Ophthalmic Viscoelastic Devices - Market Insights, Competitive Landscape and Market Forecast-2027

Ophthalmic Viscoelastic Devices Market By Type (Cohesive Ophthalmic Viscoelastic, Dispersive Ophthalmic Viscoelastic, Combination Ophthalmic Viscoelastic, Visco-Adaptive Ophthalmic Viscoelastic), By Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, Vitreoretinal Surgery, Others), And By End-User (Hospitals, Ophthalmology Clinics, Others), by geography, is expected to grow at a steady CAGR forecast till 2027 owing to the technological advancements and surge in the geriatric population

Global Ophthalmic Viscoelastic Devices Market was valued at USD 2.50 billion in 2021, growing at a CAGR of 4.23% during the forecast period from 2022 to 2027, to reach USD 3.21 billion by 2027. The Ophthalmic Viscoelastic Devices market is expected to witness growth due to the rising prevalence of ophthalmic conditions like cataracts, glaucoma, and others, technological advancements, and the surge in the geriatric population.

Ophthalmic Viscoelastic Devices Market Dynamics:

Ophthalmic Viscoelastic Devices (OVDs) Market has significantly increased due to the fact that for many years, Ophthalmic Viscoelastic Devices have been used in intraocular surgery to protect delicate structures inside the eyes. The use of these devices has major significance during procedures like cataract surgeries, glaucoma surgeries, vitreoretinal surgeries. As per World Health Organization 2021, at least 2.2 billion people have a near or distance vision impairment. In at least 1 billion - or almost half - of these cases, vision impairment could have been prevented or has yet to be addressed globally. The leading causes of vision impairment and blindness are uncorrected cataracts. Thus, the burgeoning cases of ophthalmic conditions and surgeries will contribute to the Global Ophthalmic Viscoelastic Devices Market growth.

In addition, the advancement of new technologies is advancing at a great peak. For instance, in April 2021, Bausch + Lomb announced that the US Food and Drug Administration (FDA) approved ClearVisc™ dispersive ophthalmic viscosurgical device (OVD) for use in ophthalmic surgery. The device offers exceptional corneal protection during ophthalmic surgery. Such technological advancement in the field of Ophthalmic Viscoelastic Devices is likely to boost the Global Ophthalmic Viscoelastic Devices Market.

Furthermore, as per the World Population Prospects, 2019, there were 703 million older persons aged 65 or over in 2019 globally. Moreover, as per the recent survey, Global Population Aging 2020 Report (United Nations, 2020), the aging population tends to grow at an alarming pace. In 2020, there were around 727 million individuals in the world aged 65 years or older. By 2050, the figure for such patients is expected to double and reach 1.5 billion by 2050. Therefore, as the aging population increases, there will be more chances of the older population getting cataracts in their eyes, which will eventually boost the growth of the Global Ophthalmic Viscoelastic Devices market.

Along with the above-mentioned factors, the Ophthalmic Viscoelastic Devices market witnessed a period of temporary setback owing to the imposing of the lockdown restrictions as necessary measures to contain the COVID-19 spread. One of the major steps during this was the suspension of numerous elective procedures and outpatient visits which reduced the demand for Ophthalmic Viscoelastic Devices in the market as a large number of surgeries across different medical specialties were suspended during the initial lockdown period, thereby limiting the market growth for a short time. Nevertheless, the market for Ophthalmic Viscoelastic Devices is in the period of recovery with the resumption of activities across various domains including healthcare services owing to the approval and administration of numerous COVID-19 vaccines across the globe, thereby presenting a positive future outlook for the Ophthalmic Viscoelastic Devices market during the forecast period.

Ophthalmic Viscoelastic Devices Market Segment Analysis:

Ophthalmic Viscoelastic Devices Market By Type (Cohesive Ophthalmic Viscoelastic, Dispersive Ophthalmic Viscoelastic, Combination Ophthalmic Viscoelastic, Visco-Adaptive Ophthalmic Viscoelastic), by Application (Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, Vitreoretinal Surgery, Others), Ophthalmic Viscoelastic Devices Market by End-User (Hospitals, Ophthalmology Clinics, Others), and Ophthalmic Viscoelastic Devices Market by Geography (North America, Europe, Asia-Pacific, and Rest of the World).

