The ophthalmic viscoelastic devices market industry is projected to grow from USD 0.66 Billion in 2023 to USD 1.29 billion by 2030, exhibiting a compound annual growth rate (CAGR) of 11.60% during the forecast period (2023 - 2030).
The ophthalmic viscoelastic devices (OVDs) market continues to exhibit steady growth driven by rising ophthalmic surgeries globally. OVDs, including cohesive, dispersive, and viscoadaptive agents, are integral in cataract surgeries, facilitating tissue manipulation and protecting intraocular structures. Technological advancements in OVD formulations, such as improved biocompatibility and refractive index, enhance surgical outcomes, fostering market expansion. Additionally, increasing prevalence of age-related ocular disorders, like cataracts, fuels demand for OVDs. However, regulatory constraints and the emergence of alternative surgical techniques may impede market growth. Collaborative efforts between manufacturers and healthcare professionals for innovative solutions are expected to drive future market progression.
The Ophthalmic Viscoelastic Devices (OVDs) market is witnessing significant growth propelled by advancements in ophthalmic viscosurgery and ocular trauma surgery. OVDs play a pivotal role in modern ophthalmic procedures, aiding surgeons in achieving optimal outcomes and patient safety.
Ophthalmic viscosurgery techniques have revolutionized cataract surgery and other ocular procedures. These surgeries involve delicate maneuvers within the eye, requiring precise control and protection of ocular structures. OVDs provide essential functions such as maintaining anterior chamber depth, protecting corneal endothelium, and facilitating tissue manipulation during surgeries.
In ocular trauma surgery, OVDs are instrumental in stabilizing intraocular structures and creating a conducive surgical environment. They help manage intraoperative complications and minimize postoperative inflammation and complications.
The market for OVDs is characterized by a diverse range of products catering to specific surgical needs. Leading manufacturers are investing in research and development to introduce innovative OVD formulations with enhanced viscoelastic properties and biocompatibility.
With the rising prevalence of age-related eye disorders and the increasing demand for minimally invasive surgical techniques, the ophthalmic viscoelastic devices market is poised for continued expansion. Surgeons are embracing advanced OVD technologies to improve surgical outcomes and enhance patient satisfaction.
As the industry evolves, collaboration between ophthalmologists, researchers, and device manufacturers will drive innovation, further optimizing surgical techniques and expanding the applications of ophthalmic viscosurgery in diverse ophthalmic procedures.
Segmentation
The global ophthalmic viscoelastic devices (OVD) market has been segmented based on type, application, and end user.
By type, the global ophthalmic viscoelastic devices market has been segmented into cohesive ophthalmic viscoelastic devices and dispersive ophthalmic viscoelastic devices.
By application, the global ophthalmic viscoelastic devices market has been segmented into cataract surgery, glaucoma surgery, corneal transplantation, and vitreoretinal surgery.
By end user, the global ophthalmic viscoelastic devices market has been segmented into ophthalmic clinics phaco centers, hospitals and academic research institutes.
Regional Analysis
By region, the global ophthalmic viscoelastic devices market has been segmented into the Americas, Asia Pacific (APAC), Europe, and the Middle East Africa (MEA).
North America is leading the Americas market and accounted for almost 74.35% share in 2016. Meanwhile, the South America market is expected to grow at a relatively faster rate of 11.6% over the forecast period. The US is a key contributor to the market driven by favorable reimbursement scenario and high healthcare expenditure. The rapid adoption of the latest technologies within the healthcare sector is a significant driver of the market.
Europe follows the Americas closely and accounts for the second largest share of the market. A surge in awareness regarding the availability of advanced treatment options and increasing disposable income spur the growth of the market.
APAC ophthalmic viscoelastic devices market is expected to expand at a relatively faster rate of 12% over the forecast period. China and India are the key country-specific markets.
The MEA market is led by the Gulf nations, UAE and Saudi Arabia, in particular. Low healthcare penetration and poor economic conditions are restraining the growth of the Africa market.
Competitive Landscape
The ophthalmic viscoelastic devices Companies are Lifecore Biomedical LLC, Alcon Laboratories Inc., Johnson Johnson, Bohus BioTech AB, Carl Zeiss AG, Rayner Company, and Bausch Lomb are the key players in the global ophthalmic viscoelastic devices market.
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