Ophthalmic Viscoelastic Device - OVD Market Report 2024 (Global Edition)

Global Ophthalmic Viscoelastic Device - OVD Market Report 2024 Market Size Split by Product Type (Dispersive Ophthalmic Viscoelastic Devices , Cohesive Ophthalmic Viscoelastic Devices, Viscoadaptive ...

Ophthalmic Viscoelastic Device - OVD Market Report Description

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Competitive Landscape of the Ophthalmic Viscoelastic Device - OVD Market

The competitive landscape of the Ophthalmic Viscoelastic Device (OVD) market is characterized by the presence of several established players as well as emerging companies. Key players in the market are focused on strategic initiatives such as product launches, partnerships, mergers, and acquisitions to strengthen their market position and expand their product portfolio.

Ophthalmic Viscoelastic Device - OVD industry news

In May 2020:The ophthalmic viscoelastic device (OVD) properties from Croma, an Austrian firm that specialises in the most cutting- edge manufacturing line of hyaluronic acid products in the world, have been acquired by BVI, the fastest expanding diversified company in ophthalmology.

(Source: https://www.prnewswire.com/news-releases/bvi-expands-portfolio-with-new-viscoelastic-forges-strategic-partnership-with-croma-301060210.html)

In Jan. 2022: The U.S. Food and Drug Administration (FDA) has granted the 510(k) clearance for Glaukos Corporation's iPRIMETM Viscodelivery System, a sterile, single-use, minimally invasive device for the delivery of viscoelastic fluid during ophthalmic surgery.

(Source:https://investors.glaukos.com/investors/news/news-details/2022/Glaukos-Announces-FDA-510k-Clearance-of-iPRIME/default.aspx)

Top Companies Market Share in Ophthalmic Viscoelastic Device - OVD Industry: (In no particular order of Rank)

• Carl Zeiss AG
• Bausch & Lomb Inc
• Johnson & Johnson Vision Care Inc
• Alcon Inc
• Rayner Intraocular Lenses Ltd.
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Market Regional analysis of the Ophthalmic Viscoelastic Device - OVD Market

Which Region Dominates the Ophthalmic Viscoelastic Device - OVD Market in 2024?

According to Cognitive Market Research, North America dominated the market in 2024 and accounted for around 40% of the global revenue. North America's dominance in the Ophthalmic Viscoelastic Device (OVD) Market is attributed to several key factors. Firstly, the region has a well-established healthcare infrastructure and a high prevalence of eye-related disorders, leading to a significant demand for OVDs. Secondly, North America is home to several major ophthalmic device manufacturers and research institutions, contributing to a strong market presence and continuous innovation in the field. Additionally, favorable reimbursement policies and high healthcare spending in countries like the United States have further fueled the adoption of OVDs.

Which Region is Expanding at the Fastest CAGR?

Asia Pacific is emerging as the fastest-growing region in the Ophthalmic Viscoelastic Device (OVD) Market due to several key factors. Firstly, the region's rapidly growing elderly population, coupled with increasing access to healthcare services and advancements in ophthalmic care, has led to a surge in demand for OVDs. Secondly, rising disposable incomes and improving healthcare infrastructure in countries like China, India, and Japan have contributed to the market's expansion. Additionally, the increasing prevalence of eye-related disorders and a growing number of ophthalmic surgeries in the region have boosted the adoption of OVDs.

The current report Scope analyzes Ophthalmic Viscoelastic Device - OVD Market on 5 major region Split (In case you wish to acquire a specific region edition (more granular data) or any country Edition data then please write us on info@cognitivemarketresearch.com

• North America (United States, Canada, Mexico)
• Europe (United Kingdom, France, Germany, Italy, Russia, Spain, Sweden, Denmark, Netherlands, Switzerland, Belgium)
• Asia-Pacific (China, Japan, Korea, India, Australia, Philippines, Singapore, Malaysia, Thailand, Indonesia, Rest of APAC)
• South America (Brazil, Argentina, Colombia, Peru, Chile, Rest of South America)
• Middle East and Africa (Saudi Arabia, Turkey, Nigeria, UAE, Egypt, South Africa, GCC Countries, Rest of MEA)

The above graph is for illustrative purposes only.

