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Retinal Surgery Devices Market To Reach USD 3.53 Billion By 2027 | Alcon, Bausch & Lomb Incorporated, Carl Zeiss, Topcon Corporation, Synergetics

March 25th, 2020 Reports And Data Releases

The Global Retinal Surgery Devices Market was valued at USD 1.91 Billion in 2019 and is expected to reach USD 3.53 Billion by the year 2027, at a CAGR of 8%. 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 increasing 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%.

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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 out of ten people suffer 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 applications, especially in developing nations, stringent government regulations relating to medical devices, 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, are the major factors that are expected to restrict the growth of the market.

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 is 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 for 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 2019, 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 the 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 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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For the purpose of this study, Reports and Data have segmented the Retinal Surgery Devices market on the basis of product, application, end-use, and region:

Product (Revenue, USD Million; 2017–2027)

  • Vitrectomy Machines
  • Vitrectomy Packs
  • Surgical Instruments
  • Microscopic Illumination Equipment
  • Retinal Laser Equipment
    • Photocoagulation Devices
    • Photodisruption Devices
    • SLT
  • Others

Application (Revenue, USD Million; 2017–2027)

  • Diabetic Retinopathy
  • Retinal Detachment
  • Epiretinal Membrane
  • Macular Hole
  • Others

End-Use (Revenue, USD Million; 2017–2027)

  • Hospital and Clinics
  • Ambulatory Services
  • Ophthalmology Centers
  • Others

Regional Outlook (Revenue in USD Million; 2017–2027)

  • North America
    • U.S.
    • Canada
  • Europe
    • Germany
    • France
    • U.K
    • Spain
    • Italy
    • Rest of Europe
  • Asia Pacific
    • China
    • India
    • Japan
    • Rest of Asia Pacific
  • Middle East & Africa
  • Latin America
    • Brazil

To identify the key trends in the industry, click on the link below:   https://www.reportsanddata.com/report-detail/retinal-surgery-devices-market

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About Reports and Data

Reports and Data is a market research and consulting company that provides syndicated research reports, customized research reports, and consulting services. Our solutions purely focus on your purpose to locate, target and analyze consumer behavior shifts across demographics, across industries and help client’s make a smarter business decision. We offer market intelligence studies ensuring relevant and fact-based research across a multiple industries including Healthcare, Technology, Chemicals, Power, and Energy. We consistently update our research offerings to ensure our clients are aware about the latest trends existent in the market. Reports and Data has a strong base of experienced analysts from varied areas of expertise.

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