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Vitreoretinal Surgery Devices Market Size By Product (Photocoagulation Lasers, Illumination Devices, Vitreoretinal Packs, Vitrectomy Machines, Vitrectomy Probes), By End-use (Hospitals, Specialty Clinics, Ambulatory Surgery Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028

  • Report ID: GMI3417
  • Published Date: Jan 2022
  • Report Format: PDF

Industry Trends

Vitreoretinal Surgery Devices Market size valued at over USD 1.8 billion in 2021 and is expected to witness more than 2.9% CAGR from 2022 to 2028. The growing incidence eye related disorders like retinal detachment, macular degeneration, uveitis, and vitreous haemorrhage among other complications related to diabetic retinopathy are stimulating the market growth.
 

Vitreoretinal Surgery Devices Market Overview

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TAs per the Springer, in 2021, the prevalence of self-reported eye conditions was approximately 2.7% for glaucoma, 11.4% for cataract, and 3.8% for retinal degeneration respectively. This development will propel the number of vitreoretinal surgeries thereby driving the adoption of vitreoretinal surgery devices that would promote the industry growth. In addition to this, the growing geriatric population along with supportive government initiatives for augmenting awareness regarding eye-related disorders is further poised to render significant impact, influencing the product acceptance and vitreoretinal surgery devices market expansion.
 

However, 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 COVID-19 pandemic has emerged as an unprecedented health concern that has rendered significant impact on the vitreoretinal surgery devices market value. The coronavirus outbreak has affected the global economy and several industrial structures including the healthcare sector. In order to minimize the further transmission of SARS-CoV-2 virus, national lockdowns were imposed, and emergencies were declared in several countries. Hospital admissions and services were offered to the COVID-19 affected patients on priority basis, with majority of the other medical procedures on halt. The U.S. declared a national emergency and postponed majority of the non-emergency surgical procedures in outpatient and inpatient settings. This has led to the delay in multiple medical procedures including vitreoretinal surgeries across various countries that has affected the market.
 

Growing geriatric population to amplify the vitreoretinal surgery devices market revenue

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.

 

Rising prevalence of disorders such as AMD & cataract will stimulate the market growth

The photocoagulation lasers segment in the vitreoretinal surgery devices market exceeded USD 479 million in 2021. 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.
 

Rise in the number of vitreoretinal surgeries in ambulatory surgical centers to accelerate the segment growth

Vitreoretinal Surgery Devices Market Size

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The vitreoretinal surgery devices market for ambulatory surgery centres segment is estimated to reach USD 374 million by 2028 owing 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.
 

High product acceptance in the North America region attributed to increasing number of vitreoretinal surgeries will boost the regional growth

Global Vitreoretinal Surgery Devices Market

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U.S. vitreoretinal surgery devices market is slated to cross USD 815 million by 2028 on account of the high acceptance of advanced devices and the rise in incidence of eye-related disorders that translates to increased vitreoretinal surgeries across the country. For instance, according to the Centers for Disease Control & Prevention statistics, an estimated 20.5 million citizens in the U.S. aged 40 years and above were suffering with cataract in one or both eyes, and around 6.1 million Americans had their lens removed surgically.
 

The overall number of individuals with cataracts was further projected to reach to 30.1 million by 2020. Similarly, approximately 1.8 million Americans aged 40 years and above were affected by age-related macular degeneration (AMD) and an additional 7.3 million Americans are at considerable risk of developing AMD. Such adverse conditions along with aging population are predicted to impel the adoption rate of vitreoretinal surgery devices in the country.
 

Strategies adopted by major players to surge the industry revenue

Some of the major companies operating in the vitreoretinal surgery devices market are Alcon, Inc., Bausch & Lomb, Inc., OCULUS Optikgeräte GmbH, MedOne Surgical, Inc., Carl Zeiss Meditec AG, Designs for Vision, Inc., Peregrine Surgical, and D.O.R.C. Dutch Ophthalmic Research Center (International) B.V. These market leaders concentrate on strategic developments such as partnerships, new product launch & commercialization, vertical integration for business expansion. Furthermore, these participants are heavily investing in R&D activities that enables them to innovative & capitalize on these products that further helps to garner maximum revenue in the market.
 

Vitreoretinal surgery devices market research report includes an in-depth coverage of the industry with estimates & forecast in terms of revenue in USD from 2017 to 2028, for the following segments:

Market, By Product, 2017 - 2028 (USD Million)

  • Photocoagulation Lasers
  • Illumination Devices
  • Vitreoretinal Packs
  • Vitrectomy Machines
  • Vitrectomy Probes
  • Others

Market, By End-use, 2017 - 2028 (USD Million)

  • Hospitals
  • Specialty Clinics 
  • Ambulatory Surgery Centers 
  • Others

The above information is provided for the following regions and countries:

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • UK
    • France
    • Spain
    • Italy
  • Asia Pacific
    • China
    • Japan
    • Australia
    • India
  • Latin America
    • Brazil
    • Mexico
    • Argentina
  • Middle East & Africa
    • South Africa
    • Saudi Arabia
    • UAE
       
Authors: Sumant Ugalmugle, Rupali Swain

Frequently Asked Questions (FAQ) :

Market size of vitreoretinal surgery devices crossed $1.8 billion in valuation in 2021 and is anticipated to record more than 2.9% CAGR over 2022-2028.

Photocoagulation lasers surpassed $479 million in 2021 as these lasers can be used to treat a wide range of eye disorders, including diabetic retinopathy and age-related macular degeneration, among others.

The ambulatory surgical centers may capture a valuation of $374 million by 2028 as advanced and miniatured vitreoretinal surgery devices are being extensively used in these centers to increase a patient’s comfort and reduce the total surgical time.

The U.S. market is estimated to go past $815 million by 2028 as advanced surgical instruments are being developed on a large scale to combat the rising incidence of eye-related disorders in the country.

Reputed organizations, such as Alcon, Inc., MedOne Surgical, Inc., Bausch & Lomb, Inc., Designs for Vision, Inc., D.O.R.C. Dutch Ophthalmic Research Center (International) B.V., and Peregrine Surgical, among several others, are positively contributing to the global market forecast.

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Premium Report Details

  • Base Year: 2021
  • Companies covered: 11
  • Tables & Figures: 140
  • Countries covered: 17
  • Pages: 100

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