New York, US, May 04, 2022 (GLOBE NEWSWIRE) -- Vitrectomy Devices Market Overview
According to a Comprehensive Research Report by Market Research Future (MRFR), “Vitrectomy Devices Market Information by Product, Application, End-User, and Region - Forecast till 2030”, the market is estimated to grow at a CAGR of 6.5% CAGR to reach USD 1,900 Million by 2030.
Market Scope:
Vitrectomy is a procedure in which the vitreous gel inside the eye is removed. This technique is done with a retinal detachment with a vitreous hemorrhage. It's also utilized for scar tissue removal and treatment of small holes or tears in the macula, among other things. Vitrectomy devices are necessary medical equipment and tools for the procedure. Spotting floating specks or specks, skewed or blurred vision, side vision issues, and loss of vision are the most common indications and symptoms of eye problems. The vitreous is removed and replaced with a different solution during surgery. The center of the eye is filled with vitreous, which is a gel-like substance. Vitrectomy surgery equipment, such as vitrectomy supplies and systems, ensures that the procedure is completed safely and with the best possible results. One of the primary reasons driving market expansion is the rising number of retinal injury and eye disorders incidences due to the growing geriatric population.
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Market Competitive Landscape:
The central contenders in the vitrectomy devices market are
- Alcon Inc. (Switzerland)
- Bausch & Lomb Incorporated (Canada)
- BVI (US)
- NIDEK CO., LTD. (Japan)
- Johnson & Johnson Vision Care, Inc. (US)
- Blink Medical (UK)
- Topcon Corporation (Japan)
- Carl Zeiss Meditec AG (Germany)
- Hoya Surgical Optics (Singapore)
- HAAG-STREIT GROUP (Switzerland)
- MedOne Surgical, Inc (US)
Market USP Covered:
Market Drivers:
Diabetic retinopathy has become more common due to the rising prevalence of diabetes. It is a disorder that develops due to damage to the retina's blood vessels in people with diabetes. Diabetic retinopathy is common in those who have type 1 or type 2 diabetes. The market is being driven by an increase in eye injuries, retinal illnesses, and diabetes. The global vitrectomy devices market is being propelled by an aging population and technological advancements in surgical equipment. The market is expected to grow because of the rising usage of minimally invasive procedures technology and increased public awareness of cost-effective surgical treatments. Advancements in vitrectomy devices and the creation of comprehensive goods are envisaged in the coming period.
Market Restraints:
The market is expected to be hampered by the hazards associated with vitrectomy. Patients who have had vitrectomy have a significant risk of developing cataracts, making it difficult to accept the procedure. Furthermore, the worldwide vitrectomy devices market's growth has been hampered by a scarcity of professional ophthalmologists for sophisticated vitrectomy device operations. However, in developing nations, the market's growth is impeded by a lack of competent healthcare services and a slow acceptance of medical innovations.
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COVID 19 Analysis
People worldwide have been affected by the epidemic, which has resulted in the closure of operational facilities all over the world. During the lockdown, the health sector is dealing with several unusual situations. Manufacturing operations were shut down, affecting medical product production as well. The medical product supply chain was also impacted, reducing warehouse inventories of manufactured products.
COVID-19 hurt the worldwide vitrectomy devices market because ophthalmic care hospitals curtailed medical setting visits to prevent infection. Furthermore, COVID-19 patients must deal with eye issues such as conjunctivitis, which limits the ability of medical practitioners to perform ophthalmic procedures. During the projection period, the government's introduction of guidelines to provide effective and consistent medical treatment, including ophthalmology, will likely boost market expansion. As a result, ophthalmologists are being asked not to perform ocular procedures during the pandemic, save for emergency care, to limit the spread of the infection. A decline in ophthalmic procedures such as vitrectomy is being reported by various end-users in various countries. However, the government is taking steps and issuing rules to make medical treatment, particularly ophthalmic surgeries like vitrectomy, more accessible during the pandemic, which is projected to enhance market growth over the forecast period.
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Market Segmentation
By Product
Vitrectomy packs are in high demand for vitreous removal from the retina and epiretinal membrane, posterior vitreous detachment, and retinal surgery and will capture the market.
By Application
During the projected period, the Diabetic Retinopathy segment is projected to increase quickly. In the near future, the segment will be driven by the rapid increase in cases of diabetic retinopathy around the world.
By End-Use
The hospital industry is predicted to grow at a rapid pace. This is due to the growing acceptability of vitrectomy surgeries and increased hospitals offering ophthalmic services like vitrectomy.
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Regional Insights
Due to the increased prevalence of diabetes, North America held the major market share in vitrectomy devices. The presence of well-established research organizations active in product development, prominent companies in the region, and innovative diagnostic products all contribute to the market's growth. The major companies collaborate and form partnerships, extend their operational facilities around the region, and launch new goods to help their businesses flourish. A huge percentage of patients with eye problems live in the Asia Pacific. The people in the region are becoming more aware of problems related to the eyes. Furthermore, the governments in the region are raising public awareness and research and development operations to enhance private sector participation in the market's introduction of advanced technologies. The region's growing healthcare infrastructure, as well as increased investment, are moving the market forward.
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