Vitreoretinal Surgery Devices Market Size By Product (Photocoagulation Lasers, Illumination Devices, Vitreoretinal Packs, Vitrectomy Machines, Vitrectomy Probes)
— Global vitreoretinal surgery devices market is poised to attain substantial growth owing to the increasing pervasiveness of ocular diseases and the growing accessibility to technologically advanced surgical procedures. Vitreoretinal surgeries comprise a group of procedures performed deep inside the eye’s interior through advanced surgical devices. These procedures can restore, preserve or enhance vision for several ocular conditions such as diabetic retinopathy, vitreomacular traction, and age-related macular degeneration among others.
According to the National Institute of Health – National Eye Institute, the estimated economic burden of vision loss and eye diseases in the U.S is $139 billion annually. Ophthalmologic specialty clinics and hospitals are increasingly adopting new and advanced surgical devices like vitreoretinal packs and vitrectomy probes to treat the burgeoning patient population, which will further stimulate vitreoretinal surgery devices industry.
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Owing to the high occurrence rate of diabetes worldwide, diabetic-related eye conditions are projected to augment market share. Conditions like diabetic retinopathy and diabetic macular edema are major risk factors for vitreomacular traction syndrome, which reduces sharpness of vision and causes serious visual complications. Rising prevalence of these conditions, especially among the geriatric population, would accelerate the adoption of surgical devices, thereby boosting vitreoretinal surgery devices market size.
The geriatric population accounts for the highest percentage in the patient pool and is undoubtedly the market’s biggest driver. Reportedly, the number of individuals aged 60 or over is anticipated to more than double by 2050. Old age heightens the risk of ocular diseases such as age-related macular degeneration and diabetic retinopathy which is the prime cause for vision loss. Vitreoretinal surgery devices market will see significant growth due to the increasing demand for vitreoretinal surgeries from elderly individuals.
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Ambulatory surgical service centers will contribute considerable revenue share to the industry. ASCs perform a broad range of surgeries including vitreoretinal procedures, making them a significant end-user of the vitreoretinal product range. High patient base of ambulatory surgical centers is estimated to benefit the vitreoretinal surgery devices industry share.
Owing to the rising geriatric population, hospitals are also witnessing a rise in patient admission for vision problems. Increasing number of eye hospitals would further accelerate product demand, thereby impelling the vitreoretinal surgery devices market.
North America vitreoretinal surgery devices market is anticipated to observe immense growth in the coming years. According to the report by NIH’s National Eye Institute, the U.S currently has 2.1 million individuals suffering from age-related macular degeneration and 7.7 million with diabetic retinography. Future predictions claim that 3.7 million Americans will have advanced age-related macular degeneration and 11.3 million will have diabetic retinopathy by 2030. The United States is also known for its high prevalence rate of diabetes, which will drive the demand for vitreoretinal surgery devices in the region.
Emerging countries are projected to offer substantial impetus to vitreoretinal surgery devices market growth, owing to large pool of aging population, rising disposable income, and the increasing prevalence of ocular diseases. In India, government initiatives like Vision 2020 and the National Programme for Control of Blindness & Visual Impairment will boost product adoption, thereby propelling vitreoretinal surgery devices industry size.
Technological advancement in the field of vitreoretinal surgery will substantially benefit patients and surgeons. Increasing preference for advanced surgical devices by surgeons and healthcare facilities will further drive industry growth.
According to the research report by Global Market Insights, Inc., vitreoretinal surgery devices market is anticipated to be worth more than $1.9 billion by 2025.
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