2024 Ophthalmic Viscoelastic Devices Market Overview: Key Insights on Size, Share, and Trends
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What is the Anticipated Growth Speed of the Ophthalmic Viscoelastic Devices Market Between 2024 and 2033?
In recent times, the market size of ophthalmic viscoelastic devices has witnessed a consistent growth. It is projected to climb from $2.61 billion in 2023 to $2.73 billion in 2024, with a compound annual growth rate (CAGR) of 4.4%. The observable growth in the historic period is as a result of an increase in cataract surgeries, progress in ophthalmic surgical procedures, a rise in aging population, heightened occurrence of eye disorders, and improved patient awareness and accessibility to eye care.
The market for ophthalmic viscoelastic devices is anticipated to experience consistent growth in the coming years, eventually reaching a value of $3.2 billion by 2028 with a compound annual growth rate of 4.0%. This growth over the predicted period could be due to various factors such as enhancements in device layout, the broadening use of these devices in eye surgeries, a rising trend for high-quality intraocular lenses, global activities in ocular health and vision care, penetration of the market in developing economies, and collaborations and training initiatives in the field of ophthalmology. Key trends anticipated during the forecast period include personalized ophthalmic solutions, adhering to regulatory standards and ensuring quality, collaborative efforts and partnerships, patient inclination towards top-tier products, and ongoing research and development.
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Which Factors Are Enhancing the Growth of the ophthalmic viscoelastic devices Market?
The increase in cataract and glaucoma cases are predicted to fuel the expansion of the ophthalmic viscoelastic device market in the future. Cataracts involve the clouding of the eyes – a factor that results in visual deterioration. Glaucoma, on the other hand, refers to various eye afflictions that inflict harm upon the optic nerve, often resultant from elevated eye pressure. If not promptly treated, this could lead to blindness. Ophthalmic viscoelastic devices (OVD) are gel-like elements deployed during eye surgeries such as cataract procedures and several glaucoma treatments. For example, US-based National Library of Medicine, a biomedical library under federal operation, reported in January 2022 that 4.13 million individuals aged 50 and above suffered from moderate to severe vision impairment and 3.6 million were plagued by glaucoma-induced blindness in 2020. In that same year, 11% of global blindness cases for those aged 50 and over were due to glaucoma. BrightFocus Foundation, a US non-profit foundation, also projected in October 2022 that the number of global glaucoma patients, which stood at 80 million, would rise to nearly 111 million by 2040. This rise in cataracts and glaucoma cases propels the growth of the ophthalmic viscoelastic devices market.
Which Segments Are Crucial in the Ophthalmic Viscoelastic Devices Market?
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
What Emerging Trends Are Shaping the Future of the Ophthalmic Viscoelastic Devices Market?
The rapid growth of product innovation is a prevalent trend in the ophthalmic viscoelastic devices market. To remain competitive in the market, businesses are integrating new technologies. Bausch + Lomb Corporation, an eye-health focused organization based in the US, introduced the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic system in April 2023. StableVisc, a cohesive OVD, helps sustain space within the anterior chamber of the eye, aiding surgeons in clouded natural lens removal and its replacement. Meanwhile, the TotalVisc Viscoelastic System, encompassing both StableVisc and ClearVisc, a dispersive OVD, shields ocular tissues throughout the surgery. The constituents of these products are sodium hyaluronate and sorbitol, unusual chemical compounds. Compared to other OVDs under laboratory investigation, these compounds provide superior free radical scavenging features. The TotalVisc OVD provides dual action mechanical and chemical protection.
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What Regions Are At the Forefront of Ophthalmic Viscoelastic Devices Market Expansion?
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 Ophthalmic Viscoelastic Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the ophthalmic viscoelastic devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Ophthalmic Viscoelastic Devices Market Include
1. Ophthalmic Viscoelastic Devices Market Executive Summary
2. Ophthalmic Viscoelastic Devices Market Segments
3. Ophthalmic Viscoelastic Devices Market Size And Template Market Growth Rate
4. Key Ophthalmic Viscoelastic Devices Market Trends
5. Major Ophthalmic Viscoelastic Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Ophthalmic Viscoelastic Devices Market
26. Top Ophthalmic Viscoelastic Devices Companies
27. Ophthalmic Viscoelastic Devices Market Opportunities And Strategies
28. Ophthalmic Viscoelastic Devices Market, Conclusions And Recommendations
29. Appendix
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