Ophthalmic Viscoelastic Devices market tye segment, the Combination Ophthalmic Viscoelastic market segment will hold the major share of the Global Ophthalmic Viscoelastic Devices market. The large market share of this product segment can be attributed to the growing patient adoption of these devices.

Combination Ophthalmic Viscoelastic may have some dispersive properties as well as some cohesive properties. Protecting the corneal endothelium throughout the surgery is a dispersive characteristic while flattening the anterior lens capsule during capsulorhexis is a cohesive attribute. For many surgeons, using a Combination of Ophthalmic Viscoelastic has the best of both as they can use it as the exclusive viscoelastic for the entire surgery. Examples of these agents include DiscoVisc (Alcon) and Amvisc Plus (B&L), both of which aim to be good single-syringe agents for routine cases.

Realizing that two separate OVDs offer more versatility than a single agent, companies offer dual-viscoelastic systems, which incorporate a dispersive OVD and a cohesive OVD in separate syringes which are known as Dual OVD Packages. These can be opened together, though they are not packaged as such.

Therefore, Combination Ophthalmic Viscoelastic Devices are gaining commercial acceptability, which improves market penetration. All these advantages of these devices make physicians more inclined to use Combination Ophthalmic Viscoelastic.

Hence, all the above-mentioned factors are expected to drive the segment growth of the Ophthalmic Viscoelastic Devices market.

North America is expected to dominate the overall Global Ophthalmic Viscoelastic Devices Market:

North America is expected to dominate the overall Ophthalmic Viscoelastic Devices market during the forecast period. This domination is due to the rising number of cataract surgeries, and other ophthalmic surgeries in the region. As per the Journal of Cataract Refract Surgeries 2020, the volume of cataract surgeries performed per year has increased steadily over the past few decades in the United States.

Additionally, according to Cancer Vision 2020, based on the trends in the surgical volume of cataract surgery over the past decade, 3.7 million cataract cases would have been performed in 2020 in the United States among Medicare beneficiaries. Thus, the burgeoning cases of cataract surgeries will contribute to the growth of the Ophthalmic Viscoelastic Devices Market in the region as the demand will increase.

Further, in North America, the market is supported by developed healthcare infrastructure and strong adoption of technologically advanced products owing to the rise in healthcare expenditure by the government and increase prevalence and incidence of surgeries as mentioned above.

Europe and Asia-Pacific region have the future potential growth for the Global Ophthalmic Viscoelastic Devices market. Rising product launch and commercialization agreements among the key manufacturers and other companies are anticipated to boost the Ophthalmic Viscoelastic Devices market. For instance, in May 2020 BVI announced the acquisition of the ophthalmic viscoelastic device (OVD) assets from Croma, an Austrian-based company. In addition to the acquisition of existing products, BVI and Croma have embarked on an R&D collaboration on additional products that will come to market in the future. Such initiatives are anticipated to boost the Ophthalmic Viscoelastic Devices Market.

Ophthalmic Viscoelastic Devices Market Key Players:

Some of the key market players operating in the Global Ophthalmic Viscoelastic Devices Market include Bausch Health Companies Inc., Eyekon Medical Inc., Bohus BioTech AB, Carl Zeiss Meditec AG, CIMA Technology Inc., Johnson & Johnson Vision Care, Inc., Alcon Inc., Rumex International Corporation, Altacor, Ophtechnics Unlimited, Beaver Visitec Limited, PhysIOL, Neu Micromed International Pvt. Ltd., Rayner Intraocular Lenses Limited, Aurolab, Abbott Medical Optics, Maxigen Biotech Inc., Amring Pharmaceuticals Inc., Sight Sciences, Inc., Anika Therapeutics, Inc. among others.

