Ocean View, DE -- (SBWire) -- 05/21/2020 --Vitreoretinal Surgery Devices Market will exceed USD 1.9 billion by 2025; as per a new research report.
Rising number of macular degenerations in the geriatric population will stimulate global vitreoretinal devices market growth in the upcoming years. Also, growing incidence of eye-related disorders worldwide and the availability of innovative micro-invasive procedures for vitreoretinal surgeries will spur the demand for vitreoretinal devices. As per the International Agency for the Prevention of Blindness, age-related macular degeneration (AMD) is a leading cause of blindness in developed countries. It is anticipated that in 2020, 196 million people globally will suffer from age-related macular degeneration. With the rising prevalence of AMD in the aging population, the demand for vitreoretinal surgeries will increase, thereby boosting the industry growth.
Growing incidence of diabetes followed by diabetic retinopathy in middle-income and developing countries will increase the adoption of vitreoretinal devices. According to the American Diabetic Association report, nearly 97 million people in the U.S. suffered from diabetic retinopathy in 2017. In addition, an increasing number of government initiatives and awareness programs to create alertness amongst the public regarding various ophthalmic devices such as vitrectomy probes, vitreoretinal packs, etc., will fuel the industry growth in the forthcoming years.
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However, the high-cost of vitreoretinal surgery devices and poor reimbursement coverage for ophthalmic surgeries may hamper industry growth. Lack of awareness and low accessibility to vitreoretinal devices in backward economies is a major challenge faced by the industry. Additionally, post-surgery complications such as light sensitivity, eye inflammation, and macular edema will limit industry growth.
Vitreoretinal packs segment will hold a significant revenue size over the forecast years owing to rise in geriatric populations accompanied by an increasing number of vitreoretinal surgeries. The use of vitreoretinal packs in a wide array of applications in retinal surgeries will further assist the industry growth. Additionally, advantages associated with vitreoretinal packs such as high portability, optical magnification, and higher sensitivity will increase the adoption rates of vitreoretinal packs over the forthcoming years.
Hospitals segment will dominate the end-use segment over the forecast years owing to the increased usage of vitreoretinal surgery devices for the treatment of vision-related disorders such as the macular hole, retinal detachment, epiretinal membrane. Furthermore, increasing complications related to diabetes including diabetic retinopathy along with rising hospital admissions will supplement the growth of hospitals in the market.
U.S. vitreoretinal devices market will capture the largest market share owing to rise in the incidence of various eye-related disorders in the country. As per the American Academy of Ophthalmology, approximately 40 million people in the U.S. suffer from some eye-related disorders such as glaucoma, diabetic retinopathy, cataract, and dry eye. Furthermore, the growth is attributed to increasing awareness of various vitreoretinal treatments among the population along with high adoption rates of these devices in developed regions.
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India vitreoretinal devices market is expected to grow at a significant pace due to the presence of a vast consumer base in the region. The initiatives taken by the government including VISION 2020 to eradicate the main cause of treatable blindness globally will further help to grow the market in India. Additionally, increased awareness regarding benefits of vitreoretinal surgeries and an increase in the number of eye disorders will boost the industry growth in the coming years.
Some of the major key players involved in the global vitreoretinal devices market are Carl Zeiss Meditec AG, MedOne Surgical, Inc., Designs for Vision, Inc, Alcon, Inc., Bausch & Lomb, Inc. among others. Companies are implementing various business strategies such as mergers and acquisitions and new product developments are implemented by these players in order to generate high revenues. For instance, in November 2018, Hypervit was introduced by Alcon with unique dual blade design. Such technological advancement will enable the company to spur the revenue generation.
