Dublin, Sept. 26, 2022 (GLOBE NEWSWIRE) -- The "Global Retinal Surgery Devices Market (By Device Segment, Application, Regional Analysis), Impact of COVID-19, Company Profiles, Major Deals, Strategy and Recent Developments - Forecast to 2027" report has been added to ResearchAndMarkets.com's offering.
The global retinal surgery devices market is predicted to reach US$ 3.7 Billion by 2027
Retinal surgery device caters to a vast range of applications in the management and treatment of the different retinal diseases such as diabetic retinopathy, macular hole, retinal detachment, and others. Diabetic retinopathy is the most common diabetic eye disease and a leading cause of blindness in American adults.
The retinal surgery devices segment such as vitrectomy packs, retinal laser equipment, vitrectomy machines, surgical instruments, Tamponades and others are used for the treatment of retinal diseases such as diabetic retinopathy, retinal detachment, epiretinal membrane, macular hole and others.
The retinal surgery devices market is mainly driven by rise in the geriatric population globally coupled with the growing number of eye disorder, increase in diabetic patient pool, consistent efforts by healthcare organizations, low treatment adherence and compliance to conventional therapeutics and a high demand for retinal surgery devices compatible with minimally invasive procedures.
In addition, the technological advancements in this field are providing efficient treatment platforms for the different retinal diseases. One such advancement is the use of minimally invasive surgical instruments. Lesser pain, quicker recovery, and minor scarring are the advantages offered by the use of minimally invasive surgical instruments.
However, the high cost of retinal eye surgery devices and dearth of skilled professionals with expertise in ophthalmic surgery are major restraints that restricts the growth of the market.
Impact of COVID-19 on Global Retinal Surgery Devices Market
The COVID-19 pandemic has restricted the growth of the retinal surgery devices market, primarily in Europe, Asia and the U.S., by social restrictions and other precautionary measures taken in response to the COVID-19 pandemic.
However, as governments began lifting social restrictions, the negative trend in the revenues of these businesses began to level off and stabilize prior to the third quarter of 2020. In the years to come, ophthalmologists are likely to witness an increase in influx of patients, hence driving the retinal surgery devices market.
Global Retinal Surgery Devices Market - Recent Developments
- In January 2022, Alcon completed the acquisition of Ivantis, developer and manufacturer of the novel Hydrus Microstent, a minimally-invasive glaucoma surgery (MIGS) device.
- In April 2022, Carl Zeiss Meditec announced the acquisition of two manufacturers of surgical instruments (Kogent Surgical, LLC and Katalyst Surgical, LLC) to further strengthen its positioning as a solution provider.
- In April 2021, Bausch + Lomb announced that the U.S. Food and Drug Administration (FDA) has approved ClearVisc dispersive ophthalmic viscosurgical device (OVD) for use in ophthalmic surgery.
By Segment - Global Retinal Surgery Devices Market & Forecast
- Among the device types, vitrectomy packs segment accounts for the largest revenue share in the global retinal surgery devices market. Factors that contribute to the high growth of vitrectomy packs segment are: high adoption rate for vitrectomy packs in wide array of applications such as in posterior vitreous detachment, vitreous removal in mobile retina, epiretinal membrane removal, and combined retinal surgical procedures. Additionally, factors such as increased time saving during and after the retinal surgery procedure by cutting back on the preparation time and the growing demand for single-use sterile packs of surgical instruments in order to cut costs through better inventory management are likely to fuel the market.
- Vitrectomy machines segment captured second highest share of the global retinal surgery devices market in 2021, being followed by Retinal lasers device segment.
- The global market for tamponades is driven by the increasing incidence of retinal detachment, diabetic retinopathy, macular pucker, and other retinal disorders.
By Application - Global Retinal Surgery Devices Market & Forecast
- The diabetic retinopathy application segment dominates the retinal surgery devices market. Diabetic retinopathy is the most common diabetic eye disease and a leading cause of blindness in American adults. Diabetic retinopathy impacts nearly 7.7 million Americans and the number is likely to reach 11.3 million by 2030.
- The retinal detachment application segment is anticipated to grow at the highest pace during the forecast period. The average number of detachment incidence is 10-15 per 100,000 people.
- Macular Hole captured least share of the retinal surgery devices market.
By Region - Retinal Surgery Devices Market & Forecast
- North America captures largest share of the retinal surgery devices market, followed by Europe. North America is expected to hold a major market share in the global retinal surgery devices market due to rising prevalence of retinal disorders in geriatric population and high prevalence of diabetic retinopathy in this region. According to the National Eye Institute, diabetic retinopathy impacts nearly 7.7 million Americans and the number is expected to reach 11.3 million by 2030.
- Asia Pacific is predicted to witness the fastest market growth during the forecast period 2022 - 2027.
- Latin America and Middle East and Africa are competing closely to grab maximum share of the retinal surgery devices market.
Global Retinal Surgery Devices Market - Market Drivers
- Technologically Advanced Retinal Surgery Devices Allow Effective Surgeries
- Consistent Efforts by Healthcare Organizations to Fuel Retinal Surgery Devices Market
- Increasing Incidence of Diabetes Globally Drives Demand for Retinal Surgery Devices
- Upsurge in The Geriatric Population Base Favors Market Growth
- Increasing Incidence of Eye Diseases Across the Globe Fuels Market Growth
Global Retinal Surgery Devices Market - Challenges
- High Price Factor of Retinal Surgery Devices
- Dearth of Skilled Professionals with Expertise in Ophthalmic Surgery
Global Retinal Surgery Devices Market - Company Profiles
- Alcon, Inc.
- Carl Zeiss Meditec AG
- Topcon Corporation
- Bausch Health Companies Inc. (Formerly Valeant Pharmaceuticals International, Inc.)
- Iridex Corporation
- Ellex Medical Lasers
- Escalon Medical
- Second Sight Medical Products Inc.
- Lumenis
- Optos, plc
- Nidek Co., Ltd.
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