The ophthalmic viscoelastic devices (OVD) market is poised for steady growth, with projections indicating a rise from a valuation of USD 2,735.67 million in 2023 to an impressive expansion rate of 4.1% CAGR during the forecast period of 2024 to 2032. This growth is driven by various factors including technological advancements, an aging global population, and an increasing prevalence of eye-related disorders.
Market Overview
Ophthalmic viscoelastic devices market is crucial in eye surgeries, particularly cataract surgery and corneal transplantation, as they help maintain eye structure and protect delicate tissues during the procedure. The steady rise in demand for these surgeries is a significant factor propelling the market growth.
Market Size and Share
The market, valued at over USD 2.7 billion in 2023, is expected to continue its upward trajectory, influenced by the increasing number of eye surgeries performed globally and the ongoing enhancements in OVD formulations and delivery systems.
Trends Influencing the Market
Technological Advancements: Innovations in OVD formulations that offer better intraoperative performance and postoperative outcomes are key trends. Enhanced cohesive and dispersive properties ensure that these devices can meet the specific needs of varied surgical procedures.
Aging Population: With the global population aging, the incidence of cataract and other degenerative eye diseases is rising, subsequently boosting the demand for ophthalmic surgeries and, inherently, for OVDs.
Increased Healthcare Spending: As healthcare infrastructure improves globally, particularly in emerging economies, there is an increased readiness to adopt advanced surgical techniques that include the use of OVDs.
Get a Free Sample Report with a Table of Contents: https://www.expertmarketresearch.com/reports/ophthalmic-viscoelastic-devices-market/requestsample
Industry Segmentation
The segmentation of the ophthalmic viscoelastic devices (OVD) market allows for a detailed understanding of the different facets where these products are utilized and how they are categorized based on their properties and application areas. The market is broadly segmented into three main categories: Product Type, Application, and Geography. Here's a detailed look at each segment:
Product Type
This segment categorizes OVDs based on their physical properties and the primary role they play during surgical procedures:
Cohesive OVDs: These have higher molecular weight and viscosity, which makes them ideal for creating and maintaining space within the anterior chamber of the eye during surgery. Cohesive OVDs are easier to remove in a single mass at the end of the surgery, reducing the risk of postoperative intraocular pressure spikes. They are typically used in procedures where extensive manipulation of the eye's internal structures is involved.
Dispersive OVDs: With lower molecular weight and viscosity, dispersive OVDs are designed to provide better endothelial protection during surgery. They are more difficult to remove completely but are excellent at protecting delicate ocular tissues from surgical instruments. These are particularly useful in surgeries that involve a high degree of manipulation or use of ultrasonic energy, such as in phacoemulsification for cataract extraction.
Combined OVDs: These are formulations that attempt to offer the benefits of both cohesive and dispersive types. They are versatile and can be used in a variety of surgical situations, providing both space maintenance and endothelial protection.
Application
OVDs are used in several key types of eye surgeries, each of which demands specific properties from the viscoelastic used:
Cataract Surgery: The most common use of OVDs, where they help in lens implantation and cataract extraction by maintaining the anterior chamber and protecting the cornea.
Glaucoma Surgery: OVDs are used to stabilize the eye and protect the trabecular meshwork during surgeries aimed at reducing intraocular pressure.
Corneal Transplantation: Here, OVDs help in the insertion and positioning of the new corneal graft, ensuring that it stays in place while sutures are applied.
Vitreoretinal Surgery: OVDs are used to create space and stabilize the eye during delicate retinal procedures. They can also help in the replacement of the vitreous humor removed during surgery.
Geography
The geographic segmentation considers the differences in market dynamics, healthcare infrastructure, regulatory environments, and economic conditions across various regions:
North America: Characterized by advanced healthcare infrastructure and high adoption rates of new technologies. The U.S. and Canada are prominent markets due to high healthcare expenditure and a growing elderly population.
Europe: A mature market with similar characteristics to North America, driven by an aging population and strong healthcare systems, particularly in countries like Germany, France, and the UK.
Asia-Pacific: This is the fastest-growing region due to increasing healthcare access, rising medical tourism, economic growth, and improvements in healthcare facilities, especially in China, India, and Japan.
Rest of the World: Includes regions like Latin America, the Middle East, and Africa, where the market is developing due to gradual improvements in healthcare infrastructure and growing awareness about advanced surgical procedures.
Key Players
Prominent players in the OVD market include:
- Bausch & Lomb, Inc.
- Altacor Ltd.
- Carl Zeiss Meditec AG
- Rumex International Co.
- Eyekon Medical Inc
- Bohus Biotech AB
- Shanghai Haohai Biological Technology Co., Ltd.
- Alcon Vision LLC
- Others
Market Outlook
Looking ahead to 2032, the market is set to expand significantly. This growth will be supported by continuous innovations, an expanding base of elderly population, and greater accessibility to advanced healthcare options worldwide.
FAQs
Q1: What are ophthalmic viscoelastic devices used for?
A1: OVDs are used to facilitate eye surgeries by maintaining deep anterior chamber during procedures, thereby protecting the corneal endothelium and other intraocular tissues.
Q2: Why is the OVD market expected to grow?
A2: Growth is mainly due to the increasing prevalence of eye diseases, aging population, and advancements in OVD technologies.
Q3: Which region holds the largest market share?
A3: North America currently holds the largest share due to its advanced healthcare infrastructure and high rate of surgical procedures.
Q4: How are the key players influencing the market?
A4: Key players are driving the market through continuous product innovation, strategic expansions, and mergers and acquisitions to strengthen their market positions.
Media Contact:
Company Name: Claight Corporation
Contact Person: Robin Johnson, Business Consultant
Email: sales@expertmarketresearch.com
Toll-Free Number: US +1-415-325-5166 | UK +44-702-402-5790
Address: 30 North Gould Street, Sheridan, WY 82801, USA
Website: www.expertmarketresearch.com
