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Vitreoretinal Surgery Devices Market size worth over $2.1bn by 2028
- Published Date: January 27, 2022
Vitreoretinal Surgery Devices Market size is set to surpass USD 2.1 billion by 2028, according to a new research report by Global Market Insights, Inc.
Technological advancements in vitreoretinal surgery devices are expected to drive the market growth in the coming years. The field of vitreoretinal surgery has witnessed swift surge in technological developments since the past decade. There have been notable improvements in the surgical capabilities for visualizing the retina and the vitreoretinal interface whilst conducting the surgery.
Improvements in the visualization systems, such as high-quality optical microscopes and digital modalities including 3-dimensional heads-up visualization are projecetd to improve the surgical experience, thereby fostering the vitreoretinal surgery devices adoption rate. Moreover, heavy investments in R&D capabilities leading to the development of intraoperative optical coherence tomography is one of the surgical milestones that enables image-guided vitreoretinal support for procedures such as subretinal biopsy and submacular medical procedures.
The advancements in vitrectomy probes including the beveled tip cutters with faster speed that possess the potential to reduce the surgical time, increased safety, effectiveness, and surgeon comfort. Additionally, the availability of advanced equipment such as forceps, intraocular scissors, chandelier illumination mechanisms further promote their utilization. Ongoing developmental studies for integration of surgical devices with deep learning algorithms to promote surgeon and patient experience is anticipated to proliferate the industry growth.
The growing prevalence of eye-related disorders is projected to fuel the vitreoretinal surgery devices market expansion. Most prevalent conditions leading to vision impairment & vision loss, including glaucoma, age-related macular degeneration (AMD), diabetic retinopathy, cataract, and presbyopia are reported in high frequency. The high target population base is slated to expedite the number of vitreoretinal surgeries, thereby creating a demand for vitreoretinal surgery devices that are used in these surgeries. These developments are estimated to accelerate the acceptance of vitreoretinal surgery devices notably, further promoting the market progression.
Steadily rising rates of vitrectomy surgeries will spur the market value
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The vitrectomy machines segment is poised to reach more than USD 456 million by 2028 due to steadily rising rate of vitrectomy surgeries. Vitrectomy machines are increasingly employed in vitrectomy procedures that is predicated to surge the demand for these devices and promote the industry expansion significantly in the coming years.
Browse key industry insights spread across 100 pages with 128 market data tables & 12 figures & charts from the report, “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” in detail along with the table of contents:
Accessibility to advanced surgical equipment and skilled surgeons to stimulate the market revenue
The hospitals segment is estimated to cross USD 1.04 billion by 2028 owing to accessibility to advanced surgical equipment and skilled surgeons. The demand for these healthcare facilities is increasing credited to high utilization rate of novel vitreoretinal surgery devices in hospitals and the surge in the investments by government authorities in hospitals. Intensive post-surgical care and constant monitoring is expected to promote the patient preference to perform vitreoretinal surgeries in the hospitals. Therefore, the increasing hospital admissions with eye diseases coupled with the advancements in surgical equipment is slated to augment the demand for vitreoretinal surgery devices in these facilities.
Growing incidence of eye-related conditions and the rising hospital admissions in UK will propel the business growth
UK vitreoretinal surgery devices market held 16% of revenue share in 2021 and is projected to exceed USD 102 million by 2028. This significant share is attributed to the high prevalence of eye diseases and the rising hospital admission in the country. As per the RNIB article, in 2017, diabetic retinopathy is amongst the major factors responsible for visual impairment and blindness in UK, especially among adults. The prevalence of diabetic retinopathy was approximately 54.6% in people diagnosed with Type 1 diabetes and around 30.0% in people suffering from Type 2 diabetes. The prevalence of diabetic retinopathy has been surging constantly since the last decade and has potentially surged through nationwide screening programs. The rising prevalence of diabetic retinopathy has increased the number of hospital admissions across the country that to promote the industry demand.
Players are emphasizing on strategic initiatives and innovative product launch to expand business operations
Some of the major companies operating in the 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 leaders are engaged in strategic collaborations, partnerships and agreements to gain competitive advantage over their competitors.