Ophthalmic Viscoelastic devices Market Size was valued at USD 2.86 Billion in 2023. The Global Ophthalmic Viscoelastic devices industry is projected to grow from USD 3.07 Billion in 2024 to USD 4.97 Billion by 2032, exhibiting a compound annual growth rate (CAGR) of 5.50% during the forecast period (2024 - 2032).Growing prevalence of cataract and glaucoma worldwide, surge in government initiatives to control visual impairment and rise in number of ophthalmic surgeries are the key market drivers enhancing the market growth.
Ophthalmic Viscoelastic Devices are commonly used in a variety of ophthalmic surgeries, such as cataract surgery, glaucoma surgery, and corneal transplant surgery. As the number of these surgeries increases, so too does the demand for OVDs. The OVDs can help to protect delicate eye structures during surgery, such as the corneal endothelium or the iris. Surgeons may use OVDs to maintain space in the eye during surgery or to help protect the eye from damage during the procedure. However, the advances in surgical techniques and technology have made many ophthalmic surgeries safer and more effective. This has led to an increase in the number of surgeries performed each year, which in turn has driven demand for OVDs. As more ophthalmic surgeons become comfortable using OVDs, demand for these devices is likely to increase. Surgeons may prefer to use OVDs with which they have experience and that they trust to help them achieve the best possible outcomes for their patients. The damaged cornea is replaced with donor corneal tissue during keratoplasty surgery. The market for ophthalmic viscoelastic devices is anticipated to be driven by the large rise in corneal transplant surgeries. For instance, the Eye Bank Association of America reports that around 85,441 tissue transplants (corneal transplants) for keratoplasty were given out in the U.S. in 2018. Compared to 2017, there was an increase of 1.4% (84,297). As a result, the market for ophthalmic viscoelastic devices is anticipated to rise as more people undergo corneal transplant surgery. Also, According to Statista, in 2015, the number of LASIK (laser-assisted in situ keratomileusis) surgeries in the United States was performed was 596 thousand and the number reached 718 thousand in 2020. As a result, the rising number of ophthalmic surgeries is a positive trend for the OVD market, as it suggests a growing demand for these devices in a variety of surgical procedures. As surgical techniques continue to advance and the number of surgeries performed each year continues to rise, the demand for OVDs is likely to continue to increase.
The use of ophthalmic viscoelastic devices (OVDs) during ocular procedures such cataract, glaucoma, vitrectomy, and others is common. Maintaining the anterior chamber space and preventing the loss of corneal endothelial cells during ocular surgical operations are the core roles of OVDs, which contribute to better surgical results. Surgical techniques are used to address the majority of eye diseases. The market is anticipated to benefit directly from the growing incidence of these diseases. The National Center for Biotechnology Information (NCBI) reported that every year, over 800,000 people in Germany have cataract surgery. The factors driving the increase in ophthalmic procedure volume are better access to eye care facilities and greater public awareness of ocular illnesses. The demand for ophthalmic Viscoelastic devices should increase as a result. Furthermore, the presence of funding-providing programs for ocular procedures from both government and non-governmental organizations is anticipated to contribute to the market's expansion.
The ophthalmic viscoelastic devices market segmentation, based on type, includes cohesive OVDs, dispersive OVDs. The cohesive OVDs segment dominated the market in 2022 and is projected to be the faster-growing segment during the forecast period, 2024-2032because of the extensive benefits they offer in cataract surgery. Cohesive ophthalmic viscoelastic, for instance, helps to reduce harmful vector forces, expand the capsular bag prior to lens implantation, and create and preserve space in the anterior portion of the eye. Moreover, cohesive ophthalmic viscoelastic is easier to remove from the eye after surgery, which is a significant benefit for the expansion of this market.
The ophthalmic viscoelastic devices market segmentation, based on application, includes cataract surgery, glaucoma surgery, corneal transplantation, vitreoretinal surgery. The cataract surgery segment dominated the market in 2022. This is attributable to an increase in cataract prevalence observed over time and is predicted to continue in the coming years. Ophthalmic viscoelastic devices also serve a crucial part in the treatment of cataract patients by applying pressure to the anterior chamber and shielding the eye from harm during cataract surgery. At the moment, cataract can be treated effectively and quickly using cutting-edge ophthalmic technologies. The need for the use of ophthalmic viscoelastic devices has been pushed by an increase in the geriatric population as well as technological advancements in these devices. Hence, rising applications of cataract surgery for ophthalmic viscoelastic devices positively impacts the market growth.
