The global retinal surgery devices market is dynamic in nature and is characterized by a high degree of competition among players in this market, as per the findings of a new report by Transparency Market Research (TMR). This is mainly due to the high demand for differentiator products that are technologically advanced, cost competent and easy to use as well. Some of the leading players in the global retinal surgery devices market are Synergetics Inc., Bausch + Lomb Incorporated, Optos plc, and IRIDEX Corporation.
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Business expansion by means of acquisition is also what key players in this market are focused on. This augments the surgical portfolio and technological capabilities of the acquiring company to sustain intense competitive rivalry in this market.
Business alliances for the purpose of distribution agreement is also a key growth strategy that top players in this market are adopting. This arrangement is a win-win for both the parties to leverage the expertise of each other.
High Susceptibility of Geriatric Population to Ocular Diseases Favors Market Growth
An ever-increasing geriatric population, combined with higher life expectancy, is one of the primary factors driving the growth of the global retinal surgery devices market. This is because age is a major factor that increases the chances of ocular diseases, of which, diabetic retinopathy, macular pucker, and retinal detachment are most common. As per estimates of the World Health Organization (WHO), the global geriatric population is expected to reach 2 billion by 2050 increasing from 524 million in 2010. It is expected that developed countries would display the fastest rise in geriatric population; however, the availability of advanced healthcare in these regions has increased the life expectancy of this population. This population, however, is at a higher risk for developing ocular diseases to fuel demand for retinal surgery devices.
Technological advancement in ophthalmic surgery is also a key factor propelling the growth of this market. The periodic introduction of novel technologies is meant for enhanced treatment reliability, safety, accuracy, and for faster recovery after surgery. To cater to this, companies in this market are under constant pressure to introduce innovative products.
High Price Factor of Retinal Surgery Devices Burdens Patients for Increased Surgical Costs
“The high cost of retinal surgery devices is detrimental to the market’s growth,” says a TMR analyst. Though novel technologies and newer equipment are available for the treatment of retinal conditions, their high price factor is restricting the use of these devices. Moreover, delay in regulatory approvals reduces returns for large companies due to the buildup of inventory. With the increase in prices of drugs and medical devices at about 4% each year, hospital charges have increased as well. These factors that are pertaining to the high price of surgical equipment are restraining the market’s growth.
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The global retinal surgery devices market is expected to reach a valuation of more than US$2.0 bn by 2020. In 2013, diabetic retinopathy stood as the leading application segment due to the increasing prevalence of diabetes and its associated eye disorders. Vitrectomy packs led the equipment type segment in 2013 and is expected to register the highest CAGR in the coming years. North America is a leading market for retinal surgery devices due to increased awareness about technologically advanced treatments for retinal conditions.
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