Ophthalmic Viscoelastic Device (OVD) Trends and Forecast
The future of the global ophthalmic viscoelastic device (OVD) market looks promising with opportunities in the cataract surgery, glaucoma surgery, corneal transplant, and vitreoretinal surgery applications. The global ophthalmic viscoelastic device (OVD) market is expected to reach an estimated $3.7 billion by 2030 with a CAGR of 4.3% from 2024 to 2030. The major drivers for this market are growing prevalence of cataract and glaucoma and rising number of eye surgeries performed.
• Lucintel forecasts that, within the product category, cohesive ophthalmic viscoelastic will remain the larger segment over the forecast period due to its various advantages, such as longer shelf life, better performance, and have variety of application.
• Within the application category, cataract surgery is expected to witness the highest growth over the forecast period.
• In terms of regions, APAC is expected to witness highest growth over the forecast period due to growing old age population, increasing patient interest in eye care, and presence of key players in the region.
Gain valuable insights for your business decisions with our 150+ page report.
Emerging Trends in the Ophthalmic Viscoelastic Device (OVD) Market
New developments in the ophthalmic viscoelastic device market are, as a rule, coordinated with scientific and technical progress and transformations of the surgical approach. These trends are carving a way into the future of ophthalmic care by enhancing device functionalities, improving patient care, and enhancing total efficiency in surgical activities.
• Creation of environmentally friendly OVDs: The trend towards the use of post-operative biodegradable OVDs is gaining momentum because of patient health and the environment. They are placed in the eye for specific purposes and later dissolve in the tissues, thereby preventing risks of complications and the need for follow-up surgeries to remove the materials. This trend improves patient safety and encourages sustainable practices in the field of ophthalmic surgery.
• Integration with smart technology: The inclusion of OVDs in advanced technology leads to real-time tracking and altering of viscosity during operations. Smart OVDs also provide information regarding how surgeon performance can be improved, ensuring that optimal conditions during surgery are maintained throughout. This development raises the level of accuracy and quality of the procedures performed.
• Advancements in materials science: Albert E. KazazianÄX%$%Xs materials science innovations will enhance or produce new types of OVDs that are biocompatible and have significantly better performance than previous generations. New materials improve viscosity control, stability, and clarity, leading to state-of-the-art patient outcomes with minimal complications. This trend facilitates the development of ophthalmic devices that are safer and more effective.
• Expansion of applications: OVDs are evolving from being used only in cataract and glaucoma surgeries to most other surgical procedures in the eye. This extension includes retinal and corneal surgeries, which will benefit from better viscoelasticity. The widening scope of utilization will help expand the market and allow OVDs to reach different forms of treatment in the ophthalmic sector.
• Cost-effectiveness is a top priority: There is an increasing outlook on cost-efficient OVD options, as the advancement of eye care must be made available. Companies are using cheaper viscoelastic materials without a loss of quality, leading to broad acceptance in both developed and developing regions. This trend specifically addresses the budgetary constraints that inhibit many healthcare institutions.
The ophthalmic viscoelastic device industry is experiencing paradigm shifts as new technologies and devices are developed, including biodegradable OVDs, smart technology integration, new materials, new uses, and lower costs. Device performance outcomes and accessibility to ophthalmic care are improved with these trends.
Recent Developments in the Ophthalmic Viscoelastic Device (OVD) Market
The impacts of recent key developments on the ophthalmic viscoelastic device (OVD) market are apparent in the elements of technology, material science, and clinical practice. These developments represent the commitment of the industry to achieving better surgical results and improving patient management.
• Introduction of biodegradable OVDs: From an investment demand perspective, there is a notable introduction of biodegradable OVDs. These are tissue adherent and incorporate an affinity for peptidic linkers for absorption in the tissue. These devices dissolve and do not leave behind any residual materials in the eye, thus eliminating additional surgical procedures to remove excess viscoelastic material. This modernization increases patient safety and promotes a clean environment.
• Introduction of smart OVDs: Smart OVDs have been introduced into the market. These ready-made OVDs allow monitoring in real time, enabling the modification of viscoelastic properties during surgery. This development enhances the accuracy of surgical operations and further eases control within the viscoelastic environment, resulting in better outcomes and lowered risks in surgery.
• Progress in viscosity control: The latest technologies in viscosity control have produced more functional OVDs with reliable viscosity characteristics. Such improvements increase the effectiveness of viscoelastic during operations, creating safe operating environments for various ocular surgeries and averting incidences of complications.
