Global Vitreoretinal Surgery Devices Market report from Global Insight Services is the single authoritative source of intelligence on Vitreoretinal Surgery Devices Market. The report will provide you with analysis of impact of latest market disruptions such as Russia-Ukraine war and Covid-19 on the market. Report provides qualitative analysis of the market using various frameworks such as Porters’ and PESTLE analysis. Report includes in-depth segmentation and market size data by categories, product types, applications, and geographies. Report also includes comprehensive analysis of key issues, trends and drivers, restraints and challenges, competitive landscape, as well as recent events such as M&A activities in the market.
The global vitreoretinal surgery devices market was valued at USD 1.7 Billion in 2021 and it is anticipated to grow up to USD 2.5 Billion by 2031, at a CAGR of 3.9% during the forecast period.
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Vitreoretinal surgery devices are used to treat conditions of the retina and vitreous, the clear, jelly-like substance that fills the inside of the eye. There are a variety of vitreoretinal surgery devices, including: Retinal detachment repair devices: These devices are used to repair a retina that has become detached from the back of the eye. Retinal detachment is a serious condition that can lead to blindness. Vitrectomy devices: These devices are used to remove the vitreous from the eye. Vitrectomy is often performed to treat conditions such as diabetic retinopathy and macular degeneration. Retinal prosthesis: A retinal prosthesis is an artificial device that is implanted in the eye to replace the function of the retina. Retinal prostheses are used to treat conditions such as retinitis pigmentosa and age-related macular degeneration.
Market Trends and Drivers
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.
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Global Vitreoretinal Surgery Devices Market by End-use
Based on end-use, the market is segmented as hospitals, specialty clinics, and ambulatory surgery centers. The ambulatory surgery centers. segment held substantial market share in 2021 and is anticipated to witness notable growth to reach highest market share and CAGR by 2031. This is owing wing 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.
Major Players in the Global Vitreoretinal Surgery Devices Market
The key players in the market Alcon, Inc., Bausch & Lomb, Inc., OCULUS Optikgeräte GmbH, MedOne Surgical, Inc., Carl Zeiss Meditec AG, Designs for Vision, Inc., Peregrine Surgical, D.O.R.C., Safilo Group, and Rodenstock, among others.
COVID-19 Impact
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.
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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.
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