OPHTHALMIC VISCOELASTIC DEVICES MARKET ANALYSIS

Ophthalmic Viscoelastic Devices MarketSize and Trends

Ophthalmic Viscoelastic Devices Market Insights

Ophthalmic viscoelastic devices play a crucial role in ophthalmic surgeries such as cataract surgery, glaucoma surgery, vitreoretinal surgery, and corneal transplantation surgery. The selection of ophthalmic viscoelastic devices is based on surgical requirement and surgeons’ preferences. Innovative product offerings by major manufacturers such as Sight Sciences, Rayner Surgical Group, and Bausch & Lomb Incorporated who are engaged in the development of ophthalmic products is expected to drive growth of the ophthalmic viscoelastic devices market.

Increasing prevalence of ocular dysfunction and disease is expected to drive growth of the global ocular implant market. For instance, in January 2019, according to Glaucoma Research Foundation, over 3 million people in the U.S. have been diagnosed with glaucoma. The National Eye Institute projects that this number will increase by 58% and reach 4.2 million by 2030.

The global ophthalmic viscoelastic devices market was valued at US$ 810.9 million in 2019 and is expected to register a CAGR of 9.4% during the forecast period (2019–2027).

Figure 1. Global Ophthalmic Viscoelastic Devices Market value Analysis (US$ Mn), By Product Type

Source: Coherent Market Insights Analysis (2019)

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.

In corneal transplantation surgery (keratoplasty), the damaged cornea is replaced by donated corneal tissue. The number of corneal transplantation surgeries is increasing significantly which is expected to drive demand for ophthalmic viscoelastic devices. For instance, according to Eye Bank Association of America, in 2018 according to Eye Bank Association of America, in 2018, around 85,441 tissue (corneal transplants) have been distributed for keratoplasty in the U.S. The number increased by 1.4% (84,297) from 2017. Thus, rising number of corneal transplant surgeries is expected to drive growth of the ophthalmic viscoelastic devices market.