Retinal Surgery Devices Market To Reach USD 3.27 Billion By 2026 | Reports And Data

Retinal Surgery Devices Market Size – USD 1.77 Billion in 2018, Market Growth - CAGR of 8.0%, Retinal Surgery Devices Industry Trends – Development of technologically advanced retinal surgery devices, rising prevalence of target diseases


New York, Dec. 05, 2019 (GLOBE NEWSWIRE) -- Growing geriatric population, rising prevalence of eye disorders such as retinal detachment and diabetic retinopathy, increasing patient preference for minimally invasive surgeries are key factors contributing to high CAGR of Retinal Surgery Devices during the forecast period.

The global Retinal Surgery Devices market was valued at USD 1.77 billion in 2018 and is expected to reach USD 3.27 billion by the year 2026, at a CAGR of 8.0%. 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 rising 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%.

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 often is suffering 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 application especially in developing nations, stringent government regulations about the medical devices and 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 is one of the major factors that restrict the growth of the market.

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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 are 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 of 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 2018, 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 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 that 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

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

Segments covered in the report:

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; 2016–2026)

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

Applications (Revenue, USD Million; 2016–2026)

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

End user (Revenue, USD Million; 2016–2026)

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

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Regional Outlook (Revenue in USD Million; 2016–2026)

  • North America
    • U.S.
  • Europe
    • France
    • UK
  • Asia Pacific
    • China
    • India
    • Japan
  • Latin America
    • Brazil
  • Middle East and Africa

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