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Vitreoretinal Surgery Devices Market Segmented By vitrectomy accessories, vitrectomy packs, vitrectomy machines, and disposables product type, applied in diabetic vitreous hemorrhage, retinal detachment, macular hole
Global vitreoretinal surgery devices market size registered in 2018 was nearly US$ 1,580 Mn. The vitreoretinal surgery devices market is expected to expand at a 6.0% CAGR in terms of value over 2019-2029.
The high incidence rate of retinal detachment is expected to result in the high demand for vitrectomy devices, such as vitreoretinal surgery accessories and vitreoretinal surgery disposables worldwide, particularly in the US.
The North America vitreoretinal surgery devices market, followed by the Europe vitreoretinal surgery devices market, is estimated to remain the largest regional markets in the global vitreoretinal surgery devices market.
Growth in the number of trauma cases associated with retinal tear and detachment, as well as the higher incidence of retinal detachment in elderly and adult patients, is boosting the demand for the treatment of retinal defects by vitrectomy. This is also estimated to fuel the demand for vitreoretinal surgery devices.
South Asia and East Asia hold a significant growth potential for the vitreoretinal surgery devices market. Rapid technological advancements in Japan as well as in the fast-progressing economies, such as China and India, and an increase in the focus of the manufacturers of vitreoretinal surgery devices in these regions, coupled with the low cost of manufacturing, are among factors facilitating the entry of new manufacturers of vitreoretinal surgery devices to these regions. These factors are estimated to offer lucrative growth opportunities for regional manufacturers in the vitreoretinal surgery devices market.
Vitrectomy accessories are expected to remain the most preferred vitreoretinal surgery devices. The higher incidence rate of retinal detachment is a prime factor responsible for the high consumption of vitrectomy accessories in procedures, as compared to other disposable vitreoretinal surgery devices. This is boosting the sales of vitreoretinal surgery device accessories. Moreover, the economic cost of these devices is another key factor that is boosting the adoption of vitreoretinal surgery devices.
Since the past few years, mergers & acquisitions in the vitreoretinal surgery devices market have been growing rapidly to increase & develop geographic presence and to achieve operating proficiencies. In the vitreoretinal surgery devices market, there has been steady growth in the number of mergers & acquisitions across planned as well as profitable buyers.
Increasing mergers and acquisitions among manufacturers is expected to boost the vitreoretinal surgery devices market. For an instance, Bausch & Lomb Incorporated’s acquisition of Synergetics USA Inc. The latter is one of the leading providers of surgical and medical eye care products.
Vision insurance can offer benefits to individuals by paying the expenditures related to eye care, which include yearly routine eye check-up, vision-corrective eye surgery, cataract lens exam, sudden blindness, diabetic retinopathy, & more. Policies and benefits are likely to vary based on the carrier. Now, eye insurance providers are beginning to increase the retinal and cornea-related benefits as per the changing needs of insurers and policyholders & their families.
The four key provider groups that fulfil eye health and vitreoretinal surgery devices needs are Optometrists (ODs), ophthalmologists, Family Physicians/General Practitioners (FPs/GP), and Nurse Practitioners (NPs), which are witnessing steady growth across the world. Owing to these factors, the vitreoretinal surgery devices market is estimated to observe significant growth during the study period.
The popularity of intervention vitrectomy has been increasing every year. Technological advancements in terms of the product design and safety is another prime factor responsible for the high demand for technological advanced vitrectomy cutters and vitreoretinal devices worldwide.
The Dutch Ophthalmic Research Centre has developed TDC, a technology that features two cutters located at the openings of the guillotine shaft positioned inside. This design enables vitreous cutting action in the backward as well as the forward movements.
The main benefits of this technology include higher cutting rates of up to 14,000 to 16,000 cpm, improved flow rate, and reduced retinal threshold traction. This is estimated to boost the vitreoretinal surgery devices market.
The global vitreoretinal surgery devices market represents a consolidated competition landscape, wherein Tier 1 companies hold a revenue share of more than 70% of the vitreoretinal surgery devices market.
Some of the preferred vendors in the vitreoretinal surgery devices market include Dutch Ophthalmic Research Centre International B.V., Alcon Inc., Bausch & Lomb Incorporated, Carl Zeiss, Geuder AG, Topcon Corporation, IRIDEX Corporation, Ellex Medical Lasers, and Erbe Elektromedizin.
The high adoption rate of vitreoretinal surgery devices in vitrectomy and a strong brand presence of key manufacturers in the developed region is segregating key market players in one place. The report offers the key aspects that are impacting the development and revenue growth of the key companies.
While most of the key players maintain a strategic focus on the developed regions and European markets, the report underscores that technology assessment will be an important developmental strategy for companies.
Prime players in the vitreoretinal surgery devices market are concentrating on introducing technologically advanced products for the treatment of retina care as well as the growing adoption of vitrectomy for the treatment of retinal detachment. However, the technological advantages provided by these products are among the primary competitive factors.
Key entrants in the vitreoretinal surgery devices market, such as Alcon and Bausch & Lomb Inc., are aiming to launch new products, such as the precision accessory packs combining with advanced Vitreoretinal Surgery Devices utilizing the technological advantage of Optical Coherence Tomography (OCT) and associated vitreoretinal surgery devices, to boost their product offerings in the market.
The manufacturers of vitrectomy machines, such as Alcon, Bausch & Lomb Inc., and Dutch Ophthalmic Research Center International BV, have been noticeably contributing to the growth of the vitreoretinal surgery devices market. The growing trend of regular eye check-ups is generating high demand for vitrectomy procedures and subsequently increasing the number of new entrants in the vitreoretinal surgery devices market.