North America Ophthalmic Viscoelastic Device - OVD Market

According to Cognitive Market Research, the global Ophthalmic Viscoelastic Device - OVD market size was estimated at USD 2615.2 Million out of which North America held the major market of more than 40% of the global revenue with a market size of USD 1046.08 million in 2024 and will grow at a compound annual growth rate (CAGR) of 2.7% from 2024 to 2031. Segmentation analysis reveals a market divided by product type, including dispersive, cohesive, and combined OVDs. Dispersive OVDs are commonly used in complex surgical procedures, while cohesive OVDs are preferred for their ease of use and predictable performance. In conclusion, the OVD market in North America is poised for growth, driven by factors such as technological advancements, increasing adoption of minimally invasive surgical techniques, and the growing demand for ophthalmic surgeries

• According to Cognitive Market Research, the US had a major share in the Ophthalmic Viscoelastic Device - OVDs market with a market size of USD 825.36 million in 2024 and is projected to grow at a CAGR of 2.5% during the forecast period. The demand is amplified by the nation's aging population, increasing prevalence of ophthalmic disorders, and advancements in surgical techniques propel consistent growth. 
• The Canada Ophthalmic Viscoelastic Device - OVDs market had a market share of USD 125.53 million in 2024 and is projected to grow at a CAGR of 3.5% during the forecast period. Canada's increasing adoption of minimally invasive surgical techniques.
• The Mexico Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.2% during the forecast period with a market size of USD 95.19 million in 2024.

Europe Ophthalmic Viscoelastic Device - OVD Market

According to Cognitive Market Research, the global Ophthalmic Viscoelastic Device - OVD market size was estimated at USD 2615.2 Million out of which Europe market of more than 30% of the global revenue with a market size of USD 237462.66 million in 2024 and will grow at a compound annual growth rate (CAGR) of 29.0% from 2024 to 2031. In Europe, the Ophthalmic Viscoelastic Device (OVD) market is a mature yet evolving sector, driven by factors such as an aging population, increasing incidence of ophthalmic disorders, and advancements in surgical techniques. Segmentation analysis reveals a market divided by product type, including dispersive, cohesive, and combined OVDs. Dispersive OVDs are often used in complex surgical procedures, while cohesive OVDs are favored for their ease of use and predictable performance. In conclusion, the OVD market in Europe is characterized by a competitive landscape and technological advancements. To succeed in this market, manufacturers should focus on innovation, product development, and strategic partnerships to meet the diverse needs of ophthalmic surgeons and patients in the region.

• The United Kingdom Ophthalmic Viscoelastic Device - OVDs market had a market share of USD 131.81 million in 2024 and is projected to grow at a CAGR of 3.8% during the forecast period. In the UK, Ophthalmic Viscoelastic Device - OVD sales witness an upswing due to the nation's aging population, increasing incidence of ophthalmic disorders, and advancements in surgical techniques.
• The France Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 2.2% during the forecast period with a market size of USD 72.18 million in 2024.
• According to Cognitive Market Research, the Germany Ophthalmic Viscoelastic Device - OVDs market size was valued at USD 155.34 million in 2024 and is projected to grow at a CAGR of 3.2% during the forecast period. In Germany, Ophthalmic Viscoelastic Device - OVD sales surge due to the advancements in surgical techniques. 
• The Italy Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 2.4% during the forecast period with a market size of USD 67.47 million in 2024.
• The Russia Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 2.0% during the forecast period with a market size of USD 121.61 million in 2024.
• The Spain Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 2.1% during the forecast period with a market size of USD 64.33 million in 2024.
• The Luxembourg Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.1% during the forecast period with a market size of USD 24.32 million in 2024.
• The Portugal Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 2.8% during the forecast period with a market size of USD 16.48 million in 2024.
• The Greece Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.3% during the forecast period with a market size of USD 9.41 million in 2024.
• Rest of Europe Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 1.7% during the forecast period with a market size of USD 121.61 million in 2024.

Asia Pacific Ophthalmic Viscoelastic Device - OVD Market

According to Cognitive Market Research, the global Ophthalmic Viscoelastic Device - OVD market size was estimated at USD 2615.2 Million out of which Asia Pacific is the fastest growing market of more than 23% of the global revenue with a market size of USD 601.50 million in 2024 and will grow at a compound annual growth rate (CAGR) of 6.5% from 2024 to 2031. In Asia Pacific, the Ophthalmic Viscoelastic Device (OVD) market is experiencing rapid growth, driven by factors such as an increasing elderly population, rising prevalence of ophthalmic disorders, and advancements in healthcare infrastructure. Segmentation analysis reveals a market divided by product type, including dispersive, cohesive, and combined OVDs. Dispersive OVDs are often used in intricate surgical procedures, while cohesive OVDs are favored for their ease of use and consistent performance. In conclusion, the OVD market in Asia Pacific is characterized by rapid technological advancements and increasing adoption of minimally invasive surgical techniques.

