The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2024 and forecasted to 2033

As per The Business Research Company’s Ophthalmic Viscoelastic Devices Global Market Report 2024, the ophthalmic viscoelastic devices market is expected to show significant growth in the forecast period.

The ophthalmic viscoelastic devices (OVDs) market has witnessed substantial growth, driven by factors such as the increasing demand for ophthalmic surgeries and technological advancements. Valued at $2.61 billion in 2023, the market is expected to reach $2.73 billion in 2024, with a compound annual growth rate (CAGR) of 4.4%. This growth trajectory is projected to continue, reaching $3.2 billion by 2028, with a CAGR of 4.0%.

Rising Demand for Ophthalmic Surgeries
The surge in the number of ophthalmic surgeries is a key driver of market growth. Ophthalmic surgeries, including cataract surgery and corneal transplants, require the use of OVDs to maintain space, protect delicate eye structures, and facilitate surgical maneuvers. With the increasing prevalence of conditions like cataracts, the demand for these surgeries is expected to rise significantly. For example, in the UK, cataract surgery is projected to increase by 25% by 2027 and 50% by 2035, highlighting the growing need for ophthalmic surgeries and OVDs.

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Innovative Launches Revolutionizing OVD Market Presence
Product innovations are driving advancements in the OVD market. Companies like Bausch + Lomb Corporation are introducing new technologies to improve surgical outcomes and patient care. For instance, Bausch + Lomb Corporation launched the StableVisc cohesive OVD and the TotalVisc Viscoelastic System, which offer improved free radical scavenging properties and dual-action mechanical and chemical protection during surgeries.

Strategic Acquisitions Strengthening Market Presence
Strategic acquisitions are also playing a significant role in expanding market reach and capabilities. For example, Rayner acquired Surgicon Healthcare Pvt Limited, enabling Rayner to introduce its lineup of intraocular lenses and OVDs to the Indian market and strengthen its global footprint.

Market Segmentation and Regional Outlook
The OVD market is segmented by product type, application, and end-user. North America currently dominates the market, but Asia-Pacific is expected to be the fastest-growing region during the forecast period. Factors such as technological refinements, expanding applications in eye surgery, and rising demand for premium intraocular lenses are driving market growth in these regions.

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