Ophthalmic Viscoelastic Devices Global Market Report 2024 – Market Size, Trends, And Global Forecast 2024-2033
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LONDON, GREATER LONDON, UK, August 12, 2024 /EINPresswire.com/ -- The global ophthalmic viscoelastic devices market is projected to grow from $2.61 billion in 2023 to $2.73 billion in 2024, at a compound annual growth rate (CAGR) of 4.4%. Despite past challenges, the market is anticipated to reach $3.2 billion by 2028 at a compound annual growth rate (CAGR) of 4.0%., driven by advancements in ophthalmic surgery techniques, increased cataract surgeries, and rising patient awareness and access to eye care.
Rising Number of Ophthalmic Surgeries Drives Market Growth
The rise in the number of ophthalmic surgeries is a significant factor contributing to the growth of the ophthalmic viscoelastic devices market. Ophthalmic viscoelastic devices (OVDs) are essential in maintaining space and protecting delicate eye structures during procedures such as cataract surgery, corneal transplants, and retinal detachment repair. These devices facilitate surgical maneuvers and ensure clear visualization, aiding in better surgical outcomes and reducing complications
.
For instance,
cataract surgery, which constitutes 6% of all surgeries annually, is expected to see a 25% increase by 2027 and a 50% surge by 2035, driving the demand for OVDs.
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Key Players and Market TrendsMajor companies in the ophthalmic viscoelastic devices market include Altacor Ltd., Bausch Health Companies Inc., and Alcon Inc. These companies focus on product innovations to enhance surgical outcomes and improve patient comfort . For example, Bausch + Lomb Corporation's launch of StableVisc and the TotalVisc Viscoelastic System in April 2023 exemplifies the industry's drive for innovation. These products offer dual-action mechanical and chemical protection, improving free radical scavenging properties.
Trends Shaping the MarketKey trends in the ophthalmic viscoelastic devices market include the adoption of customized ophthalmic solutions, regulatory compliance and quality assurance, and the growing preference for premium products. Technological refinements, expanding applications in eye surgery, and global efforts in eye health and vision care are also shaping the market. The rise in the geriatric population and increasing demand for advanced ophthalmic solutions contribute to market growth.
Market SegmentationThe ophthalmic viscoelastic devices market is segmented as follows:• By Product Type: Cohesive Ophthalmic Viscoelastic, Dispersive Ophthalmic Viscoelastic • By Application: Cataract Surgery, Glaucoma Surgery, Corneal Transplant, Vitreoretinal Surgery• By End User: Hospital, Ophthalmology Clinics, Other End-Users
Geographical Insights: North America Leading the MarketNorth America led the ophthalmic viscoelastic devices market in 2023 . However, Asia-Pacific is expected to be the fastest-growing region during the forecast period, driven by increasing healthcare infrastructure and rising ophthalmic procedures in the region.
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Ophthalmic Viscoelastic Devices Global Market Report 2024 from TBRC covers the following information:• Market size data for the forecast period: Historical and Future• Market analysis by region: Asia-Pacific, China, Western Europe, Eastern Europe, North America, USA, South America, Middle East and Africa.• Market analysis by countries: Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
Trends, opportunities, strategies and so much more.The Ophthalmic Viscoelastic Devices Global Market Report 2024 by The Business Research Company is the most comprehensive report that provides insights on ophthalmic viscoelastic devices market size, ophthalmic viscoelastic devices market drivers and trends, ophthalmic viscoelastic devices market major players, competitors' revenues, market positioning, and market growth across geographies. The ophthalmic viscoelastic devices market report helps you gain in-depth insights on opportunities and strategies. Companies can leverage the data in the report and tap into segments with the highest growth potential.
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