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What Is the Forecast for the Ophthalmic Viscoelastic Devices Market from 2024 to 2025?

Recent years have seen a consistent expansion of the ophthalmic viscoelastic devices market size. The market is projected to increase from $2.65 billion in 2024 to $2.75 billion in 2025, with a compound annual growth rate (CAGR) of 3.4%. This growth during historical periods can be credited to the escalating number of cataract surgeries, advancements in methods used in ophthalmic surgery, an aging demographic, a surge in eye disorder cases, and heightened public awareness and better access to eye care.

What Is the Projected Market Size of the Ophthalmic Viscoelastic Devices Market?

The market for ophthalmic viscoelastic devices is expected to experience robust growth in the coming years, reaching a value of “$3.35 billion in 2029 with a compound annual growth rate (CAGR) of 5.1%. A variety of factors contributing to this growth over the predicted period include technological advancements in device development, a growing scope of application in eye surgeries, increased demand for high-end intraocular lenses, worldwide initiatives in eye health and vision care, penetration of the market in developing economies, collaborations, and educational programs in ophthalmology. Key trends for the forecasted period consist of personalized ophthalmic solutions, adherence to regulations and quality control, collaborations and alliances, the consumer’s inclination towards high-quality products, and ongoing research and innovation.

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Who are the Major Competitors in the Ophthalmic Viscoelastic Devices Market Outlook?

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 Fueling Growth in the Ophthalmic Viscoelastic Devices Market?

The increasing occurrence of cataracts and glaucoma is anticipated to stimulate the expansion of the ophthalmic viscoelastic devices market. Cataract, characterized by cloudiness in the eyes leading to diminished vision, and glaucoma – a collection of eye conditions causing optic nerve damage due to increased intraocular pressure, can ultimately lead to vision loss and blindness if not treated. Ophthalmic viscoelastic devices (OVDs), gel-like substances used in eye surgeries including cataract surgeries and specific glaucoma procedures, are seeing rising demand. For example, as reported by the US-based BrightFocus Foundation in October 2022, the number of global glaucoma patients was approximately 80 million and estimated to increase to nearly 111 million by 2040. This indicates that the escalating cases of cataracts and glaucoma are fueling the ophthalmic viscoelastic devices market’s growth.

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Which Ophthalmic Viscoelastic Devices Market Segments Are Growing the Fastest?

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

Which Industry Trends Are Shaping the Future of the Ophthalmic Viscoelastic Devices Market?

There is a growing trend of product innovation in the ophthalmic viscoelastic devices market, with companies introducing cutting-edge technology to maintain market dominance. For example, Bausch + Lomb Corporation, an American eye health company, unveiled the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System, in April 2023. The StableVisc, a unique cohesive OVD, maintains space in the eye’s anterior chamber allowing the removal and replacement of the clouded natural lens. The TotalVisc Viscoelastic System, on the other hand, consists of both StableVisc and ClearVisc (a dispersive OVD), safeguarding the ocular tissue during surgery. Each of these products feature sodium hyaluronate and sorbitol, an innovative chemical compound, which research has shown to outperform other OVDs in terms of free radical scavenging abilities. The TotalVisc OVD delivers dual-action mechanical and chemical protection.

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Which Countries Are Leading 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

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This Report Delivers Insight On:

1. How big is the ophthalmic viscoelastic devices market, and how is it changing globally?

2. Who are the major companies in the ophthalmic viscoelastic devices market, and how are they performing?

3. What are the key opportunities and risks in the ophthalmic viscoelastic devices market right now?

4. Which products or customer segments are growing the most in the ophthalmic viscoelastic devices market?

5. What factors are helping or slowing down the growth of the ophthalmic viscoelastic devices market?

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