Vitreoretinal Surgery Devices Market: Top 5 trends propelling the industry size through 2025
Global vitreoretinal surgery devices market is poised to gain massive traction over the ensuing years considering the accelerating demand for these devices on account of increasing incidence of ailments associated with eyes around the world. Increasing cases of macular degeneration among elderly population will fuel the adoption of vitreoretinal surgical procedure leading to increased product demand. According to the International Agency for the Prevention of Blindness, age-related macular degeneration (AMD) is the main cause of blindness across developed economies. More than 196 million people worldwide are anticipated to suffer from AMD by 2020.
Another crucial factor stimulating the adoption of vitreoretinal surgery equipment is the increase in prevalence of diabetes resulting in diabetic retinopathy across middle-income and emerging economies. Based on the American Diabetic Association statistics, in 2017, around 97 million people in the U.S. suffered from diabetic retinopathy. In addition, rising government initiatives and awareness campaigns regarding use of several ophthalmic devices such as vitreoretinal packs, vitrectomy probes, etc., will favor the vitreoretinal surgery devices market growth over the foreseeable future.
According to Global Market Insight, Inc. report, vitreoretinal surgery devices market share is projected to surpass USD 1.9 billion by 2025, considering the below mentioned trends:
Burgeoning demand for vitreoretinal packs
Vitreoretinal packs segment is likely to register substantial gains over the forecast years owing to elevating product demand driven by growing geriatric population along with rising number of vitreoretinal surgeries. Further, extensive usage of vitreoretinal packs in large number of applications related to retinal surgeries will contribute to industry growth. Another important growth inducing factor for the segment is numerous advantages associated with vitreoretinal packs including high portability, optical magnification and higher sensitivity.
Heightened product adoption across hospitals
Hospitals segment is expected to emerge as strong end-use vertical during the subsequent years considering the increased application of vitreoretinal surgical instruments for the treatment of vision-related disorders including macular hole, epiretinal membrane, retinal detachment, etc. Further, rising complications pertaining to diabetes such as diabetic retinopathy in conjunction with rising hospital admissions will complement the segment growth.
To access sample pages of this report titled, “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), Industry Analysis Report, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2019 – 2025” in detail along with the table of contents, please click on the link below:
Rising prevalence of eye related disorders in the U.S.
U.S. vitreoretinal devices industry is estimated to secure a largest market share over the upcoming years on account of rising incidence of several eye-related ailments in the country. According to the American Academy of Ophthalmology statistics, nearly 40 million residents in the U.S. suffer from some eye-related disorders such as diabetic retinopathy, glaucoma, cataract and dry eye. Additionally, rising awareness regarding various vitreoretinal treatments among the population coupled with higher adoption rates of these devices in developed regions will propel the business growth significantly.
Growing awareness regarding vitreoretinal surgeries in India
India vitreoretinal devices market is projected to observe a robust growth over the forthcoming years owing to the presence of large consumer base in the country. Moreover, initiatives undertaken by the government such as VISION 2020 to eliminate the root cause of treatable blindness globally will support the market growth in the country further. In addition, growing awareness regarding benefits of vitreoretinal surgeries and increased prevalence of various eye disorders will enhance the vitreoretinal surgery devices market outlook.
New product development by prominent business players
Major players operating in global vitreoretinal devices market such as Carl Zeiss Meditec AG, MedOne Surgical, Inc., Designs for Vision, Inc, Alcon, Inc., Bausch & Lomb, Inc., etc. are implementing several effective business strategies such as new product developments, mergers and acquisitions in order to gain a strong position in the vitreoretinal surgery devices market. For instance, in 2019, Carl Zeiss launched the FCI vitreoretinal range of high-performing surgical devices in India. Reportedly, the FCI products are made available through the exclusive partnership of ZEISS India and FCI (France Chirurgie Instrumentation) S.A.S. which is a ZEISS group company based in France known for the development of a wide range of ophthalmic surgical devices.
Citing another instance, in 2018, Alcon announced the launch of Hypervit with unique dual blade design. Apparently, the product launch helped the company strengthen its product portfolio and gain a competitive edge in the vitreoretinal surgery devices market.
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