Figure 2: Ophthalmic Viscoelastic Devices Market, by Application, 2023 & 2032 (USD Billion)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
By Region, the study provides the market insights into North America, Europe, Asia-Pacific and Rest of the World. North America Ophthalmic Viscoelastic Devices market accounted for USD 0.27 billion in 2022 and is expected to exhibit a significant CAGR growth during the study period. This is attributed to the increased government efforts to avoid visual impairment, simple access to qualified ophthalmologists and viscoelastic devices, an increase in the number of cataract surgeries performed, and the presence of most important players.
Further, the major countries studied in the market report are: The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil.
Figure 3: OPHTHALMIC VISCOELASTIC DEVICES MARKET SHARE BY REGION 2022 (%)
Source: Secondary Research, Primary Research, MRFR Database and Analyst Review
Europe ophthalmic viscoelastic devices market accounts for the second-largest market share due to the availability of cutting-edge treatment facilities, rising number of corneal transplants surgeries, growing technological advancement and rising investment in healthcare sector. Further, the Germany ophthalmic viscoelastic devices market held the largest market share, and the UK ophthalmic viscoelastic devices market was the fastest growing market in the European region
The Asia-Pacific Ophthalmic Viscoelastic Devices Market is expected to grow at the fastest CAGR from 2024 to 2032. This is due to its sizable population, rising disposable income, and growing patient awareness of the need of eye care. Also, an ageing population that is more prone to glaucoma and cataracts is a major driver of market expansion in the region. Moreover, China ophthalmic viscoelastic devices market held the largest market share, and the India ophthalmic viscoelastic devices market was the fastest growing market in the Asia-Pacific region
Ophthalmic Viscoelastic Devices Key Market Players & Competitive Insights
Major market players are spending a lot of money on R&D to increase their product lines, which will help the ophthalmic viscoelastic devices market grow even more. Market participants are also taking a range of strategic initiatives to grow their worldwide footprint, with key market developments such as new product launches, contractual agreements, mergers and acquisitions, increased investments, and collaboration with other organizations. Competitors in the ophthalmic viscoelastic devices industry must offer cost-effective items to expand and survive in an increasingly competitive and rising market environment.
One of the primary business strategies adopted by manufacturers in the ophthalmic viscoelastic devices industry to benefit clients and expand the market sector is to manufacture locally to reduce operating costs. In recent years, ophthalmic viscoelastic devices industry has provided treatment with some of the most significant benefits. The ophthalmic viscoelastic devices market major player such as Johnson & Johnson, Bausch & Lomb, Alcon Laboratories Inc., and others are working to expand the market demand by investing in research and development activities.
Bausch + Lomb was established in 1853 and its headquarters is in Rochester, New York, United States. A manufacturer of products for eye health is Bausch + Lomb. It is one of the biggest suppliers of contact lenses, lens care items, pharmaceuticals, intraocular lenses, and other products used in eye surgery. The company have a major development, research, manufacturing and advertising footprint with much more than 12,000 employees as well as a presence in more than 100 nations. In 2019, The company announced that their new product would launch in the US. The trade name for this product is Ocuvite Eye Performance Supplements. The product, a nutritional supplement, was created to meet changing customer wants and help the company grow its current operations.
Also, Johnson & Johnson was founded in 1886, and is headquartered at New Brunswick, New Jersey, United States. The company is a provider and manufacturer of health care products and services. The company provides wide range of products such as self-care, skin health/beauty and essential health products, pharmaceutical products, and more. The company has around 260 associate companies in more than 60 countries across America, Asia Pacific, Oceania, Europe, Middle East & Africa, regions. The company has workforce of around 10,001 plus employees. At the upcoming virtual European Society of Cataract and Refractive Surgeons (ESCRS) 2020 Annual Meeting, October 2-4, Johnson & Johnson Vision, a world leader in eye health and a division of the Johnson & Johnson Medical Devices Companies, will introduce the TECNIS Synergy Toric II IOL with the TECNIS Simplicity Delivery System, a Constant Intraocular Lens (IOL) with exceptional rotational stability.