Recent Developmental Activities in the Ophthalmic Viscoelastic Devices Market:

• In June 2021, Rayner announced that it has acquired Surgicon Healthcare Pvt Limited in Mumbai, India. This acquisition helped Rayner to rapidly bring its strong pipeline of innovative intraocular lenses (IOLs), ophthalmic viscoelastic devices (OVDs), and dry eye drop solutions to surgeons and patients across India, and further develop its global presence.
• In April 2021, Bausch + Lomb announced that the FDA has approved its ClearVisc dispersive ophthalmic viscosurgical device (OVD) for use in ophthalmic surgery.

Key Takeaways from the Ophthalmic Viscoelastic Devices Market Report Study

• Market size analysis for current market size (2021), and market forecast for 5 years (2022-2027)
• The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the Ophthalmic Viscoelastic Devices market.
• Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
• Key companies dominating the Global Ophthalmic Viscoelastic Devices Market.
• Various opportunities are available for the other competitor in the Ophthalmic Viscoelastic Devices Market space.
• What are the top-performing segments in 2021? How these segments will perform in 2027.
• Which are the top-performing regions and countries in the current market scenario?
• Which are the regions and countries where companies should have concentrated on opportunities for Ophthalmic Viscoelastic Devices market growth in the coming future?

Target Audience who can be benefited from this Ophthalmic Viscoelastic Devices Market Ket Report Study

• Ophthalmic Viscoelastic Devices providers
• Research organizations and consulting companies
• Ophthalmic Viscoelastic Devices related organization, association, forum, and other alliances
• Government and corporate offices
• Start-up companies, venture capitalists, and private equity firms
• Distributors and Traders in Ophthalmic Viscoelastic Devices
• Various End-users want to know more about the Ophthalmic Viscoelastic Devices Market and the latest technological developments in the Ophthalmic Viscoelastic Devices market.

Frequently Asked Questions for Ophthalmic Viscoelastic Devices Market:

1. What are Ophthalmic Viscoelastic Devices?

Ophthalmologists use ophthalmic viscoelastic devices (OVDs) in multiple eye operations, such as cataract surgery, glaucoma surgery, among others. These devices help secure the fragile eye structures along with creating pressure in the anterior cavity, compartmentalizing the interior of the eye, and providing patients with faster healing for easier and safer surgery.

2. What is the market for Global Ophthalmic Viscoelastic Devices?

Global Ophthalmic Viscoelastic Devices Market was valued at USD 2.50 billion in 2021, growing at a CAGR of 4.23% during the forecast period from 2022 to 2027, to reach USD 3.21 billion by 2027.

3. What are the drivers for Global Ophthalmic Viscoelastic Devices?

The major drivers driving the demand for Ophthalmic Viscoelastic Devices are the growth due to the rising prevalence of ophthalmic conditions like cataracts, glaucoma, and others, technological advancements, and the surge in the geriatric population.

4. What are the key players operating in Global Ophthalmic Viscoelastic Devices?

Some of the key market players operating in the Ophthalmic Viscoelastic Devices market include Bausch Health Companies Inc., Eyekon Medical Inc., Bohus BioTech AB, Carl Zeiss Meditec AG, CIMA Technology Inc., Johnson & Johnson Vision Care, Inc., Alcon Inc., Rumex International Corporation, Altacor, Ophtechnics Unlimited, Beaver Visitec Limited, PhysIOL, Neu Micromed International Pvt. Ltd., Rayner Intraocular Lenses Limited, Aurolab, Abbott Medical Optics, Maxigen Biotech Inc., Amring Pharmaceuticals Inc., Sight Sciences, Inc. Anika Therapeutics, Inc., and others.

5. What regions have the highest share in the Ophthalmic Viscoelastic Devices market?

North America is expected to dominate the overall global Ophthalmic Viscoelastic Devices market during the forecast period from 2022 to 2027. This domination is due to the rising number of cataract surgeries, and other ophthalmic surgeries in the region.
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