As per MRFR analysis, the South Korea Ophthalmic Viscoelastic Devices Market Size was estimated at 57.2 (USD Million) in 2023. The South Korea Ophthalmic Viscoelastic Devices Market Industry is expected to grow from 61.4(USD Million) in 2024 to 123.4 (USD Million) by 2035. The South Korea Ophthalmic Viscoelastic Devices Market CAGR (growth rate) is expected to be around 6.551% during the forecast period (2025 - 2035).
Key South Korea Ophthalmic Viscoelastic Devices Market Trends Highlighted
In South Korea, the ophthalmic viscoelastic devices market is experiencing significant growth driven by an increase in cataract surgeries and refractive eye procedures. The aging population in South Korea is a key market driver, as a larger segment of the populace requires eye care solutions related to age-related eye diseases. Additionally, advancements in surgical techniques and the development of new viscoelastic formulations tailored for specific ophthalmic procedures are pushing the market forward.
South Korea's emphasis on high-quality healthcare and a robust medical device regulatory framework also contribute to a supportive environment for the growth of this market.Local manufacturers have a chance to develop and create more advanced viscoelastic devices.
There is a heightened interest in custom solutions for ophthalmic surgeons and patients. Cooperation between South Korean and foreign companies for technology sharing can improve the products offered and expand the market.
The lack of Advanced Viscoelastic Devices during ophthalmic procedures due to less awareness among healthcare practitioners highlights an opportunity for increased market adoption. Recently, there has been a noticeable trend toward minimally invasive surgery, which increases the interest in ophthalmic viscoelastic devices.
The South Korean medical community is actively adopting cutting-edge technologies, and this trend is reflected in the demand for high-performance viscoelastic agents that improve surgical outcomes.
Furthermore, ongoing research and development efforts in local universities and research institutions are fostering innovation in this field, which is likely to propel the market toward new heights in the coming years. Overall, the dynamics within South Korea’s healthcare landscape signify a promising environment for the ophthalmic viscoelastic devices market.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
South Korea Ophthalmic Viscoelastic Devices Market Drivers
Increasing Prevalence of Eye Disorders
The South Korea Ophthalmic Viscoelastic Devices Market Industry is experiencing significant growth due to the rising prevalence of eye disorders, including cataracts and glaucoma. According to the South Korea National Health Insurance Service, the number of cataract surgeries has increased significantly, with approximately 600,000 surgeries performed annually as of the latest reports.
This increasing demand for surgical procedures correlates directly with the need for ophthalmic viscoelastic devices, which are used to maintain eye pressure and facilitate surgery.
Major organizations such as the Korean Ophthalmological Society have noted a concerning rise in eye disease cases, projecting a steady increase in patient numbers in the coming years. As the population ages, with around 32% of the population expected to be over 65 years by 2040, the need for these devices will likely continue to rise, bolstering market growth.
Advancements in Technology
Technological advancements in the field of ophthalmology are driving the South Korea Ophthalmic Viscoelastic Devices Market Industry forward. Recent innovations in viscoelastic materials have improved the effectiveness and safety of in-eye procedures.
The Ministry of Trade, Industry and Energy has identified the medical technology sector, including ocular surgery devices, as a key area for growth, incentivizing local manufacturers to invest in Research and Development (R&D).With more than 50 patented innovations related to ophthalmic viscoelastic devices registered in South Korea over the past five years, the market is poised for expansion as these products become more widely adopted by healthcare professionals.
Government Support for Healthcare Sector
Government initiatives aimed at enhancing the healthcare system in South Korea are playing a crucial role in the growth of the South Korea Ophthalmic Viscoelastic Devices Market Industry. Policies enacted under the Health Plan 2030 aim to increase access to quality healthcare, which includes eye care services.
The government has allocated significant funding to improve health infrastructure, intending to reduce the incidence of blindness and other severe eye conditions in the country.These measures will ensure greater availability of surgical procedures, thus increasing the demand for viscoelastic devices used during operations. Furthermore, the establishment of public-private partnerships is encouraging innovation and development in ophthalmic surgeries.
Rising Elderly Population
The rapidly growing elderly population in South Korea is a critical driver of the South Korea Ophthalmic Viscoelastic Devices Market Industry. By 2035, it is anticipated that over 20% of the South Korean population will be aged 65 or older, leading to a surge in age-related eye conditions.
The Korean Statistical Information Service has projected that the number of elderly individuals living with visual impairments will double by 2040, increasing the demand for surgical interventions where ophthalmic viscoelastic devices are required.Major healthcare providers in the country are gearing up to meet this anticipated demand, which will play a significant role in driving market growth.
South Korea Ophthalmic Viscoelastic Devices Market Segment Insights
Ophthalmic Viscoelastic Devices Market Type Insights
The South Korea Ophthalmic Viscoelastic Devices Market is witnessing a significant focus on its Type segmentation, which includes Cohesive Ocular Viscoelastic Devices (OVDs) and Dispersive OVDs. Cohesive OVDs are recognized for their ability to maintain space in the anterior chamber during ophthalmic procedures, which makes them crucial in cataract surgeries and other anterior segment surgeries. Their cohesive properties ensure that the viscoelastic material resists breakdown and provides a stable environment, thereby reducing complications and enhancing patients’ outcomes.
