Vitreoretinal Surgery Devices Market Sales Projections for the Vitreoretinal Surgery Devices Market after COVID-19 crisis
Vitreoretinal surgery devices are specialized surgery devices utilized in the vitrectomy procedure and in the repair of the detached retina of the eye. The vitreoretinal surgery devices market includes vitrectomy accessories, vitrectomy machines, vitrectomy packs, as well as disposable equipment.
The technology utilized in vitreoretinal surgery devices is based on the removal of vitreous from the interior parts of the eye to facilitate retina repair and access to hemorrhage.
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Companies Profiles
- Alcon, Inc.
- Dutch Ophthalmic Research Center International B.V.
- Bausch & Lomb Incorporated
- Geuder AG
- Carl Zeiss
- Hooya Corporation
- Cooper vision
- Ellex Medical Lasers
- Safilo Group
- Rodenstock
- Erbe Elektromedizin
However, new vitreoretinal surgery devices are incorporating the same technology as the one used in atherectomy devices. The growing trend of utilizing vitrectomy machines with PHACO machines to combine the retinal and cataract procedures is estimated to promote the growth of the vitreoretinal surgery devices market.
Constantly Increasing Prevalence of Retinal Disorders
The growing demand for vitreoretinal surgery devices can be primarily attributed to the growing incidence of retinal detachment (RD) and diabetic retinopathy. Diabetic retinopathy and eye disorders are primarily affecting a large population group, which has increased the disease awareness about these conditions and other related diseases.
Growth in the population affected with retinal disorders has led to an increase in the number of manufacturers and distributors, as well as hospitals and retinal centers. These retina centers have spread awareness among people and end users about the importance of vitrectomy surgery and associated advantages of vitrectomy.
This is increasing the applications of vitreoretinal surgery devices for diabetic hemorrhage cases, retinopathy, and consequently increasing the revenue generation of the vitreoretinal surgery devices market.
According to the latest research by PMR, the global vitreoretinal surgery devices market is expected to account for almost US$ 3,000 Mn in terms of value by the end of 2029. The report on the vitreoretinal surgery devices market further projects a significant growth potential for the vitreoretinal surgery devices market with a CAGR of 6.0% through 2029.
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Vision loss is among the most common health problem across the aging population. The most common causes of vision loss are age-related cataract, macular degeneration, glaucoma, and diabetic retinopathy. The growing prevalence of eye-related disorders is gradually increasing the demand for retina health care programs and surgeries among ageing population facilitating the demand for advanced vitrectomy devices. Diabetes is also one of the causes of visual impairment among ageing consumers.
Most of the diseases & disorders that cause visual disabilities & sudden blindness are readily curable with known & cost-effective mediations or therapies, and normal vision can be returned with reattachment, cataract, or intervention surgery.
These factors are estimated to propel the vitreoretinal surgery devices market. According to a survey by WHO, 90% of the visually impaired population is in the low- & middle-income countries. This population is unaware of the preventive care for sudden vision loss, available curative services, and quality rehabilitation, which imparts new growth opportunities in the middle-income countries.
The 66th World Health Assembly initiated an Action Plan that requires the association of governments, development agencies, the mprivate sector, and NGOs to achieve a global reduction of preventable visual impairments of 25% by 2020.
This is estimated to offer new growth opportunities to the vitreoretinal surgery devices market. In addition, rapid advancements in vitrectomy technology are estimated to propel the vitreoretinal surgery devices market.
The Dutch Ophthalmic Research Center has developed TDC, a technology that features two cutters located at the openings of guillotine shaft positioned inside. This design permits a vitreous cutting action in backward as well as forward movements.
The main benefits of this technology comprise higher cutting rates of up to 14,000 to 16,000 cpm, improved flow rate, and reduced retinal threshold traction. This is another factor that is boosting the vitreoretinal surgery devices market. With increasing vision-related disorders, there has been an increase in the demand and need for retina care solutions, drugs, and intervention surgeries.
Vitrectomy is the most common and popular option for the correction of the retina. Vitrectomy has gained popularity since the past few years. It offers retina correction for the entire field of the interior of the eye, which includes the peripheral vision.
Vitreous gel replacement is performed with a saline solution or artificial vitreous fluid. It does not fog and can be replenished to maintain ocular pressure if damaged, and another substitute can be used for the same. It is much cheaper than the prescribed silicon oil treatment for maintaining the retinal attachment and ocular pressure.
New and improved vitrectomy cutters related technological developments are estimated to abolish the factors limiting the growth of the vitreoretinal surgery devices market.
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Segmentation Highlights: Vitreoretinal Surgery Devices Market
PMR has segmented the global vitreoretinal surgery devices market based on product type into vitrectomy accessories, vitrectomy packs, vitrectomy machines, and vitreoretinal surgery disposables. On the basis of application, the vitreoretinal surgery devices market is further segmented into diabetic vitreous hemorrhage, retinal detachment, macular hole, and others.
In terms of revenue, the vitrectomy accessories segment of the vitreoretinal surgery devices market is estimated to hold a prominent share over the forecast period. According to PMR, the vitrectomy accessories segment accounted for a revenue share of over 39.3% in the overall vitreoretinal surgery devices market in 2019.
However, the increasing procedure count of retinal detachment surgery and the growing adaption of vitrectomy machines is estimated to fuel the growth of the vitreoretinal surgery devices market in the near future.
In terms of revenue, the hospitals end user segment of the vitreoretinal surgery devices market is expected to a hold a significant share over the forecast period, followed by the ambulatory surgical center segment. The specialty clinics end-user segment, which consists of eye clines and retina centers sub-segments in the vitreoretinal surgery devices market, is expected to witness limited investment opportunities in terms of revenue throughout the study period.