Market Insight-Global Retinal Surgery Devices Market Overview 2022
Global Retinal Surgical Instruments market was valued at USD 1586.44 million in 2021 and is expected to reach USD 2463.63 million by the end of 2028, growing at a CAGR of 6.08% between 2022 and 2028.– Bossonresearch.com
Retinal surgical devices are used to repair retinal torn or detached retinas in procedures such as laser surgery, cryotherapy, scleral buckle surgery etc. Retinal diseases vary widely, but most of the retinal diseases cause visual symptoms and can affect any part of retina, a thin layer of tissue on the inside back wall of your eye. Some of the common signs and symptoms of retinal diseases are blurred or distorted (straight lines look wavy) vision, defects in the side vision, seeing floating specks or cobwebs, lost vision. Over 200 million people worldwide suffer from blindness or low vision1 due to a variety of diseases, including retinal degenerative disease. The two most prevalent retinal degenerative diseases are – Age-related Macular Degeneration primarily affecting people age 60 and older3, and Retinitis Pigmentosa which is the most common inherited cause of blindness in people between the ages of 20 and 60 worldwide. Growing instances of retinal disorders in geriatric population, eye injuries and rising prevalence of diabetic retinopathy are the key driving factors in the retinal surgery devices market.
According to Bosson Research, the global Retinal Surgical Instruments market was valued at USD 1586.44 million in 2021 and is expected to reach USD 2463.63 million by the end of 2028, growing at a CAGR of 6.08% between 2022 and 2028.
Figure Global Retinal Surgery Devices Market Size
Source: Bossonresearch.com, 2022
Driving Factors
As per the statistics published in NCBI research, the patient population suffering from diabetic retinopathy is anticipated to reach 196.0 million by 2020. In addition, it was estimated that the population suffering from Vision-Threatening Diabetic Retinopathy (VTDR) will reach 56.3 million by 2030. The proportion of blindness attributable to diabetic retinopathy was found to be 15% to 17% for developed economies such as the U.S. and Europe, 3% to 7% for South-East Asia and Pacific region. Thus, the aforementioned statistics exemplify the unaddressed need and high clinical urgency to incorporate retinal surgery devices, thereby, presenting the market with lucrative growth opportunities during the forecast period.
An upsurge in the geriatric population base, possessing greater susceptible to developing retinal eye diseases, is further expected to broaden the base for the growth of the retinal surgery devices market. The aforementioned benefits are likely to increase the adoption of these devices over the coming years.
Consistent efforts by healthcare organizations to improve vision care are also one of the key growth contributing factors responsible to bolster growth and improve the penetration rate of retinal surgery devices during the forecast period. For instance, in 2012, the UK National Screening Committee formulated a catalog of key performance indicators for diabetic retinopathy eye screening programs in England, as an initiative to stimulate screening and better disease management.
The growing number of government initiatives focused on promoting efficient treatment facilities to generate quick results and improve overall healthcare efficiency also served as key contributing factors. These factors cumulatively are responsible for hospitals capturing a larger share in the end-use segment.
End-use Insights
Hospitals accounted for the largest share in the end-use segment in 2020, which can be attributed to the high patient turnaround volume and frequent readmissions. Supportive infrastructure facilitates successful surgical procedures, which mandates the adoption of retinal surgery devices, thus, resulting in a higher share of hospitals.
The growing number of government initiatives focused on promoting efficient treatment facilities to generate quick results and improve overall healthcare efficiency also served as key contributing factors. These factors cumulatively are responsible for hospitals capturing a larger share in the end-use segment.
The increasing inclination of public & private healthcare organizations to promote advanced retinal surgery devices to yield better patient outcomes serves as one of the key factors responsible for the substantial share of the segment. Furthermore, hospitals are increasingly using fully automated systems that possess the ability to detect disease conditions at early stages.
Eye clinics are presumed to witness constant growth throughout the forecast period. This can be attributed to the rising importance of emergency medicine and specialty care. In the present scenario, emerging eye clinics are known to be equipped with highly advanced surgery tools thereby facilitating early detection as well as treatment.
Global Retinal Surgery Devices Market: Competitive Landscape
The retinal surgery devices Market is consolidated competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the market players are Bausch + Lomb, Alcon, Optos, PLC, Carl Zeiss, Topcon Corporation ,etc.
Key players in the Retinal Surgery Devices Market include:
Bausch + Lomb
Alcon
Optos, PLC
Carl Zeiss
Topcon Corporation
IRIDEX Corporation
Lumenis
Dutch Ophthalmic Research Center (International) B.V
Quantel Medical
Nano Retina
OCULUS Optikgeräte GmbH
Oertli Instrumente
Ellex Medical Lasers
Geuder
Sonomed Escalon
ASICO
Millennium Surgical
Katena Products. Inc
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