On the other hand, Dispersive OVDs, designed to provide better protection for the corneal endothelium, are essential during surgeries where there's a higher risk of corneal damage. Their dispersive nature allows for better spreading and coverage, ensuring effective lubrication and minimizing trauma to the eye. As South Korea continues to advance its healthcare infrastructure, the demand for these devices is likely to grow, driven by an increasing elderly population and a rising prevalence of eye-related disorders.
Recent innovations in ophthalmic technology are further propelling the market, with manufacturers focusing on developing OVDs that offer enhanced safety and effectiveness, thereby meeting the evolving needs of ophthalmic surgeons.Additionally, the South Korea Ophthalmic Viscoelastic Devices Market data indicates a trend towards preferring high-quality synthetic materials that provide optimal performance in surgical settings, ensuring a blend of durability and biocompatibility.
Both Cohesive and Dispersive OVDs play a vital role in enhancing the effectiveness of surgical procedures, ultimately contributing to improved patient care in the region. They reflect the ongoing commitment to advancing ophthalmic surgical techniques and ensuring positive patient outcomes, thus shaping the future of the South Korea Ophthalmic Viscoelastic Devices Market segmentation.
Source: Primary Research, Secondary Research, MRFR Database and Analyst Review
Ophthalmic Viscoelastic Devices Market Application Insights
The South Korea Ophthalmic Viscoelastic Devices Market is significantly influenced by its Application segment, which includes areas like Cataract Surgery, Glaucoma Surgery, Corneal Transplantation, and Vitreoretinal Surgery. Cataract Surgery remains a major driver of market growth due to the high prevalence of cataracts among the aging population in South Korea.
The use of ophthalmic viscoelastic devices enhances surgical outcomes by providing better visualization and protection of ocular tissues during procedures, which is crucial in high-stakes surgeries such as Glaucoma Surgery.Corneal Transplantation is gaining attention as advancements in viscoelastic materials improve graft stability and patient recovery.
Meanwhile, Vitreoretinal Surgery is expanding with the rise in retinal disorders, supported by enhanced surgical techniques and innovative device applications that promote efficacy and safety. Overall, the growing incidence of eye-related diseases combined with the rising demand for effective surgical solutions solidifies the significance of each Application, contributing to market dynamics and presenting numerous growth opportunities within the South Korean healthcare landscape.
Ophthalmic Viscoelastic Devices Market End User Insights
The South Korea Ophthalmic Viscoelastic Devices Market showcases a diverse End User landscape that includes Ophthalmic Clinics and Phaco Centers, Hospitals, and Academic and Research Institutes, each playing a crucial role in the utilization and adoption of these devices. Ophthalmic Clinics and Phaco Centers are significant as they provide specialized services for cataract and other ophthalmic surgeries, facilitating high patient volumes and driving the demand for advanced viscoelastic products.
Hospitals contribute extensively by incorporating these devices into broader surgical practices, catering to various patient needs, which solidifies their importance in the market.Meanwhile, Academic and Research Institutes are fundamental for fostering innovation and development, exploring new applications for viscoelastic devices, and educating future professionals about advancements in ophthalmology.
This segment operates within a framework characterized by consistent advancements in surgical techniques and an increasing prevalence of eye disorders, which further propels the market growth. The integration of cutting-edge technology and a focus on enhancing patient outcomes remain pivotal trends within this segment, effectively shaping the contours of the South Korea Ophthalmic Viscoelastic Devices Market.
South Korea Ophthalmic Viscoelastic Devices Market Key Players and Competitive Insights
The South Korea Ophthalmic Viscoelastic Devices Market is characterized by a dynamic landscape where various players strive to innovate and establish a competitive edge. Demand for advanced surgical procedures in the ophthalmic field, coupled with the growing prevalence of eye disorders, is driving the market's growth. In this sector, numerous companies are focusing on research and development to enhance the efficacy of viscoelastic devices utilized during surgeries such as cataract and glaucoma procedures.
The competitive environment is marked by constant technological advancements and strategic collaborations aimed at improving product offerings while catering to both healthcare professionals and patients in South Korea. As a result, companies are not only competing on the basis of product quality but also on providing integrated solutions to enhance patient outcomes post-surgery.AbbVie is a prominent player in the South Korean Ophthalmic Viscoelastic Devices Market, leveraging its strong presence and expertise in innovative pharmaceuticals and medical devices.
The company benefits from a robust research and development pipeline that allows it to offer cutting-edge solutions for ophthalmic surgical applications. Known for its commitment to quality, AbbVie focuses on delivering viscoelastic devices that meet stringent safety and efficacy standards. The company's extensive distribution network in South Korea enhances its market reach, ensuring that healthcare providers have access to its advanced products.
Additionally, AbbVie’s strong brand reputation, combined with strategic partnerships, further solidifies its competitive advantage, allowing the company to respond swiftly to market demands and patient needs.Inami & Co. has carved a niche in the South Korean Ophthalmic Viscoelastic Devices Market with a specialized focus on manufacturing high-quality viscoelastic products.