• According to Cognitive Market Research, the China Ophthalmic Viscoelastic Device - OVDs market size was valued at USD 270.67 million in 2024 and is projected to grow at a CAGR of 6.0% during the forecast period. Ophthalmic Viscoelastic Device - OVD sales surge in China due to the nation's rising prevalence of ophthalmic disorders, and advancements in healthcare infrastructure.
• The Japan Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 5.0% during the forecast period with a market size of USD 83.01 million in 2024.
• The India Ophthalmic Viscoelastic Device - OVDs market had a market share of USD 72.18 million in 2024 and is projected to grow at a CAGR of 8.3% during the forecast period. The demand is augmented by India's advancements in healthcare infrastructure.
• The South Korea Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 5.6% during the forecast period with a market size of USD 60.15 million in 2024.
• The Australia Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 6.2% during the forecast period with a market size of USD 31.28 million in 2024.
• The South East Asia Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 7.5% during the forecast period with a market size of USD 41.50 million in 2024.
• The Rest of Asia Pacific Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 6.3% during the forecast period with a market size of USD 42.71 million in 2024.

South America Ophthalmic Viscoelastic Device - OVD Market

According to Cognitive Market Research, the global Ophthalmic Viscoelastic Device - OVD market size was estimated at USD 2615.2 Million out of which Latin America market of more than 5% of the global revenue with a market size of USD 130.76 million in 2024 and will grow at a compound annual growth rate (CAGR) of 3.9% from 2024 to 2031. In Latin America, the Ophthalmic Viscoelastic Device (OVD) market is a growing sector, driven by factors such as an aging population, increasing prevalence of ophthalmic disorders, and advancements in surgical techniques. Segmentation analysis reveals a market divided by product type, including dispersive, cohesive, and combined OVDs. Dispersive OVDs are often used in complex surgical procedures, while cohesive OVDs are favored for their ease of use and predictable performance. In conclusion, the OVD market in Latin America presents significant opportunities for growth, driven by factors such as increasing healthcare infrastructure, rising disposable incomes, and a growing awareness of ophthalmic health.

• According to Cognitive Market Research, the Brazil Ophthalmic Viscoelastic Device - OVDs market size was valued at USD 55.97 million in 2024 and is projected to grow at a CAGR of 4.5% during the forecast period. Ophthalmic Viscoelastic Device - OVD sales flourish in Brazil due to the nation's aging population, increasing prevalence of ophthalmic disorders.
• The Argentina Ophthalmic Viscoelastic Device - OVDs market had a market share of USD 21.97 million in 2024 and is projected to grow at a CAGR of 4.8% during the forecast period. The demand is augmented by Argentina's advancements in surgical techniques.
• The Colombia Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 11.64 million in 2024.
• The Peru Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 4.1% during the forecast period with a market size of USD 10.72 million in 2024.
• The Chile Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 7.9% during the forecast period with a market size of USD 9.41million in 2024.
• The Rest of Latin America Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.0% during the forecast period with a market size of USD 21.05 million in 2024.

Middle East and Africa Ophthalmic Viscoelastic Device - OVD Market

According to Cognitive Market Research, the global Ophthalmic Viscoelastic Device - OVD market size was estimated at USD 2615.2 Million out of which Middle East and Africa market of more than 2.00% of the global revenue with a market size of USD 52.30 million in 2024 and will grow at a compound annual growth rate (CAGR) of 4.2% from 2024 to 2031. In the Middle East and Africa (MEA) region, the Ophthalmic Viscoelastic Device (OVD) market is a burgeoning sector, driven by factors such as an increasing elderly population, rising incidence of ophthalmic disorders, and advancements in healthcare infrastructure. Segmentation analysis reveals a market divided by product type, including dispersive, cohesive, and combined OVDs. Dispersive OVDs are often used in intricate surgical procedures, while cohesive OVDs are favored for their ease of use and consistent performance. In conclusion, the OVD market in the Middle East and Africa presents significant opportunities for growth, driven by factors such as increasing healthcare investments, rising patient awareness, and a growing number of ophthalmic surgeries.

• According to Cognitive Market Research, the GCC Countries Ophthalmic Viscoelastic Device - OVDs market size was valued at USD 22.39 million in 2024 and is projected to grow at a CAGR of 5.0% during the forecast period. Ophthalmic Viscoelastic Device - OVD sales flourish in the GCC Countries due to the region's strategic investments in healthcare research and advancements.
• The Egypt Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 4.5% during the forecast period with a market size of USD 5.49 million in 2024.
• The South Africa Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 5.2% during the forecast period with a market size of USD 8.26 million in 2024.Ophthalmic Viscoelastic Device - OVD sales flourish in the South Africa due to the advancements in healthcare infrastructure.
• The Turkey Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.7% during the forecast period with a market size of USD 4.50 million in 2024.
• The Nigeria Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.3% during the forecast period with a market size of USD 5.49 million in 2024.
• The Rest of MEA Ophthalmic Viscoelastic Device - OVDs market is projected to witness growth at a CAGR of 3.2% during the forecast period with a market size of USD 6.17 million in 2024.

