Global Ophthalmic Viscoelastic Devices Market Assessment, By Product Type [Cohesive Ophthalmic Viscoelastic Devices, Dispersive Ophthalmic Viscoelastic Devices, Viscoadaptive Ophthalmic Viscoelastic Devices, Higher Viscosity Dispersive Ophthalmic Viscoelastic Devices], By Composition [Sodium Hyaluronate, Chondroitin Sulfate, Hydroxypropyl Methylcellulose], By Application [Cataract Surgery, Glaucoma Surgery, Vitreoretinal Surgery, Corneal Transplantation Surgery, Other Applications], By End-user [Hospitals, Eye Clinics, Ambulatory Surgical Centers, Academic and Research Institutes, Others], By Region, Opportunities and Forecast, 2017-2031F

Global ophthalmic viscoelastic devices market size was valued at USD 3.01 billion in 2023 and is expected to reach USD 4.48 billion in 2031, with a CAGR of 5.1% for the forecast period between 2023 and 2031F. The global market for ophthalmic viscoelastic devices is experiencing significant growth due to several key factors, such as the increasing prevalence of eye-related disorders, the growing elderly population, and advancements in ophthalmic devices. Additionally, lifestyle changes, prolonged screen time, and the rising incidence of chronic diseases contribute to more patients with eye disorders, driving the demand for ophthalmic viscoelastic devices.

The ophthalmic viscoelastic devices market is projected to grow substantially, driven by the increasing demand for various surgical procedures, including those related to cataracts, glaucoma, corneal transplantation, and vitreoretinal surgery. The geriatric population is particularly susceptible to vision impairment, further boosting the need for ophthalmic viscoelastic devices. Furthermore, the market is influenced by the prevalence of chronic conditions such as diabetes and hypertension, which are often associated with eye disorders. Technological advancements, government policies supporting healthcare infrastructure, and enhanced availability of medical devices are fueling the market growth. However, challenges such as the risk of a rise in ocular pressure after surgery and the presence of alternative therapies may impede market expansion.

In April 2023, Bausch + Lomb Corporation announced the launch of two viscoelastic devices, StableVisc cohesive ophthalmic viscosurgical device (OVD) and TotalVisc Viscoelastic System, in the United States market. Both the devices contain a mix of sodium hyaluronate and sorbitol, providing a strong physical barrier and delivering increased free radical scavenging capabilities compared to other available ophthalmic viscoelastic devices.

Rising Prevalence of Ophthalmic Disorders

The increasing prevalence of ophthalmic disorders, such as refractive errors, cataracts, diabetic retinopathy, glaucoma, and age-related macular degeneration (AMD), significantly impacts the global ophthalmic viscoelastic devices (OVDs) market. These disorders are on the rise due to factors like unhealthy lifestyles, nutritional deficiency, and longer screen time. The increasing prevalence of these diseases is expected to drive the demand for ophthalmic viscoelastic devices, as these devices are extensively used in ophthalmic surgeries. A WHO factsheet from August 2023 states that 2.2 billion people worldwide suffer from near or far-sightedness. Out of which, 1 billion are affected by blindness from distance vision impairment, including 94 million people with cataracts, 88.4 million with refractive error, 8 million with age-related macular degeneration, 7.7 million with glaucoma, and 3.9 million with diabetic retinopathy. Presbyopia, which affects 826 million people, is the main condition that impairs close vision.

Growing Geriatric Population

Another important aspect that has contributed significantly to the increased need for ophthalmic viscoelastic devices is the aging population. People who are older tend to have comorbid ailments such as chronic illnesses and ophthalmic disorders that affect their eyes. As per WHO, by 2030, one in six people in the world will be 60 years of age or older. By 2030, there will be 1.4 billion over-60s, compared to 1 billion in 2020. By 2050, there will be twice as many people 60 years or older on the planet, i.e., 2.1 billion people. It is projected that the population of 80 years of age or older will quadruple to 426 million by 2050.

Cohesive Ophthalmic Viscoelastic Devices to Dominate

The cohesive ophthalmic viscoelastic devices segment in global ophthalmic viscoelastic devices is expected to dominate during the forecast period. Cohesive ophthalmic viscoelastic devices are being used extensively as they offer advantages such as high viscosity, which increases the stability of the surgical environment, and high cohesion, which eases surgical removal. It stabilizes structures and enables pressurization of the space they occupy. The growing prevalence of cataracts and technological advancements in ophthalmic viscoelastic devices are reasons for the dominance of the cohesive ophthalmic viscoelastic devices segment. Market players are expanding their product portfolio to gain a competitive edge in this product category.

North America is Expected to Dominate

With high investment in research and development activities, technological advancements by key players, and advanced healthcare infrastructure in countries, like the United States and Canada, the region is expected to dominate the market with the highest value share. Supportive government initiatives for managing the growing number of ophthalmic surgeries are embracing the growth of the market in the region. High disposable income and preference for ophthalmic treatments of eye problems, along with the presence of key players, are contributing to the dominance of North America in the ophthalmic viscoelastic devices market.