Key Companies in the ophthalmic viscoelastic devices market includes
Rayner Company
Bohus BioTech AB
Lifecore Biomedical LLC
Bausch & Lomb
Carl Zeiss AG, among others
Ophthalmic Viscoelastic Devices Industry Developments
May 2020:The ophthalmic viscoelastic device (OVD) properties from Croma, an Austrian firm that specialises in the most cutting-edge manufacturing line of hyaluronic acid products in the world, have been acquired by BVI, the fastest expanding diversified company in ophthalmology. The R&D partnership between BVI and Croma has begun on more goods that will hit the market in the near future in addition to the purchase of product offerings.
In Jan. 2022:The U.S. Food and Drug Administration (FDA) has granted the 510(k) clearance for Glaukos Corporation's iPRIMETM Viscodelivery System, a sterile, single-use, minimally invasive device for the delivery of viscoelastic fluid during ophthalmic surgery. The company is focused on developing novel therapies for the treatment of glaucoma, corneal disorders, and retinal diseases.
Cohesive OVDs
Dispersive OVDs
Glaucoma Surgery
Corneal Transplantation
Vitreoretinal Surgery
Ophthalmic Clinics & Phaco Centers
Hospitals
Academic & Research Institutes
| Report Attribute/Metric | Details |
| Market Size 2023 | USD 2.86 billion |
| Market Size 2024 | USD 3.07billion |
| Market Size 2032 | USD 4.97 billion |
| Compound Annual Growth Rate (CAGR) | 5.50% (2024-2032) |
| Base Year | 2023 |
| Market Forecast Period | 2024-2032 |
| Historical Data | 2019 - 2021 |
| Market Forecast Units | Value (USD Billion) |
| Report Coverage | Revenue Forecast, Market Competitive Landscape, Growth Factors, and Trends |
| Segments Covered | Product Type, Operating Platforms, and Region |
| Geographies Covered | North America, Europe, Asia Pacific, and Rest of the World |
| Countries Covered | The U.S, Canada, Germany, France, UK, Italy, Spain, China, Japan, India, Australia, South Korea, and Brazil |
| Key Companies Profiled | Johnson & Johnson, Alcon Laboratories Inc., Rayner Company, Bohus BioTech AB, Lifecore Biomedical LLC, Bausch & Lomb, Carl Zeiss AG |
| Key Market Opportunities | High potential of the emerging economies |
| Key Market Dynamics | Rise in prevalence of cataract and glaucoma worldwide Increase in number of ophthalmic surgeries |
Ophthalmic Viscoelastic devices Market Highlights:
Frequently Asked Questions (FAQ) :
The ophthalmic viscoelastic devices market size was valued at USD 2.86 Billion in 2023.
The market is projected to grow at a CAGR of 5.50% during the forecast period, 2024-2032.
North America had the largest share in the market
The key players in the market are Johnson & Johnson, Alcon Laboratories Inc., Rayner Company, Bohus BioTech AB, Lifecore Biomedical LLC, Bausch & Lomb, Carl Zeiss AG.
The Cohesive OVDs ophthalmic viscoelastic devices category dominated the market in 2023.
The Cataract Surgery had the largest share in the market.
Leading companies partner with us for data-driven Insights.
Kindly complete the form below to receive a free sample of this Report
Research Analyst Level I He is an extremely curious individual currently working in healthcare and medical devices domain. kinjoll is comfortably versed in data centric research backed by healthcare educational background. he leverages extensive data mining and analytics tools such as primary and secondary research, statistical analysis, machine learning, data modelling. his key role also involves technical sales support, client interaction and project management within the healthcare team. lastly, he showcases extensive affinity towards learning new skills and remain fascinated in implementing them.
Get in Touch
© 2024 Market Research Future ® (Part of WantStats Reasearch And Media Pvt. Ltd.)