Ophthalmic Viscoelastic Device - OVD Market Analysis

Ophthalmic Viscoelastic Device - OVD Market Product Type Segment Analysis

According to Cognitive Market Research, cohesive ophthalmic viscoelastic devices (OVDs) are considered the dominant category. Cohesive OVDs have gained significant popularity among ophthalmic surgeons due to their cohesive properties, which allow for easy manipulation and maintenance of the anterior chamber during surgery. These devices provide excellent space maintenance and endothelial cell protection, making them ideal for complex cataract and intraocular lens (IOL) implantation procedures.

The fastest-growing category in the OVD market is the dispersive ophthalmic viscoelastic devices (OVDs). Dispersive OVDs are characterized by their high molecular weight and low cohesiveness, making them suitable for coating and protecting delicate ocular tissues during surgery. These OVDs offer excellent tissue protection and help in maintaining a stable anterior chamber, especially in challenging cases.

• Dispersive Ophthalmic Viscoelastic Devices 
• Cohesive Ophthalmic Viscoelastic Devices
• Viscoadaptive Ophthalmic Viscoelastic Devices

The above Chart is for representative purposes and does not depict actual sale statistics. Access/Request the quantitative data to understand the trends and dominating segment of Ophthalmic Viscoelastic Device - OVD Industry. Request a Free Sample PDF!

Ophthalmic Viscoelastic Device - OVD Market  Application Segment Analysis

According to Cognitive Market Research, cataract surgery stands out as the dominant application category. Cataract surgery is one of the most common ophthalmic procedures globally, and OVDs play a crucial role in these surgeries. OVDs are used to protect the corneal endothelium, maintain the anterior chamber, and facilitate the insertion of intraocular lenses (IOLs). The increasing prevalence of cataracts, coupled with the growing demand for minimally invasive surgical techniques, has significantly boosted the adoption of OVDs in cataract surgeries.

The fastest-growing application category in the OVD market is vitreoretinal surgery. Vitreoretinal surgery involves the treatment of various retinal disorders, such as retinal detachment, macular holes, and diabetic retinopathy. OVDs are used in vitreoretinal surgery to maintain the shape of the eye, stabilize the retina, and protect the delicate retinal tissues during surgical maneuvers.

• Cataract Surgery 
• Glaucoma Surgery 
• Vitreoretinal Surgery 
• Corneal Transplantation Surgery 
• Others

The above Graph is for representation purposes only. This chart does not depict actual Market share.

Ophthalmic Viscoelastic Device - OVD Composition Segment Analysis

According to Cognitive Market Research, sodium hyaluronate emerges as the dominant composition. Sodium hyaluronate is a naturally occurring polysaccharide that is widely used in OVDs due to its excellent viscoelastic properties, biocompatibility, and ability to maintain intraocular pressure during surgery. Its molecular weight and concentration can be varied to tailor the viscosity and elasticity of the OVD, making it suitable for different surgical techniques and patient needs.

Hydroxypropyl methylcellulose (HPMC) is the fastest-growing composition category in the OVD market. HPMC is a semi-synthetic polymer derived from cellulose and is used in OVDs for its viscoelastic and mucoadhesive properties. HPMC-based OVDs are particularly favored for their ability to provide extended lubrication and protection to the cornea and other ocular tissue.

• Sodium Hyaluronate 
• Chondroitin Sulfate 
• Hydroxypropyl Methylcellulose

Ophthalmic Viscoelastic Device - OVD End-User Segment Analysis

According to Cognitive Market Research, hospitals emerge as the dominant end-user category. Hospitals are the primary centers for ophthalmic surgeries, including cataract, glaucoma, and vitreoretinal surgeries, where OVDs are extensively used. The large patient pool, advanced surgical facilities, and the presence of skilled ophthalmic surgeons in hospitals contribute to their high demand for OVDs.

Ophthalmic clinics are the fastest-growing end-user category in the OVD market. Ophthalmic clinics, particularly specialized clinics focused on ophthalmic surgeries, have witnessed a surge in demand for OVDs due to several factors. These clinics often offer specialized services, personalized care, and advanced surgical techniques, attracting patients seeking high-quality eye care. Moreover, the rising prevalence of eye disorders, coupled with the increasing awareness about eye health, has led to a growing number of patients opting for ophthalmic surgeries at clinics.

• Ophthalmic Clinics 
• Hospitals 
• Academic and Research Institutes 

Author's Detail

Anushka Gore

Research Associate at Cognitive Market Research

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Anushka Gore is a seasoned market researcher specializing in the dynamic landscape of the Pharmaceutical industry. With a keen analytical mind and a deep passion for healthcare advancements, she has dedicated herself unraveling the intricate market trends and consumer behaviors that shape the future of medical technologies and services.

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