Future Market Scenario

Growth in healthcare infrastructure in developing countries and efforts to reduce the burden of ophthalmic disorders like integrated people-centered eye care (IPEC) by WHO is expected to set a positive trend for the market. Key market players focus on developing innovative products and expanding their market presence. In terms of regional growth, Asia-Pacific market is expected to experience a robust CAGR, driven by its sizable population, rising disposable income, and growing patient awareness of the need for eye care. In the future, surgeons might be able to carry out more intricate and accurate surgeries, and viscoelastic devices might be utilized to operate a wider range of ocular ailments.

Report Scope

“Ophthalmic Viscoelastic Devices Market Assessment, Opportunities and Forecast, 2017-2031F”, is a comprehensive report by Markets and Data, providing in-depth analysis and qualitative and quantitative assessment of the current state of global ophthalmic viscoelastic devices market, industry dynamics, and challenges. The report includes market size, segmental shares, growth trends, opportunities, and forecast between 2024 and 2031F. Additionally, the report profiles the leading players in the industry mentioning their respective market share, business model, competitive intelligence, etc.

Report Attribute	Details
Base Year of the Analysis	2023
Historical Period	2017-2022
Forecast Period	2024-2031F
Projected Growth Rate	CAGR of 5.1% between 2024 and 2031F
Revenue Forecast in 2031	USD 4.48 Billion
Units	Revenue in USD Billion
Segments Covered	Product Type, Composition, Application, End-user
Regions Covered	North America, Europe, Asia-Pacific, Middle East, and Africa, South America
Key Companies Profiled	Alcon Laboratories, Inc., Carl Zeiss Meditec AG, Rumex International Corporation, Altacor Limited, Bausch & Lomb Incorporated, Novartis International AG, Johnson & Johnson Surgical Vision Inc., CVC Capital Partners SICAV- FIS SA, Eyekon Medical Inc., Bohus BioTech AB, Beaver Visitec Limited, Neu Micromed International Pvt. Ltd., Rayner Intraocular Lenses Limited
Customization Scope	15% free report customization with purchase
Pricing and Purchase Options	Avail the customized purchase options to fulfill your precise research needs
Delivery Format	PDF and Excel through email (subject to the license purchased)

In this report, global ophthalmic viscoelastic devices market has been segmented into the following categories:

·         By Product Type

o   Cohesive Ophthalmic Viscoelastic Devices

o   Dispersive Ophthalmic Viscoelastic Devices

o   Viscoadaptive Ophthalmic Viscoelastic Devices

o   Higher Viscosity Dispersive Ophthalmic Viscoelastic Devices

·         By Composition

o   Sodium Hyaluronate

o   Chondroitin Sulfate

o   Hydroxypropyl Methylcellulose

·         By Application

o   Cataract Surgery

o   Glaucoma Surgery

o   Vitreoretinal Surgery

o   Corneal Transplantation Surgery

o   Other Applications

·         By End-user

o   Hospitals

o   Eye Clinics

o   Ambulatory Surgical Centers

o   Academic and Research Institutes

o   Others

·         By Region

o    North America

o    Europe

o    Asia Pacific

o    South America

o    Middle East & Africa

Key Players Landscape and Outlook

The global ophthalmic viscoelastic devices market consists of market players like Bausch & Lomb Incorporated, Alcon Laboratories, Inc., Johnson & Johnson Surgical Vision Inc., and others, who are expanding their product offerings and giving their customers access to a wide range of cutting-edge and novel products.

For instance, In January 2022, Glaukos Corporation announced that it received 510(k) clearance from the United States Food and Drug Administration (FDA) for its viscoelastic device named ‘iPRIME Viscodelivery System’. Glaukos is an ophthalmic medtech and pharmaceutical company dedicated to developing novel therapies for managing glaucoma, retinal diseases, and corneal disorders. iPRIME Viscodelivery System is a single-use, sterile, minimally-invasive device for delivering viscoelastic fluid during ophthalmic surgeries.

Key Players Operating in the Global Ophthalmic Viscoelastic Devices Market are:

·         Alcon Laboratories, Inc. 

·         Carl Zeiss Meditec AG

·         Rumex International Corporation

·         Altacor Limited

·         Bausch & Lomb Incorporated

·         Novartis International AG

·         Johnson & Johnson Surgical Vision Inc.

·         CVC Capital Partners SICAV- FIS SA

·         Eyekon Medical Inc.

·         Bohus BioTech AB

·         Beaver Visitec Limited

·         Neu Micromed International Pvt. Ltd.

·         Rayner Intraocular Lenses Limited

Markets and Data’s reports answer the following questions:

·         What is the current and future market size of the product/service in question globally or specific to different countries?

·         How are the markets divided into different product/service segments and the market size and growth of each segment?

·         What is the market potential of different product segments and their investment case?

·         How are the markets predicted to develop in the future and what factors will drive or inhibit growth?

·         What is the business environment and regulatory landscape specific to the product/service?

If you can't find what you're searching for or have any custom requirements for global ophthalmic viscoelastic devices market, you may approach our team at info@marketsandata.com.