What’s Driving Growth in the Ophthalmic Viscoelastic Devices Market? Insights into Key Trends and Opportunities
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What key factors are powering the surge in the ophthalmic viscoelastic devices market right now?
The market for ophthalmic viscoelastic devices has seen a consistent rise in recent years. It is projected to grow from $2.65 billion in 2024 to $2.75 billion in 2025, having an estimated compound annual growth rate (CAGR) of 3.4%. Factors contributing to the growth during the historical period include an increase in cataract surgeries, progress in ophthalmic surgical methods, an aging population, a higher occurrence of eye diseases, as well as boosted patient awareness and accessibility to eye healthcare.
How fast Is the ophthalmic viscoelastic devices market expected to grow, and what’s its future value?
In the upcoming years, a significant expansion is anticipated for the ophthalmic viscoelastic devices market, with projections estimating its growth to $3.35 billion by 2029, witnessing a compound annual growth rate (CAGR) of 5.1%. This predicted upward trajectory during the forecast period is largely due to several factors, including, advancements in device design technology, the broadening range of applications in eye surgeries, increasing demand for top-of-the-line intraocular lenses, worldwide endeavors for improved eye care and vision health, market inroads in growing economies, along with collaborations, and educational initiatives in the field of ophthalmology. Key trends for the forecast period are the customization of ophthalmic solutions, adherence to regulatory standards and measures to ensure quality, collaborations and partnerships, a preference among patients for premium goods, and ongoing research and development initiatives.
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What are the leading drivers of growth in the ophthalmic viscoelastic devices market?
The increasing incidence of eye conditions such as cataracts and glaucoma is anticipated to drive the expansion of the ophthalmic viscoelastic devices market. Cataracts cause a decrease in vision due to a clouding in the eyes, and glaucoma is a collection of eye disorders that harm the optic nerve, typically due to elevated pressure within the eye. If not treated, glaucoma can lead to vision loss and even blindness. Ophthalmic viscoelastic devices (OVDs), which are gel-like substances, are used in a variety of eye surgeries, including those for cataracts and certain glaucoma procedures. For example, as per the BrightFocus Foundation, a nonprofit organization based in the US, in October 2022, there were around 80 million people suffering from glaucoma worldwide. This number is projected to escalate to approximately 111 million by 2040. Hence, the rising occurrence of cataracts and glaucoma is advancing the growth of the ophthalmic viscoelastic devices market.
What are the key segments defining the 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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Who are the key players steering the development of 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 emerging trends are influencing the growth of the ophthalmic viscoelastic devices market?
The innovations in products are becoming a significant trend in the ophthalmic viscoelastic devices market. Market leaders are embracing new technologies to maintain their dominance in the market. For example, in April 2023, Bausch + Lomb Corporation, an American company focused on eye health, unveiled the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System. StableVisc, a cohesive OVD, is designed to conserve space in the anterior chamber of the eye, which aids surgeons in removing and substituting the clouded natural lens. TotalVisc Viscoelastic System encompasses both StableVisc and ClearVisc, a dispersive OVD, that safeguard ocular tissue during surgery. They are made up of sodium hyaluronate and sorbitol, a distinct chemical compound that has shown superior free radical scavenging properties compared to other OVDs in lab studies. The TotalVisc OVD provides dual-action mechanical and chemical protection.
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Which regions are most influential in expanding 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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