• Diversification of indications: OVDs are now revolutionizing practice in a wider range of non-cataract and non-glaucomatous surgical procedures. The approach also includes retinal and corneal surgeries, where modern OVD characteristics provide significant advantages. This development extends the range of OVD applications, benefiting market expansion.
• Growing interest in cost-effective options: More attention is placed on creating advanced OVDs, as these will enable advanced ophthalmic care to be more accessible to people. Manufacturers are producing cost-effective and high-quality viscoelastic to address inadequacies in healthcare systems. This development encourages the use of OVDs to meet the eye care needs of more people.
Innovation in the ophthalmic viscoelastic device market is fueled by major developments like bio-composite and bio-engineered OVDs, embedded smart technologies, various enhancements in viscosity, diversity of indications in surgery, and low-cost alternatives. These positively influence postoperative results, patient safety, and the availability of high-grade ophthalmological care.
Strategic Growth Opportunities for Ophthalmic Viscoelastic Device (OVD) Market
Market growth opportunities in the ophthalmic viscoelastic device (OVD) market are emerging due to technology and the increasing demand for better eyesight solutions. Understanding these opportunities allows companies to adopt certain applications and grow their market.
• Expansion into new regions: Tapping into emerging markets is a major opportunity for growth due to rising investments in healthcare infrastructure and the readiness to accept advanced technology in eye care. OVD manufacturers can penetrate these countries, attracting new customers and increasing revenue through localized strategies and collaborations.
• Development of innovative OVD materials: Growth opportunities are presented by developing innovative OVD materials with enhanced biocompatibility, stability, and performance. Additionally, further progress in material science can produce the next generation of viscoelastic for better surgical efficacy and patient safety. Companies can become market leaders by investing in research and development for such materials.
• Integration with digital health technologies: Merging OVDs with other devices, such as surgical navigation systems and real-time monitoring tools, presents growth opportunities. New benefits from such integrations include improved accuracy and effectiveness of ophthalmic procedures, which are attractive to healthcare providers seeking competent solutions.
• Expansion of OVD applications: Growth opportunities arise from utilizing OVD applications more in retinal and corneal surgeries, beyond the commonly used cataract and glaucoma surgeries. Some applications may require the production of bespoke OVDs, opening up the market.
• Focus on cost-effective solutions for low-income regions: Cost-effective OVD solutions for low-income regions will also have growth potential, addressing financial constraints in many health systems. Affordable yet efficient viscoelastic will enhance availability and acceptance in regions with low distribution, thus growing the market and enhancing eye health worldwide.
Several factors, such as strategic growth in emerging markets, innovative material developments, diversification into digital health technologies, broader scopes of use, and low-cost devices, are influencing the ophthalmic viscoelastic device market. Harnessing these opportunities will drive market penetration, foster innovation, and improve access to high-quality eye care.
Ophthalmic Viscoelastic Device (OVD) Market Driver and Challenges
The ophthalmic viscoelastic device market faces drivers and challenges, such as economic factors, technology, and regulatory policies. It is important to appreciate these drivers and challenges for effective market positioning and growth strategies.
The factors driving the ophthalmic viscoelastic device (OVD) market include:
• Technological advancement: Rapid growth in OVD development drives the creation and modification of technology, material quality, and performance control. Device innovations have improved effectiveness, safety, and accuracy, leading to better surgical outcomes and higher adoption of advanced viscoelastic devices.
• Increasing need for eye care services: The rising number of cataract and glaucoma surgical procedures, along with an increase in other surgeries, boosts the overall OVD market. Awareness of eye health and improvements in surgical options lead to more people utilizing OVDs, promoting market growth.
• Aging population: The aging segment of society propels the growth of the OVD market, as age-related eye problems require an increased number of ophthalmic surgeries. This demographic shift translates to a rising demand for OVDs in managing more diverse conditions, thereby promoting market growth.
Challenges in the ophthalmic viscoelastic device (OVD) market include:
• High pressure on advanced OVD prices: One limitation to adopting advanced OVDs is their prohibitively high price tags. The high starting price and ongoing costs can render them inaccessible, especially where resources are limited. This necessitates addressing cost issues to enhance market penetration.
• Government regulations: Regulatory compliance challenges may hinder OVD uptake growth by affecting approval and market entry activities. Abiding by strict regulatory guidelines and obtaining necessary approvals is imperative for gaining market acceptance.
• Competition from alternative technologies: Rivalry from alternative technologies, such as other types of viscoelastic or surgical materials, poses a threat to the OVD market. It is crucial to address such threats and stay on the cutting edge of technological progress and product differentiation to maintain industry position.
Technological advancements, demand for eye care, aging populations, healthcare infrastructure development, and minimally invasive operations are key drivers of the ophthalmic viscoelastic device market. High costs, regulation, and competition need resolution for the sustainability of the market and effective innovation.
