Vitreoretinal Surgery Devices Market to Reach US$ 2.5 Bn by 2031, driven by government initiatives and funding to improve vision care: Global Insight Services
Vitreoretinal surgery devices are used to treat conditions of the retina and vitreous, the clear, jelly-like substance that fills the inside of the eye. There are a variety of vitreoretinal surgery devices, including: Retinal detachment repair devices: These devices are used to repair a retina that has become detached from the back of the eye. Retinal detachment is a serious condition that can lead to blindness.
Vitrectomy devices: These devices are used to remove the vitreous from the eye. Vitrectomy is often performed to treat conditions such as diabetic retinopathy and macular degeneration. Retinal prosthesis: A retinal prosthesis is an artificial device that is implanted in the eye to replace the function of the retina. Retinal prostheses are used to treat conditions such as retinitis pigmentosa and age-related macular degeneration..
Vitreoretinal Surgery Devices Market: Key Trends and Drivers
The rapidly aging population is anticipated to spur the industry progression in the coming years. The WHO data estimates that the geriatric population is slated to double in the years from 2015 to 2050. The elderly population aged above 60 years is poised to showcase threefold growth during 2010 and 2050, reaching about 1.3 billion. Moreover, as per the United Nations Population Fund (UNFPA) estimates, by the year 2050, approximately 25% individuals in Asia Pacific region will be aged more than 60 years. Eye-related disorders are increasingly prevalent among the elderly population as aging affects vision and the ability to focus. The increasing elderly population affected with vision related conditions is set to fuel the vitreoretinal surgery devices market demand. The most frequent causes of vision impairment among the aging populace include the age-related macular degeneration, glaucoma, cataract, and diabetic retinopathy among others. Due to the increasing susceptibility and impaired vision, the prevalence of these disorders is commonly profound in people aged 60 and above.
Vitreoretinal Surgery Devices Market: Restraints & Challenges
Uncertain reimbursement scenario and high cost associated with the vitreoretinal surgery devices may negatively impact the market progression. The cost pertaining to the acquisition of vitreoretinal surgery devices may range from USD 5,000 to USD 15,000. The high cost associated with vitreoretinal surgery devices may limit the acceptance rate, thereby limiting the industry expansion. Owing to cost intensive nature of vitreoretinal surgeries, these medical procedures are reimbursed by the Medicare services. Despite of this reimbursement for the procedures, the reimbursement concerning vitreoretinal surgery devices is fairly uncertain that might restrict the industry demand.
The photocoagulation lasers segment is likely to hold a dominant Vitreoretinal Surgery Devices Market share and grow at a substantial CAGR during the forecast period.
Based on product the market is segmented as Photocoagulation Lasers, Illumination Devices, Vitreoretinal Packs, Vitrectomy Machines, and Vitrectomy Probes. The photocoagulation lasers segment accounted for majority market share in 2021 and is anticipated to register a significant CAGR from 2022-20301. Photocoagulation lasers are applied in the treatment several eye disorders such the two leading causes of blindness in the U.S. including diabetic retinopathy and age-related macular degeneration. These precise laser-sourced devices reduce the risk of vision loss by cauterizing ocular blood vessels.
The ambulatory surgical center segment is anticipated to hold a majority of the Vitreoretinal Surgery Devices Market size throughout the study period.
Based on end-use, the market is segmented as hospitals, specialty clinics, and ambulatory surgery centers. The ambulatory surgery centers segment held substantial market share in 2021 and is anticipated to witness notable growth to reach highest market share and CAGR by 2031. This is owing wing to the growing number of vitreoretinal surgeries at ambulatory surgical centers. The increased usage of advanced and miniaturized vitreoretinal surgery devices reduced surgical time & increased convenience, and reduced instances of complications have minimized the requirement for hospitalization. Due to these developments, the number of vitreoretinal surgeries conducted in an outpatient setting has surged steadily that is expected to benefit the market share. In addition to this, the increasing pressure to minimize surging healthcare costs and availability of efficient equipment that limit the surgical complications including the reduced risks of catching the retina is further set to spur the industry demand.
The Asia-Pacific region is estimated to exhibit the highest growth rate during the Vitreoretinal Surgery Devices Market forecast period.
Region-wise, it is studied across North America, Europe, Asia Pacific, and the Rest of the World. Asia Pacific is expected to witness the fastest growth in terms of revenue over the forecast period. The presence of a large patient pool in the region seeking ophthalmic care is expected to drive the adoption of vitrectomy devices. Additionally, the growing focus of the government to provide enhanced medical facilities and proper care to the patients may also contribute towards the market growth.
.Recent Developments in the Vitreoretinal Surgery Devices Market:
- In May 2021, MedOne Surgical announced the FDA 510(k) clearance of its MicroDose Injector device for low volume ophthalmic injections into the subretinal space.
- In July 2020, Alcon to showcased latest innovations, data at American Society of Retina Specialists 2020 virtual annual meeting.
- In May 2019, Hoya Surgical Optics completed the acquisition of Fritz Ruck and MID Labs. This acquisition will help Hoya in leveraging MID Lab’s vitrectomy cutters, machines, and other vitreoretinal surgical products, thus, contributing towards the expansion of its product portfolio.
- In May 2019, Alcon launched advancements to the CENTURION® Vision System at American Society for cataract and refractive surgery meeting.
Vitreoretinal Surgery Devices Market Report Coverage
- The report offers a comprehensive quantitative as well as qualitative analysis of the current global Vitreoretinal Surgery Devices Market outlook and estimations from 2021 to 2031, which helps to recognize the prevalent opportunities.
- A thorough analysis of market trends and restraints is provided.
- Region-wise, as well as country-wise conditions, are broadly evaluated in this report.
- The forecasts in this report are made by examining the recent trends along with future Vitreoretinal Surgery Devices Market potential from 2021 to 2031 in terms of revenue.
- Porter’s five forces analysis, SWOT analysis, COVID-19 impact analysis, Russia-Ukraine war impact, and PESTLE analysis of the Vitreoretinal Surgery Devices Market are also analyzed.
- Major players in the market are profiled in this report and their key developmental strategies are studied in detail. This will provide an insight into the competitive landscape of the global surface disinfectants industry.
Global Vitreoretinal Surgery Devices Market Segmentation
- Photocoagulation Lasers
- Illumination Devices
- Vitreoretinal Packs
- Vitrectomy Machines
- Vitrectomy Probes
- Specialty Clinics
- Ambulatory Surgery Centers