The global Retinal
Surgery Devices market was valued at USD 1.77 billion in 2018 and is
expected to reach USD 3.27 billion by the year 2026, at a CAGR of 8.0%. The
major factors driving the growth of the retinal surgery devices market during
the forecast years are the rising technological advancements and the growing
number of applications of surgical devices. Moreover, the ever-increasing
geriatric population and the rising prevalence of eye-related retinal disorders
are anticipated to accelerate the growth of the global market in the forecast
period. The emerging economies worldwide are projected to offer potential
growth opportunities for the market further. Low compliance rate and
non-adherence to therapeutic approaches that are formulated to reduce vision
loss risk in diabetic retinopathy are also expected to shift the focus towards
surgical devices, thereby fueling the market growth. Non-compliance with the
vision care guidelines by the patients is recognized as a complex health issue.
According to research conducted by NCBI, one-third of the diabetic patients
were found to be unsuccessful in following the vision care guidelines in the
United States. Also, in emerging economies such as China & India, the
non-adherence proportion exceeds 60%.
The growing geriatric population
possesses greater susceptibility towards developing retinal eye diseases, which
further broadens the base for the growth of the retinal surgery devices market.
According to the WHO, by 2050, the world's population aged 60 years and older
is expected to total 2 billion, up from 900 million in 2015. Presently, about
125 million people are aged 80 years or older. The global retinal surgery
devices market is primarily driven by the increasing prevalence of ophthalmic
conditions, especially diabetic retinopathy. According to the National Diabetes
Statistics, one often is suffering from diabetes, which is nearly 9.4% of the
total U.S population. Moreover, newly diagnosed diabetes cases of type 1 and
type 2 have increased among the youth, and it is further expected to increase.
These are some of the major key factors which are responsible for boosting the
market growth during the forecast period.
However, the high cost associated
with retinal surgery devices, low adoption for these application especially in
developing nations, stringent government regulations about the medical devices
and strict guidelines, inadequate reimbursement, and high costs for treatment
and product designing and development coupled with a requirement for advanced
integrated technologies for retinal surgery is one of the major factors that
restrict the growth of the market.
To identify the key trends in
the industry, click on the link below:
Further key findings from
the report suggest
- Retinal laser equipment is projected to witness
exponential growth over the forecast years, owing to consistency in the
usage of retinal operative procedures, their easy operability, easy
availability, and cost-efficiency. Moreover, the use of laser in
operations are increasing because of the preference over traditional
surgical methods.
- Based on application, diabetic retinopathy emerged as
the largest segment as a result of the high prevalence of retinal
disorders that raise the clinical urgency to adopt retinal surgery
devices, thereby, fueling the demand. According to the Center of Disease
Control and Prevention, from 2010 to 2050, the number of Americans
with diabetic retinopathy is expected to nearly double, from 7.7
million to 14.6 million.
- As of 2018, hospitals hold the largest market share
of the global retinal surgery devices market mainly due to high patient
volume, consistent re-admissions, and easy availability of high-end
equipment. According to the National Institute of Health, by 2050, the
number of people in the U.S. with cataract is expected to double from 24.4
million to about 50 million. The majority of cases will affect white
people, however Hispanic Americans are expected to have the most rapid
increase in prevalence from 1.76 million cases to 9.51 million.
- North America region accounts for the largest market
share of the global retinal surgery devices market, which can be
attributed to the extensive R&D activities that provide a platform for
growth through consistent new product approvals
- The market in the Asia Pacific is projected to
witness lucrative growth over the forecast period, due to growing
awareness related to availability and benefits of these devices. The
increasing target disease and geriatric population are expected to support
the market growth during the forecast period.
- Market players are adopting various strategic initiatives
such as collaboration and expansion, and product launches. For instance,
Beyer recently launched a technologically advanced VersaVIT 2.0 vitrectomy
machine which is equipped with an LED illumination system, three
vitrectomy packs, and adjustable chandelier fiber for the safe operative
procedure. Similarly, a 23-Gauge fragmentation needle that eliminates the
need to enlarge sclerotomy and achieve enhanced visualization,
intraoperative efficiency, and control
- Key participants include Alcon, Bausch & Lomb Incorporated, Carl Zeiss, Topcon Corporation, Synergetics, IRIDEX Corporation, Ellex Medical Lasers, Escalon Medicals, Second Sigh Medical Products, and Erbe Elektromedizin
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