Ophthalmic Viscosurgical Devices Market Analysis:
The ophthalmic viscosurgical devices (OVDs) market is growing at a very healthy pace mainly because of the rising need for cataract surgeries caused by the increasing geriatric population across the world. OVDs are used in these procedures since they help create space within the eye, shield the sensitive intraocular structures and allow the IOLs to be placed at the right positions with reduced risk to the eye. Moreover, the increasing incidence of diabetes which is an important risk factor for such diseases as diabetic retinopathy increases the demand for improved eye care services. Surgical advancements such as minimally invasive surgeries are also contributing to the growth of the market because they need specific OVDs to support precision and increase patient satisfaction.
All stakeholders in the industry are keen on the development of new products to cater for needs in ophthalmic surgeries. Another emerging market trend is the use of biocompatible and environmentally friendly OVDs that are safer for patients and fit into a general trend towards sustainable healthcare. There is a trend towards companies devoting more resources to the development of OVDs that can be used during complicated operations and which have a longer shelf life. This coupled with increasing patient awareness about better treatment options is paving way for steady growth of the ophthalmic viscosurgical devices market in the future years.
Key Points and Statistics on the Ophthalmic Viscosurgical Devices Market:
· The ophthalmic viscosurgical devices market is expected to expand to USD 842.7 million by 2032, with a CAGR of 6.3% from 2024 to 2032
· In 2023, the market is estimated to be worth USD 494.1 million and divided into type, source, application, and regional segments
· North America is predicted to dominate the market by 2032
· Asia-Pacific is expected to develop at the quickest rate from 2023 to 2032
· Based on type, the cohesive is the leading segment in ophthalmic viscosurgical devices market
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Ophthalmic Viscosurgical Devices Market Dynamics
Expansion of Healthcare Services Fuels the Ophthalmic Viscosurgical Devices Market Growth
The growth of the global healthcare industry is also driving the growth of ophthalmic viscosurgical devices (OVDs) market. This is because with the increase in the availability of health care especially in the developing world more people get to seek treatment for age related eye complications such as cataract or diabetic retinopathy. These conditions demand ophthalmic surgeries that involve the use of OVDs to create space within the eye, shield fragile tissue, and improve the accuracy of the surgery. The growth of healthcare centers and government programs to enhance the vision care is persuading patients to opt for required surgeries, which in turn boosts the demand for OVDs.
Besides, the increase in the number of dedicated ophthalmic clinics and care centers is increasing the access to premium eye care, which is driving the market. These specialized centers are more likely to use some of the latest surgical techniques and apply new generations of OVDs for the best surgical results and least risk to the patient’s health. Due to the increase in awareness of eye health services and accessibility of elective and preventive eye surgeries, there is a demand for better quality OVDs. The increase in the number of healthcare facilities also contributes to the growth of the market for OVDs, as they remain critical in ophthalmic surgeries.
Embracing Patient Awareness and Sustainable Solutions Creates Surplus Ophthalmic Viscosurgical Devices Market Opportunities
The rising patient concern with the health of the eyes and the shift towards a more proactive approach to the disease is a major opportunity for the ophthalmic viscosurgical devices (OVDs) industry. As people get to understand the need to visit an ophthalmologist for eye examination and early detection of eye diseases the need for sophisticated eye treatments is on the rise. This change of mind has made the health care providers to provide specialized treatments hence increasing the number of surgeries that use OVDs. Patients are now looking forward to such solutions to address their eye health needs and since they are likely to seek early solutions, the market for OVDs is likely to grow. This trend is in line with the increased concern for wellbeing in the society, whereby preventive health care solutions are valued more than the curative ones.
In addition, there is an increasing emphasis on the creation of the environmentally friendly and biocompatible OVD products due to the changes in patients’ demand and legal requirements. The consumer is becoming more environmentally conscious and is seeking medical solutions that are environmentally friendly and patient friendly. Companies are meeting this need through research and development of new material that would improve the biocompatibility of the OVDs. Such developments are not only in the bid to enhance the results of surgeries but are also in an effort to reduce the occurrence of reactions during the surgeries. The introduction of such sustainable products not only satisfies patients and healthcare providers but also, the market competition creates a valuable opportunity for companies to expand the OVD sector.
Ophthalmic Viscosurgical Devices Market Segmentation:
Ophthalmic Viscosurgical Devices Market Based on Type
· Dispersive
· Cohesive
· Viscoadaptive
Ophthalmic Viscosurgical Devices Market Based on Source
· Animal
· Biological
· Semi-synthetic
Ophthalmic Viscosurgical Devices Market Based on Application
· Cataract Surgery
· Glaucoma Surgery
· Corneal Grafting
· Vitreoretinal Grafting
Ophthalmic Viscosurgical Devices Market Based on Region
· North America
· Asia-Pacific
· Europe
· Latin America
· The Middle East & Africa
Ophthalmic Viscosurgical Devices Market Regional Overview:
This report finds that the ophthalmic viscosurgical devices (OVDs) market is growing at different rates in different regions due to several factors such as demography, availability of healthcare facilities, and rising incidence of eye disorders. The market is quite strong in North America due to the strong healthcare infrastructure, high prevalence of cataract surgeries, and high levels of spending on modern healthcare technologies. One of the major factors is the increasing population of people in this region, and as people age their eyesight is affected by diseases such as cataracts. Moreover, the increasing demand for minimally invasive surgical procedures and patient safety has also boosted the use of specialized OVDs adding to the market growth.
However, the Asia-Pacific region is gradually becoming the most promising market for OVDs with the fastest growth rates. Urbanization has greatly advanced in the recent past and with this advancement has come improvement in the health facilities and this has lead to improvement in eye care services. An ageing population, increasing rates of diabetics, and other ocular diseases and conditions are increasing the need for ophthalmic procedures. Secondly, as more people in this region get a disposable income, there is always the desire to spend on better eye care solutions. The growth of dedicated ophthalmology centers is also helping to drive increased surgical procedures and therefore the need for OVDs in Asia-Pacific region making it a future market.
Ophthalmic Viscosurgical Devices Market Companies:
Prominent players in the ophthalmic viscosurgical devices industry include Rayner Group, Alcon, Bohus BioTech AB, Bausch + Lomb, BVI, Johnson & Johnson Services, Inc., Carl Zeiss Meditec AG, Nordic Pharma, Inc., and Truviz Ophthalmic.
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