The company offers a range of key products that cater specifically to various ophthalmic procedures, enhancing the surgical experience for both doctors and patients. Inami & Co. is recognized for its dedication to innovation and quality control, which is critical in the medical device industry.
The company has established a significant market presence through strategic collaborations and distribution agreements, allowing it to enhance its competitive position. Additionally, Inami & Co's approach to mergers and acquisitions in the region helps it leverage synergistic capabilities, increasing its operational efficiency and expanding its product portfolio. This positions the company favorably in a competitive landscape, ensuring product availability and meeting the diverse needs of ophthalmic professionals in South Korea.
Key Companies in the South Korea Ophthalmic Viscoelastic Devices Market Include
South Korea Ophthalmic Viscoelastic Devices Market Industry Developments
The South Korea Ophthalmic Viscoelastic Devices Market has seen notable developments recently, particularly influenced by advancements in eye surgery techniques. Companies such as AbbVie, Inami and Co, Santen Pharmaceutical, and Bausch Health are expanding their product lines amid growing demand for cataract surgeries fueled by an increasingly aging population.
In August 2023, Johnson and Johnson announced its plans to introduce advanced viscoelastic devices tailored for intricate ocular surgeries, indicating the rising focus on innovation in this sector. Ongoing research in hyaluronic acid-based products is gaining traction, with Hyaluronic Acid Corporation leading the way in developing new formulations.
Market growth has been significant, driven by a surge in ophthalmic procedures and technological advancements enhancing surgical outcomes. Notably, the merger and acquisition landscape remains quiet, with no recent announcements among companies such as Merck and Co. or Carl Zeiss AG in South Korea.
However, past activities over the last few years, including significant investments in production capacity expansions by MediWound and TearLab Corporation, indicate a commitment to enhance market presence. The industry's growth is further supported by government initiatives aimed at improving healthcare infrastructure and accessibility for eye care services across the region.
South Korea Ophthalmic Viscoelastic Devices Market Segmentation Insights
Ophthalmic Viscoelastic Devices Market Type Outlook
Ophthalmic Viscoelastic Devices Market Application Outlook
Ophthalmic Viscoelastic Devices Market End User Outlook
| Report Attribute/Metric Source: | Details |
| MARKET SIZE 2023 | 57.2(USD Million) |
| MARKET SIZE 2024 | 61.4(USD Million) |
| MARKET SIZE 2035 | 123.4(USD Million) |
| COMPOUND ANNUAL GROWTH RATE (CAGR) | 6.551% (2025 - 2035) |
| REPORT COVERAGE | Revenue Forecast, Competitive Landscape, Growth Factors, and Trends |
| BASE YEAR | 2024 |
| MARKET FORECAST PERIOD | 2025 - 2035 |
| HISTORICAL DATA | 2019 - 2024 |
| MARKET FORECAST UNITS | USD Million |
| KEY COMPANIES PROFILED | AbbVie, Inami & Co, ShinHan Pharmaceutical, Bausch Health, MediWound, Santen Pharmaceutical, Systane, Viatris, Carl Zeiss AG, Hyaluronic Acid Corp, Novartis, Viscolex, TearLab Corporation, Johnson & Johnson, Merck & Co |
| SEGMENTS COVERED | Type, Application, End User |
| KEY MARKET OPPORTUNITIES | Rising prevalence of eye diseases, Increasing cataract surgeries, Advancement in minimally invasive procedures, Growing geriatric population, Expanding range of viscoelastic products |
| KEY MARKET DYNAMICS | Increasing cataract surgeries, Growing aging population, Technological advancements, Rising healthcare expenditure, Regulatory compliance challenges |
| COUNTRIES COVERED | South Korea |
Frequently Asked Questions (FAQ) :
The market is expected to be valued at 61.4 million USD in 2024.
By 2035, the market is projected to reach a value of 123.4 million USD.
The market is anticipated to grow at a CAGR of 6.551% during the forecast period of 2025 to 2035.
In 2024, the cohesive OVDs are valued at 25.0 million USD, contributing to a significant market share.
The market size for dispersive OVDs in 2024 is expected to be 36.4 million USD.
Major players include AbbVie, Inami & Co, ShinHan Pharmaceutical, Bausch Health, and Santen Pharmaceutical.
The market for cohesive OVDs is expected to grow from 25.0 million USD in 2024 to 49.0 million USD by 2035.
The market for dispersive OVDs is projected to increase from 36.4 million USD in 2024 to 74.4 million USD in 2035.
Key trends include advancements in technology and increased adoption of minimally invasive surgical techniques.
Challenges include regulatory hurdles and the need for continuous innovation to meet evolving patient demands.
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Assistant Manager He holds an experience of about 7+ years in market research and business consulting, working under the spectrum of life sciences and healthcare domains. rahul conceptualizes and implements a scalable business strategy and provides strategic leadership to the clients. his expertise lies in market estimation, competitive intelligence, pipeline analysis, customer assessment, etc. in addition to the above, his other responsibility includes strategic tracking of high growth markets & advising clients on the potential areas of focus they could direct their business initiatives
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