Ophthalmic Viscoelastic Devices Global Market Report 2023

(MENAFN- GlobeNewsWire - Nasdaq) New York, Aug. 24, 2023 (GLOBE NEWSWIRE) -- Reportlinkerannounces the release of the report "Ophthalmic Viscoelastic Devices Global market Report 2023" -
Ltd., Johnson & Johnson Pvt. Ltd., Novartis International AG, Rumex International Corporation, Rayner Intraocular Lenses Limited, Aurolab, Ophtechnics Unlimited, Truviz Ophthalmic, and Beye LLC.
The global ophthalmic viscoelastic devices market is expected to grow from $2.50 billion in 2022 to $2.61 billion in 2023 at a compound annual growth rate (CAGR) of 4.7%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ophthalmic viscoelastic devices market is expected to reach $3.05 billion in 2027 at a CAGR of 4.0%.
The ophthalmic viscoelastic devices market consists of sales of cohesive OVDs, dispersive OVDs, and combined OVDs.Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors, and retailers) or directly to end customers.
The value of goods in this market includes related services sold by the creators of the goods.
An ophthalmic viscoelastic device (OVD) is a gel-like substance that is used during certain types of eye surgery to create and maintain space within the eye, protect delicate intraocular structures, and facilitate surgical maneuvers. OVDs are typically clear, viscous, and elastic, and they are designed to mimic the properties of the natural fluids inside the eye.
North America was the largest region in the ophthalmic viscoelastic devices market in 2022.Asia-Pacific is expected to be the fastest-growing region in the forecast period.
The regions covered in the ophthalmic viscoelastic devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East and Africa.
The main types of ophthalmic viscoelastic devices are cohesive ophthalmic viscoelastic and dispersive ophthalmic viscoelastic.Cohesive ophthalmic viscoelastic (OVD) refers to a type of viscoelastic substance used during eye surgeries, particularly cataract surgery.
Cohesive OVDs are highly viscand cohesive, and therefore, they tend to stay together as a single mass rather than spreading or dispersing within the eye. These are used in several applications, including cataract surgery, glaucoma surgery, corneal transplant, and vitreoretinal surgery, and are used by variend users, such as hospitals, ophthalmology clinics, and others.
The surge in the prevalence of cataracts and glaucoma is expected to propel the growth of the ophthalmic viscoelastic devices market going forward.A cataract refers to clouding in the eyes with decrease in vision.
Glaucoma is a group of eye conditions that damage the optic nerve, often due to increased pressure inside the eye.It can result in vision loss and blindness if left untreated.
An ophthalmic viscoelastic device (OVD) is a gel-like substance that is used during eye surgeries, including cataract surgery and certain glaucoma procedures. For instance, in January 2022, according to the National Library of Medicine, a US-based biomedical library operated by the federal government, 4.13 million adults over the age of 50 had moderate to severe vision impairment in 2020, and 3.6 million had glaucoma-related blindness. For people aged 50 and over, glaucoma was the primary cause of 11% of all cases of blindness worldwide in 2020. Furthermore, in October 2022, according to The BrightFoFoundation, a US-based nonprofit organization, there were currently 80 million glaucoma sufferers globally, and by 2040, that figure was projected to rise to nearly 111 million. Therefore, the surge in the prevalence of cataracts and glaucoma is driving the growth of the ophthalmic viscoelastic devices market.
Product innovations are a key trend gaining popularity in the ophthalmic viscoelastic devices market.Companies operating in the ophthalmic viscoelastic devices market are adopting new technologies to sustain their position in the market.
For instance, in April 2023, Bausch + Lomb Corporation, a US-based eye health company, launched the StableVisc cohesive ophthalmic viscosurgical device (OVD) and the TotalVisc Viscoelastic System.StableVisc, a cohesive OVD, helps maintain space in the anterior chamber of the eye to allow surgeons to extract and replace the clouded natural lens.
The TotalVisc Viscoelastic System includes both StableVisc and ClearVisc, a dispersive OVD, and protects ocular tissue during the surgical procedure.These products contain sodium hyaluronate and sorbitol, a unique chemical compound that, when compared to other OVDs examined in laboratory research, has been found to deliver improved free radical scavenging properties.
Dual-action mechanical and chemical protection is offered by TotalVisc OVD.
In May 2020, BVI Medical, a US-based company engaged in manufacturing and distributing surgical devices dedicated to ophthalmology, acquired ophthalmic device assets from Croma for an undisclosed amount.With this acquisition, the Prinz family (founders of Croma) would be able to position BVI to further innovate in the product category of ophthalmology.
Croma is an Austria-based manufacturing company engaged in the ophthalmic and orthopedic industries.
The countries covered in the ophthalmic viscoelastic devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD, unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.
The ophthalmic viscoelastic devices market research report is one of a series of new reports that provides ophthalmic viscoelastic devices market statistics, including ophthalmic viscoelastic devices industry global market size, regional shares, competitors with an ophthalmic viscoelastic devices market share, detailed ophthalmic viscoelastic devices market segments, market trends, and opportunities, and any further data you may need to thrive in the ophthalmic viscoelastic devices industry. This ophthalmic viscoelastic devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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