Newark, NJ, Oct. 13, 2020 (GLOBE NEWSWIRE) -- As per the report published by Fior Markets, the global vitreoretinal surgery devices market is expected to grow from USD 1.63 billion in 2019 and to reach USD 2.48 billion by 2027, growing at a CAGR of 5.41% during the forecast period 2020-2027.
The increase in eye-related disorders such as the macular hole, diabetic retinopathy, CMV retinitis, detached retina, etc. has increased the demand for vitreoretinal surgeries worldwide. These growing disorders have also increased the awareness of eye health, which has accelerated the market growth. The occurrence of eye disorders is most common in the geriatric population; thus, the demand for the market is mainly driven by the older age groups.
The vitreoretinal surgeries are used for treating various eye-related disorders with the help of different procedures. It is mainly performed in the interior part of the eye for the treatment of light-sensitive membrane and gel-like vitreous. These surgeries are found to be effective in restoring and enhancement of vision in various eye conditions. It removes the gel-like substance or vitreous humor present at the back of the retina and injects another saline liquid in place of the vitreous humor.
The increasing technological advancements have led to the development of better products, which has increased the demand. The launch of miniature devices, which takes less procedural time, is likely to prosper the market growth during the forecast period. Further, the supportive initiatives by the government in many regions have increased the number of players in the market. However, the high cost of devices and uncertainty in reimbursement situations are expected to hinder the market growth.
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Key players operating in the global vitreoretinal surgery devices market include OCULUS Optikgeräte GmbH, MedOne Surgical Inc., Bausch & Lomb Inc., Peregrine Surgical, D.O.R.C. Dutch Ophthalmic Research Center (International) B.V., Designs for Vision Inc., Carl Zeiss Meditec AG, Novartis AG (Alcon), Inami Co. Ltd., Paragon Care Group Pty Ltd, Oertli Instrumente AG, Hoya Corporation, Allergan, New World Medical, Johnson and Johnson Services Inc., Z.E.I.S.S. International, lcon Inc., STAAR SURGICAL, Glaukos and others. The manufacturers are opting for expansion strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships, so as to gain a significant market share in the global vitreoretinal surgery devices market and strengthen their position. Bausch & Lomb Inc. and MedOne Surgical Inc. are some of the biggest manufacturers and suppliers of vitreoretinal surgery devices in the global market.
Vitreoretinal packs dominated the market and held the largest market share of 29.81% in the year 2019
On the basis of the product segment, the global vitreoretinal surgery devices market includes vitrectomy machines, vitreoretinal packs, photocoagulation surgery devices, illumination surgery devices, vitrectomy probes and others. Vitreoretinal packs dominated the market and held the largest market share of 29.81% in the year 2019. The vitreoretinal packs are more accessible and are comfortable, especially for the geriatric population. However, vitrectomy probes are expected to register a high growth rate during the forecast period. The advancement of vitrectomy probes is projected to increase the demand for such devices.
Anterior vitreoretinal surgery dominated the market and held the largest market share of 59.71% in the year 2019
On the basis of the surgery type segment, the global vitreoretinal surgery devices market includes posterior vitreoretinal surgery and anterior vitreoretinal surgery. Anterior vitreoretinal surgery dominated the market and held the largest market share of 59.71% in the year 2019. The anterior surgery is done during serious injuries, complex cornea or cataract and glaucoma surgery. The anterior surgery is performed to promote visual recovery and minimize risk.
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Retinal detachment dominated the market and held the largest market share of 36.94% in the year 2019
The application segment is categorized into a diabetic vitreous hemorrhage, macular hole, retinal detachment and others. Retinal detachment dominated the market and held the largest market share of 36.94% in the year 2019. The retinal detachment is referred to as a severe condition in which a layer of tissue that is responsible for the processing of the light pulls away. This can also result in loss of vision if the treatment is delayed. Thus, the demand for vitreoretinal surgeries for the treatment of retinal detachment has increased over the years, owing to the growing number of incidences.
Hospitals dominated the market and held the largest market share of 54.26% in the year 2019
The end-user segment includes hospitals, ambulatory surgical centers and ophthalmology clinics. Hospitals dominated the market and held the largest market share of 54.26% in the year 2019. Hospitals have a higher number of applications of vitreoretinal surgeries as compared to other segments. Further, increasing healthcare spending has upgraded the facilities provided to the patients, which have accelerated the growth of the segment. However, ophthalmology clinics will register a high growth rate during the upcoming years. These clinics provide specialized treatment for various eye disorders, which is why many patients increasingly prefer to be treated in these clinics.
Regional Segment Analysis of the Vitreoretinal Surgery Devices Market
- North America (U.S., Canada, Mexico)
- Europe (Germany, France, U.K., Italy, Spain, Rest of Europe)
- Asia-Pacific (China, Japan, India, Rest of A.P.A.C.)
- South America (Brazil and Rest of South America)
- Middle East and Africa (U.A.E., South Africa, Rest of M.E.A.)
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On the basis of geography, the global vitreoretinal surgery devices market is classified into North America, Europe, South America, Asia Pacific, and Middle East and Africa. North America region accounted for the significant market share of 44.01% in the year 2019. The increasing prevalence of eye disorders in the geriatric population has propelled the market demand. Moreover, the presence of developed medical infrastructure has accelerated the growth of the market. However, Asia-Pacific is projected to be the fastest-growing region owing to the increasing number of affluent patients in the region and developing healthcare facilities.
About the report:
The global vitreoretinal surgery devices market is analyzed on the basis of value (USD Billion). All the segments have been analyzed on a global, regional and country basis. The study includes an analysis of more than 30 countries for each segment. The report offers an in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter's five forces model, attractiveness analysis, raw material analysis, and competitor position grid analysis.
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