The ophthalmic viscoelastic devices are vital for various ophthalmic surgical procedures including corneal transplantation surgery, glaucoma surgery, cataract surgery, and vitreoretinal surgery. The choice of viscoelastic devices depends on the surgeons’ preference and the surgical requirement. Leading manufacturers such as Bausch & Lomb Incorporated, Rayner Surgical Group, and Sight Sciences have been introducing innovative product offerings in the ophthalmic field, which are likely to promote the market for ophthalmic viscoelastic devices.
The global ocular implant market is projected to grow, driven by the increasing incidence of ocular dysfunction and disease. For example, the Glaucoma Research Foundation reported in January 2019 that more than 3 million people in the U.S. have been diagnosed with glaucoma, and the National Eye Institute estimates that this number will increase by 58% to reach 4.2 million by 2030.
In 2022, the global market for ophthalmic viscoelastic devices had a value of US$ 810.9 million, and it is projected to exhibit a compound annual growth rate (CAGR) of 9.4% during the forecast period of 2023 to 2030.
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Increasing number of corneal transplants surgeries/corneal transplantation is expected to be a major factor contributing to growth of the global ophthalmic viscoelastic devices market in near future.
The ophthalmic viscoelastic devices market is expected to witness growth due to the increasing number of corneal transplantation surgeries. During keratoplasty, the damaged cornea is replaced with donated corneal tissue. According to the Eye Bank Association of America, around 85,441 tissue transplants for keratoplasty were distributed in the U.S. in 2018, which was a 1.4% increase from the previous year. This rise in the number of corneal transplant surgeries is expected to drive demand for ophthalmic viscoelastic devices.
Increasing product recalls is expected to hamper the global ophthalmic viscoelastic devices market growth
The growth of the global ophthalmic viscoelastic devices market may be negatively impacted by product recalls. For instance, in November 2014, the U.S. FDA recalled Abbott Healon EndoCoat Ophthalmic Viscosurgical Device, which was developed by Abbott Medical Optics Inc. (AMO), due to a finger grip dislodgement issue that could lead to unintended hand movement by surgeons and cause potential eye trauma. Mechanical defects in ophthalmic viscoelastic devices resulting in product recalls are expected to cause losses for manufacturers in terms of time and cost, and may hinder market growth.
Global Ophthalmic Viscoelastic Devices Market- Regional Analysis
Based on Geography, the worldwide ophthalmic viscoelastic devices market is split into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa.
The North American region is expected to maintain its dominance in the ophthalmic viscoelastic devices market due to a growing number of product approvals by the U.S. Food and Drug Administration (FDA) for marketing in the region. In May 2016, ALCON LABORATORIES obtained FDA approval for its Cellugel(R) Ophthalmic Viscosurgical Device (OVD), which is an example of such approved products.
Significant growth is expected in the Asia Pacific ophthalmic viscoelastic devices market during the forecast period, due to rising demand for technologically advanced products for ophthalmological surgery and the presence of major manufacturers in the region such as Ophtechnics Unlimited and Neu Micromed International Pvt. Ltd. A good example of this is Ophtechnics Unlimited, an Indian company that offers OCXYLON – SODIUM HYALURONATE, an ophthalmic viscosurgical device (OVD).
Global Ophthalmic Viscoelastic Devices Market – Competitive Landscape
Prominent companies in the ophthalmic viscoelastic devices market include Johnson & Johnson, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Rumex International Co., Ophtechnics Unlimited, Truviz Ophthalmic, Precision Lens, Iso Clear (Pty) Ltd., Neu Micromed International Pvt. Ltd., and Beye, LLC.
𝐏𝐮𝐫𝐜𝐡𝐚𝐬𝐞 𝐓𝐡𝐢𝐬 𝐏𝐫𝐞𝐦𝐢𝐮𝐦 𝐑𝐞𝐩𝐨𝐫𝐭 𝐖𝐢𝐭𝐡 𝐔𝐩 𝐓𝐨 𝟐𝟓% 𝐎𝐅𝐅 @ https://www.coherentmarketinsights.com/insight/buy-now/2521
|The market size value in 2023|
Table of Contents with Major Points:
- Key Findings
- Definitions and Assumptions
- Definition of Ophthalmic Viscoelastic Devices Market
- Market Dynamics
- Trends and Developments
- Key Emerging Trends
- Key Developments Mergers and Acquisition
- New Product Launches and Collaboration
- Partnership and Joint Venture
- Latest Technological Advancements
- Insights on Regulatory Scenario
- Porters Five Forces Analysis
Qualitative Insights Impact of COVID-19 on Global Ophthalmic Viscoelastic Devices Market
- Supply Chain Challenges
- Steps taken by Government/Companies to overcome this impact
- Potential opportunities due to COVID-19 outbreak
- Data Sources
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