Retinal Surgery Devices Market Is Expected To Reach US$ 1,075.6 Mn by 2026
Global Retinal Surgery Devices Market Size, Share, Growth, Trends, Strategies, Analysis and Forecast 2018 to 2026
United States, 16 March 2019 -- Global Retinal Surgery Devices Market Size, Share, Growth, Trends, Strategies, Analysis and Forecast 2018 to 2026
According to the latest report published by Credence Research, Inc. “Retinal Surgery Devices Market - Growth, Future Prospects and Competitive Analysis, 2018 - 2026,” the global retinal surgery devices market was valued at US$ 1,816.8 Mn in 2017 and expected to reach US$ 3,548.2 Mn by 2026, expanding at a CAGR of 7.6% from 2018 to 2026.
The global retinal surgery devices market is mainly driven by the increasing prevalence of chronic retinal diseases and diabetic retinopathy. Diabetic retinopathy is a major complication arising from diabetes and therefore growing diabetes prevalence in the general population shall have a high impact on driving the growth of the retinal surgery devices market. It is anticipated that by 2030, over 190 million individuals shall be suffering from diabetic retinopathy, and those with vision threatening diabetic retinopathy shall be over 55 million. This proportion is expected to be high in Asia Pacific region due to increasing prevalence of diabetes. Lower compliance to treatments and restricted efficacy of drug therapy are the key factors that are urging patients to opt for surgical treatment for retinal diseases. Surgical intervention offers long term and permanent treatment to such debilitating ailments, therefore fueling the market growth. Furthermore, significant growth in the geriatric population that are more vulnerable to ophthalmic diseases are further expected to augment the uptake of retinal surgeries.
In terms of device types, the global market is dominated by vitrectomy packs segment. The prominence of this segment is registered due to their high adoption, convenience in use for several retinal surgeries, portability disposable nature therefore maintaining sterility of surgeries and more. The demand for illumination equipment and laser devices is also set to pick pace during the forecast period. Based on the applications, diabetic retinopathy treatment holds the largest revenue share and increasing prevalence of diabetes is supporting this dominance. Increasing awareness programs from governments and support groups, and increasing conferences, meets and awareness activities held by manufacturers are further contributing to growing uptake of retinal surgery devices.
Among the usage areas, hospitals account for the largest revenue share in the global retinal surgery devices market. High patient footfall, better diagnosis and treatment facilities, supportive infrastructure and greater affordability of advanced surgical equipment support the dominance of hospitals on the global front. Decentralization of hospital wings for containing expenses and augmenting their outreach are assisting rapid growth of ophthalmology clinics. Geographically, North America is largest regional market for retinal surgery devices. Better reimbursements, high healthcare expenditure, stringent regulations to ensure optimal treatments to patients, and significant large patient pool are the factors attributed to North America market. On the other hand, emerging markets of Latin America and Asia Pacific shall be progressing at rapid growth rates during the forecast period. Consistent growth in diabetic population in countries such as India and China, and other factors such as increasing healthcare expenditure, awareness about vision loss and related harm to quality of life and improving reimbursement coverage are driving these markets.
This market is characterized by intensive competition among the players. Therefore sustainability strategies such as continuous new product development, geographical expansions through product introductions, collaborations agreements and mergers and acquisitions are frequently witnessed in this market.
Key Market Movements:
Intensive research and development activities and increasing technological advancements in the field of ophthalmic surgery
Growing prevalence of diabetic retinopathy
North America and Asia Pacific markets witnessing consistent demand for conventional and breakthrough surgical products
Large population and senescent groups in Asia Pacific to remain the prominent targets
By Type (2016–2026; US$ Mn)
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