List of Ophthalmic Viscoelastic Device (OVD) Companies
Companies in the market compete on the basis of product quality offered. Major players in this market focus on expanding their manufacturing facilities, R&D investments, infrastructural development, and leverage integration opportunities across the value chain. Trough these strategies ophthalmic viscoelastic device (OVD) companies cater increasing demand, ensure competitive effectiveness, develop innovative products & technologies, reduce production costs, and expand their customer base. Some of the ophthalmic viscoelastic device (OVD) companies profiled in this report include-
• Bausch Health
• Eyekon Medical
• Bohus Biotech
• Carl Zeiss Meditec
• Cima Technology
Ophthalmic Viscoelastic Device (OVD) by Segment
The study includes a forecast for the global ophthalmic viscoelastic device (OVD) by product, application, end use, and region.
Ophthalmic Viscoelastic Device (OVD) Market by Product [Analysis by Value from 2018 to 2030]:
• Cohesive Ophthalmic Viscoelastic
• Dispersive Ophthalmic Viscoelastic
Ophthalmic Viscoelastic Device (OVD) Market by Application [Analysis by Value from 2018 to 2030]:
• Cataract Surgery
• Glaucoma Surgery
• Corneal Transplant
• Vitreoretinal Surgery
Ophthalmic Viscoelastic Device (OVD) Market by End Use [Analysis by Value from 2018 to 2030]:
• Hospitals
• Ophthalmic Clinics
• Others
Ophthalmic Viscoelastic Device (OVD) Market by Region [Analysis by Value from 2018 to 2030]:
• North America
• Europe
• Asia Pacific
• The Rest of the World
Country Wise Outlook for the Ophthalmic Viscoelastic Device (OVD) Market
The market for ophthalmic viscoelastic devices (OVD) has been making significant strides recently due to advancements in surgical procedures and growing eye health obligations. OVDs, primarily utilized during cataract and glaucoma surgeries, have experienced tremendous technological improvements aimed at enhancing safety. The changes occurring in Indian, German, Chinese, and Japanese markets are a testament to the evolution of such devices and their useful application within current eye care.
• United States: In the US, the ophthalmic viscoelastic device (OVD) market has seen significant advancements driven by technological innovations and evolving surgical practices. Recent developments include the introduction of new and improved viscoelastic materials that offer enhanced performance, such as better clarity, stability, and biocompatibility. These innovations aim to reduce complications during cataract and other ocular surgeries. There is also a growing trend toward using OVDs with higher shear-thinning properties, which improve surgical ease and safety. Furthermore, manufacturers are focusing on developing OVDs with better-controlled viscosity and elasticity to meet the specific needs of various surgical procedures.
• India: In India, the OVD market is witnessing rapid growth due to increasing cataract surgeries and a rising aging population. The demand for advanced OVDs has increased as more patients seek better surgical outcomes and reduced recovery times. The introduction of affordable and effective viscoelastic devices has encouraged ophthalmic surgeons to adopt these products widely. Additionally, government initiatives to improve eye care services and accessibility are further contributing to market growth. However, challenges such as price sensitivity and regulatory hurdles remain as the market evolves.
• China: The Chinese market for OVDs is characterized by a surge in technological advancements and the adoption of innovative products. Leading manufacturers in China are investing heavily in research and development to create next-generation OVDs that are safer and more effective. The increasing prevalence of eye diseases, especially among the aging population, is fueling the demand for cataract and glaucoma surgeries. The Chinese government is also promoting advanced healthcare initiatives, creating a favorable environment for the growth of the OVD market.
• Japan: The Japanese ophthalmic viscoelastic device market is seeing growth due to its strong focus on innovation and high-quality products. Japanese manufacturers are known for producing advanced OVDs that prioritize safety and efficacy. The trend toward minimally invasive surgical techniques is driving the demand for OVDs with excellent viscoelastic properties. Additionally, the aging population in Japan is contributing to a rise in cataract surgeries, thus increasing the demand for OVDs.
In summary, the ophthalmic viscoelastic device market is evolving globally, driven by innovations in materials, increasing surgical procedures, and a growing aging population. Countries like the US, India, China, and Japan are at the forefront of this development, each contributing uniquely to the overall market growth through advancements in technology and a commitment to improving eye care.
Features of the Global Ophthalmic Viscoelastic Device (OVD) Market
Market Size Estimates: Ophthalmic viscoelastic device (OVD) market size estimation in terms of value ($B).
Trend and Forecast Analysis: Market trends (2018 to 2023) and forecast (2024 to 2030) by various segments and regions.
