PUBLISHER: The Business Research Company | PRODUCT CODE: 1414461
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414461
“Ophthalmic Viscoelastic Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on ophthalmic viscoelastic devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for ophthalmic viscoelastic devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The ophthalmic viscoelastic devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Ophthalmic viscoelastic devices (OVDs) are gel-such as substances utilized in specific eye surgeries to establish and maintain intraocular space, safeguard delicate eye structures, and aid in surgical maneuvers. These substances typically possess a clear, viscous, and elastic nature, mimicking the properties of natural fluids found within the eye.
The primary categories of OVDs are cohesive ophthalmic viscoelastics and dispersive ophthalmic viscoelastics. Cohesive ophthalmic viscoelastics are highly viscous and cohesive, maintaining their form as a single mass rather than dispersing within the eye. They are predominantly employed in cataract surgery but also find application in procedures such as glaucoma surgery, corneal transplant, and vitreoretinal surgery. These substances are utilized by various entities, including hospitals, ophthalmology clinics, and similar medical facilities.
The ophthalmic viscoelastic devices market research report is one of a series of new reports from The Business Research Company that provides ophthalmic viscoelastic devices market statistics, including ophthalmic viscoelastic devices industry global market size, regional shares, competitors with an ophthalmic viscoelastic devices market share, detailed ophthalmic viscoelastic devices market segments, market trends, and opportunities, and any further data you may need to thrive in the ophthalmic viscoelastic devices industry. The ophthalmic viscoelastic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
The ophthalmic viscoelastic devices market size has grown steadily in recent years. It will grow from $2.61 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The growth observed in the historical period can be attributed to several factors, including a rise in the number of cataract surgeries performed, advancements in ophthalmic surgical techniques, demographic shifts towards an aging population, an increased incidence of various eye disorders, and improved patient awareness and accessibility to eye care services.
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%. Anticipated growth in the forecasted period is expected to stem from technological enhancements in device design, the widening scope of applications in eye surgery, increased demand for premium intraocular lenses, global initiatives focusing on eye health and vision care, expanded market reach in emerging economies, and collaborative efforts and training programs within the field of ophthalmology. Significant trends projected for this period encompass the development of customized ophthalmic solutions, a strong emphasis on regulatory compliance and quality assurance, increased collaborations and partnerships, a growing inclination among patients towards premium products, and a continued focus on research and development initiatives.
The projected upsurge in the prevalence of cataracts and glaucoma is expected to be a significant driver for the expansion of the ophthalmic viscoelastic devices market. Cataracts result in visual impairment due to clouding in the eyes, while glaucoma damages the optic nerve, potentially causing vision loss if untreated. Ophthalmic viscoelastic devices (OVDs) are gel-such as substances utilized in various eye surgeries, particularly in cataract and certain glaucoma procedures. In 2020, the National Library of Medicine reported 4.13 million adults over 50 with moderate to severe vision impairment and 3.6 million experiencing glaucoma-related blindness. Additionally, glaucoma contributed to 11% of blindness cases in individuals aged 50 and above in 2020, with the BrightFocus Foundation projecting an increase from 80 million to nearly 111 million global glaucoma cases by 2040.
The rise in the number of ophthalmic surgeries is expected to propel the growth of the ophthalmic viscoelastic devices market. OVDs play a crucial role in various eye surgeries, maintaining space, protecting delicate eye structures, and aiding surgical maneuvers due to their unique gel-such as properties. For instance, cataract surgery, constituting 6% of total surgeries in England, is anticipated to increase by 25% by 2027 and by 50% by 2035, according to the National Health Service. This surge in surgeries showcases the growing demand for ophthalmic viscoelastic devices in ensuring successful outcomes and reducing complications in eye surgeries.
Innovations in product offerings are becoming a prominent trend in the ophthalmic viscoelastic devices market, as companies introduce advanced technologies to maintain market presence. For example, Bausch + Lomb Corporation introduced the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System in April 2023. These products, containing unique chemical compounds such as sodium hyaluronate and sorbitol, enhance surgical precision and offer improved protection to ocular tissues. Furthermore, major players in the market are focused on technological advancements such as implant-free systems to enhance surgical precision and patient outcomes in ophthalmic surgeries.
Prominent companies operating in the ophthalmic viscoelastic devices market prioritize technological advancements, particularly in line implant-free system solutions. Cutting-edge technologies such as the STREAMLINE surgical system, launched by New World Medical Inc. in March 2022, integrate ClickPulse Technology to offer implant-free solutions. This advanced system facilitates precise surgical procedures without invasive implants, presenting versatile applications in ophthalmic surgeries. The technology allows for precision in creating goniotomies and administering minimal quantities of ophthalmic viscosurgical devices directly into the canal of Schlemm, augmenting surgical efficiency and patient outcomes.
In June 2021, Rayner, a US-based manufacturer of ophthalmic viscosurgical devices acquired Surgicon Healthcare Pvt Limited for an undisclosed amount. The acquisition empowers Rayner to swiftly introduce its robust lineup of pioneering intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), and dry eye drop solutions to surgeons and patients throughout India. This strategic move also supports the company in advancing its global footprint while catering to the needs of the Indian market. Surgicon Healthcare Pvt Limited is an India-based provider of high-quality ophthalmology products, particularly IOLs from Rayner.
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.
North America was the largest region in the ophthalmic viscoelastic devices market in 2023. 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
The countries covered in the ophthalmic viscoelastic devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The ophthalmic viscoelastic devices market consists of sales of cohesive OVDs, dispersive OVDs, and combined OVDs. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.