Dublin, July 28, 2023 (GLOBE NEWSWIRE) -- The "Ophthalmic Viscosurgical Devices Market - Growth, Trends, COVID-19 Impact, and Forecasts (2023-2028)" report has been added to ResearchAndMarkets.com's offering.
The global ophthalmic viscosurgical devices market is projected to experience a robust Compound Annual Growth Rate (CAGR) of 6.5% during the forecast period.
The market initially faced challenges due to the COVID-19 pandemic, with lockdown measures affecting footfall in clinics and hospitals for eye care, leading to the postponement or cancellation of procedures. However, with the lifting of restrictions and normalization of the supply chain, the market has been witnessing a strong comeback, driven by increased outpatient visits and a surge in ophthalmic procedures.
The COVID-19 pandemic had a significant impact on eye care services, resulting in decreased cataract procedures and outpatient visits for glaucoma patients. The outbreak led to restrictions on non-essential procedures, negatively affecting the diagnosis and treatment of ocular disorders. Nevertheless, as pandemic-related limitations were eased, the ophthalmic viscosurgical devices market began to recover, and product launches and initiatives further supported its growth.
One of the key drivers of the market is the rapidly growing geriatric population, which is more susceptible to ocular disorders. The World Health Organization (WHO) reported that the pace of population aging is accelerating, with the number of people aged 60 years and above expected to reach 1.4 billion by 2030. This demographic shift is expected to boost market growth significantly.
Additionally, the rising prevalence of diabetes is contributing to the increase in ocular diseases, such as glaucoma, cataracts, and diabetic retinopathy. According to the IDF Diabetes Atlas Tenth Edition 2021, diabetes affected around 537 million individuals globally in 2021, and the numbers are projected to rise to 643 million by 2030 and 783 million by 2045. As diabetes remains a leading cause of ophthalmic diseases, the demand for ophthalmic viscosurgical devices is expected to rise in response.
The market does face challenges due to the availability of alternative procedures, which may hinder its growth in some regions. However, overall market recovery is expected to continue due to the increasing adoption of cataract and glaucoma surgeries and the growing awareness of ocular disorders.
Ophthalmic Viscosurgical Devices Market Trends: Cataract Surgery Segment Drives Growth
The cataract surgery segment holds a significant share in the ophthalmic viscosurgical devices market and is expected to witness healthy growth during the forecast period. The increasing prevalence of cataracts and a rising geriatric population are the primary factors driving demand in this segment.
According to a research study published in January 2021, cataract is the primary cause of preventable blindness and impaired vision in Ethiopia, accounting for 50% of all cases of blindness and 33% of all cases of low vision globally. As the number of cataract-related illnesses rises, the demand for cataract surgery devices is increasing, fueling growth in this segment.
Moreover, a growing number of cataract surgeries, as indicated by data from the Organization for Economic Co-operation and Development (OECD), is further contributing to the demand for ophthalmic viscosurgical devices.
For instance, cataract surgeries in Ireland, Israel, and Korea increased significantly in 2020. Product launches by key market players, such as the FDA-approved ClearVisc dispersive ophthalmic viscosurgical device by Bausch + Lomb, are also driving market expansion.
North America Holds Significant Market Share: Increasing Geriatric Population Boosts Demand
North America is expected to hold a significant market share in the global ophthalmic viscosurgical devices market. Factors such as an increasing aging population, improved access to ophthalmic care facilities, rising healthcare expenditure, and a well-established healthcare infrastructure are driving market growth in the region. The prevalence of cataracts and other ocular disorders is rising in the United States and Canada. For instance, the Centers for Disease Control and Prevention (CDC) reported around 30.1 million cataract cases in the United States in 2020, and around 8.96 million Americans are projected to suffer from uncorrectable vision impairment by 2050.
The growing geriatric population in North America, as indicated by data from Statistics Canada, is another factor supporting market expansion. As the number of elderly individuals susceptible to ophthalmic diseases increases, the demand for ophthalmic viscosurgical devices is expected to rise.
Key market players in the ophthalmic viscosurgical devices market include Johnson & Johnson, Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, and others. The market is moderately competitive, and these companies are actively involved in product launches and strategic initiatives to maintain their market position.
In conclusion, the ophthalmic viscosurgical devices market is witnessing steady growth, driven by factors such as the aging population, rising prevalence of diabetes, and increased demand for cataract and glaucoma surgeries. As the market continues to recover from the impact of the COVID-19 pandemic, it is expected to see further growth in the coming years.
A selection of companies mentioned in this report includes
- Johnson & Johnson
- Carl Zeiss Meditec AG
- Bausch & Lomb Incorporated
- Rayner Intraocular Lenses Limited
- Alcon AG
- Beaver-Visitec International Inc.
- Bohus Biotech AB
- Truviz Ophthalmic
- Amring Pharmaceutical Inc.
- Advin Health Care
- Ophtechnics Unlimited
- EC21 Inc.
For more information about this report visit https://www.researchandmarkets.com/r/tu5pwt
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