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Ophthalmic Viscoelastic Devices Market Size, Share, Growth, Overview, Analysis, Forecast To 2033
Ophthalmic Viscoelastic Devices Market Size
As per the report, the ophthalmic viscoelastic devices market size has grown steadily in recent years. It will grow from $2.61 billion in 2023 to $2.73 billion in 2024 at a compound annual growth rate (CAGR) of 4.4%. The ophthalmic viscoelastic devices market size is expected to see steady growth in the next few years. It will grow to $3.2 billion in 2028 at a compound annual growth rate (CAGR) of 4.0%.
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Rising Prevalence Of Cataracts And Glaucoma Fueling Growth In The Ophthalmic Viscoelastic Devices Market
The surge in the prevalence of cataracts and glaucoma is expected to propel the growth of the ophthalmic viscoelastic devices market going forward. A cataract refers to clouding in the eyes with decrease in vision. Glaucoma is a group of eye conditions that damage the optic nerve, often due to increased pressure inside the eye. It can result in vision loss and blindness if left untreated. An ophthalmic viscoelastic device (OVD) is a gel-like substance that is used during eye surgeries, including cataract surgery and certain glaucoma procedures. For instance, in January 2022, according to the National Library of Medicine, a US-based biomedical library operated by the federal government, 4.13 million adults over the age of 50 had moderate to severe vision impairment in 2020, and 3.6 million had glaucoma-related blindness. For people aged 50 and over, glaucoma was the primary cause of 11% of all cases of blindness worldwide in 2020. Furthermore, in October 2022, according to The BrightFocus Foundation, a US-based nonprofit organization, there were currently 80 million glaucoma sufferers globally, and by 2040, that figure was projected to rise to nearly 111 million. Therefore, the surge in the prevalence of cataracts and glaucoma is driving the growth of the ophthalmic viscoelastic devices market.
Innovative Launches Revolutionizing Ophthalmic Viscoelastic Devices Market Presence
Product innovations are a key trend gaining popularity in the ophthalmic viscoelastic devices market. Companies operating in the ophthalmic viscoelastic devices market are adopting new technologies to sustain their position in the market. For instance, in April 2023, Bausch + Lomb Corporation, a US-based eye health company, launched the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System. StableVisc, a cohesive OVD, helps maintain space in the anterior chamber of the eye to allow surgeons to extract and replace the clouded natural lens. The TotalVisc Viscoelastic System includes both StableVisc and ClearVisc, a dispersive OVD, and protects ocular tissue during the surgical procedure. These products contain sodium hyaluronate and sorbitol, a unique chemical compound that, when compared to other OVDs examined in laboratory research, has been found to deliver improved free radical scavenging properties. Dual-action mechanical and chemical protection is offered by TotalVisc OVD.
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
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Major companies operating in the ophthalmic viscoelastic devices market report are 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.
Contents of the report:
1. Executive Summary
2. Ophthalmic Viscoelastic Devices Market Report Structure
3. Ophthalmic Viscoelastic Devices Market Trends And Strategies
4. Ophthalmic Viscoelastic Devices Market - Macro Economic Scenario
5. Ophthalmic Viscoelastic Devices Market Size And Growth
…..
27. Ophthalmic Viscoelastic Devices Market Competitor Landscape And Company Profiles
28. Key Mergers And Acquisitions
29. Future Outlook and Potential Analysis
30. Appendix
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