic viscoelastic devices market include Bausch & Lomb, Inc., Eyekon Medical Inc., Bohus BioTech AB, Carl Zeiss Meditec AG, CIMA Technology Inc., Johnson & Johnson Services, Inc., Alcon Inc., Rumex International Corporation, Altacor, Ophtechnics Unlimited, Beaver Visitec Limited, PhysIOL, Neu Micromed International Pvt. Ltd., Rayner Intraocular Lenses Limited, Aurolab, Abbott., Maxigen Biotech Inc., Amring Pharmaceuticals Inc., Sight Sciences, Inc., Anika Therapeutics, Inc., and others.

Recent Developmental Activities in the Ophthalmic Viscoelastic Devices Market:

• In June 2021, Rayner announced that it acquired Surgicon Healthcare Pvt Limited in Mumbai, India. This acquisition helped Rayner to rapidly bring its strong pipeline of innovative intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), and dry eye drop solutions to surgeons and patients across India, and further develop its global presence.
• In April 2021, Bausch & Lomb announced that the FDA approved its ClearVisc dispersive ophthalmic viscosurgical device (OVD) for use in ophthalmic surgery.

Key Takeaways from the Ophthalmic Viscoelastic Devices Market Report Study

• Market size analysis for current ophthalmic viscoelastic devices market size (2023), and market forecast for 6 years (2024 to 2030)
• Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years
• Key companies dominating the ophthalmic viscoelastic devices market.
• Various opportunities available for the other competitors in the ophthalmic viscoelastic devices market space.
• What are the top-performing segments in 2023? How these segments will perform in 2030?
• Which are the top-performing regions and countries in the current ophthalmic viscoelastic devices market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for ophthalmic viscoelastic devices market growth in the coming future?

Target Audience who can be benefited from this Ophthalmic Viscoelastic Devices Market Report Study

• Ophthalmic viscoelastic devices product providers
• Research organizations and consulting companies
• Ophthalmic viscoelastic devices-related organizations, associations, forums, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and traders dealing in ophthalmic viscoelastic devices
• Various end-users who want to know more about the ophthalmic viscoelastic devices market and the latest technological developments in the ophthalmic viscoelastic devices market

Frequently Asked Questions for the Ophthalmic Viscoelastic Devices Market:

1. What are Ophthalmic Viscoelastic Devices?

Ophthalmologists use ophthalmic viscoelastic devices in multiple eye operations, such as cataract surgery, glaucoma surgery, among others. These devices help secure the fragile eye structures along with creating pressure in the anterior cavity, compartmentalizing the interior of the eye, and providing patients with faster healing for easier and safer surgery.

2. What is the market for Ophthalmic Viscoelastic Devices?

The ophthalmic viscoelastic devices market was valued at USD 2.40 billion in 2023, growing at a CAGR of 4.23% during the forecast period from 2024 to 2030, to reach USD 3.07 billion by 2030.

3. What are the drivers for the Ophthalmic Viscoelastic Devices market?

The ophthalmic viscoelastic devices market is expanding rapidly due to the increasing incidence of eye-related disorders such as glaucoma, increasing government initiatives to improve eye health, growing geriatric population, among others that are expected to escalate the overall ophthalmic viscoelastic devices market during the forecast period from 2024 to 2030.

4. Who are the key players operating in the Ophthalmic Viscoelastic Devices market?

Some of the key market players operating in ophthalmic viscoelastic devices include Bausch & Lomb, Inc., Eyekon Medical Inc., Bohus BioTech AB, Carl Zeiss Meditec AG, CIMA Technology Inc., Johnson & Johnson Services, Inc., Alcon Inc., Rumex International Corporation, Altacor, Ophtechnics Unlimited, Beaver Visitec Limited, PhysIOL, Neu Micromed International Pvt. Ltd., Rayner Intraocular Lenses Limited, Aurolab, Abbott., Maxigen Biotech Inc., Amring Pharmaceuticals Inc., Sight Sciences, Inc., Anika Therapeutics, Inc., and others.

5. Which region has the highest share in the Ophthalmic Viscoelastic Devices market?

North America is expected to dominate the overall ophthalmic viscoelastic devices market during the forecast period from 2024 to 2030. This is driven by the presence of a significant number of eye care professionals and clinics, including optometrists, ophthalmologists, and eye care centers, a large patient pool associated with glaucoma, and cataract, the presence of a developed & sophisticated healthcare infrastructure, and product developmental activities are factors that drive the expansion of the ophthalmic viscoelastic devices market in the North America region during the forecast period from 2024 to 2030.