Segmentation Analysis: Ophthalmic viscoelastic device (OVD) market size by product, application, end use, and region in terms of value ($B).
Regional Analysis: Ophthalmic viscoelastic device (OVD) market breakdown by North America, Europe, Asia Pacific, and Rest of the World.
Growth Opportunities: Analysis of growth opportunities in different products, applications, end uses, and regions for the ophthalmic viscoelastic device (OVD) market.
Strategic Analysis: This includes M&A, new product development, and competitive landscape of the ophthalmic viscoelastic device (OVD) market.
Analysis of competitive intensity of the industry based on Porter’s Five Forces model.
If you are looking to expand your business in this market or adjacent markets, then contact us. We have done hundreds of strategic consulting projects in market entry, opportunity screening, due diligence, supply chain analysis, M & A, and more.
FAQ
Q1. What is the ophthalmic viscoelastic device (OVD) market size?
Answer: The global ophthalmic viscoelastic device (OVD) market is expected to reach an estimated $3.7 billion by 2030.
Q2. What is the growth forecast for ophthalmic viscoelastic device (OVD) market?
Answer: The global ophthalmic viscoelastic device (OVD) market is expected to grow with a CAGR of 4.3% from 2024 to 2030.
Q3. What are the major drivers influencing the growth of the ophthalmic viscoelastic device (OVD) market?
Answer: The major drivers for this market are growing prevalence of cataract and glaucoma and rising number of eye surgeries performed.
Q4. What are the major segments for ophthalmic viscoelastic device (OVD) market?
Answer: The future of the ophthalmic viscoelastic device (OVD) market looks promising with opportunities in the cataract surgery, glaucoma surgery, corneal transplant, and vitreoretinal surgery applications.
Q5. Who are the key ophthalmic viscoelastic device (OVD) market companies?
Answer: Some of the key ophthalmic viscoelastic device (OVD) companies are as follows:
• Bausch Health
• Eyekon Medical
• Bohus Biotech
• Carl Zeiss Meditec
• Cima Technology
Q6. Which ophthalmic viscoelastic device (OVD) market segment will be the largest in future?
Answer: Lucintel forecasts that cohesive ophthalmic viscoelastic will remain the larger segment over the forecast period due to its various advantages, such as longer shelf life, better performance, and have variety of application.
Q7. In ophthalmic viscoelastic device (OVD) market, which region is expected to be the largest in next 5 years?
Answer: APAC is expected to witness highest growth over the forecast period due to growing old age population, increasing patient interest in eye care, and presence of key players in the region.
Q.8 Do we receive customization in this report?
Answer: Yes, Lucintel provides 10% customization without any additional cost.
This report answers following 11 key questions:
Q.1. What are some of the most promising, high-growth opportunities for the ophthalmic viscoelastic device (OVD) market by product (cohesive ophthalmic viscoelastic and dispersive ophthalmic viscoelastic), application (cataract surgery, glaucoma surgery, corneal transplant, and vitreoretinal surgery), end use (hospitals, ophthalmic clinics, and others), and region (North America, Europe, Asia Pacific, and the Rest of the World)?
Q.2. Which segments will grow at a faster pace and why?
Q.3. Which region will grow at a faster pace and why?
Q.4. What are the key factors affecting market dynamics? What are the key challenges and business risks in this market?
Q.5. What are the business risks and competitive threats in this market?
Q.6. What are the emerging trends in this market and the reasons behind them?
Q.7. What are some of the changing demands of customers in the market?
Q.8. What are the new developments in the market? Which companies are leading these developments?
Q.9. Who are the major players in this market? What strategic initiatives are key players pursuing for business growth?
Q.10. What are some of the competing products in this market and how big of a threat do they pose for loss of market share by material or product substitution?
Q.11. What M&A activity has occurred in the last 5 years and what has its impact been on the industry?
For any questions related to Ophthalmic Viscoelastic Device (Ovd) Market, Ophthalmic Viscoelastic Device (Ovd) Market Size, Ophthalmic Viscoelastic Device (Ovd) Market Growth, Ophthalmic Viscoelastic Device (Ovd) Market Analysis, Ophthalmic Viscoelastic Device (Ovd) Market Report, Ophthalmic Viscoelastic Device (Ovd) Market Share, Ophthalmic Viscoelastic Device (Ovd) Market Trends, Ophthalmic Viscoelastic Device (Ovd) Market Forecast, Ophthalmic Viscoelastic Device (Ovd) Companies, write Lucintel analyst at email: helpdesk@lucintel.com. We will be glad to get back to you soon.