The global Retinal Surgery Instrument Set Market was valued at USD 2,082.2 Million in 2020 and is expected to reach USD 3,776.9 Million by the year 2028, at a CAGR of 7.7%. The major factors driving the growth of the Retinal Surgery Instrument Set market during the forecast years are the rising technological advancements and the growing number of applications of surgical devices. Moreover, the ever-increasing geriatric population and the rising prevalence of eye-related retinal disorders are anticipated to accelerate the growth of the global market in the forecast period. The emerging economies worldwide are projected to offer potential growth opportunities for the market further. Low compliance rate and non-adherence to therapeutic approaches that are formulated to reduce vision loss risk in diabetic retinopathy are also expected to shift the focus towards surgical devices, thereby fueling the market growth. Non-compliance with the vision care guidelines by the patients is recognized as a complex health issue. According to research conducted by NCBI, one-third of the diabetic patients were found to be unsuccessful in following the vision care guidelines in the United States. Also, in emerging economies such as China India, the non-adherence proportion exceeds 60%.
The base for the expansion of the Retinal Surgery Instrument Set market is further broadened by the fact that the ageing population is more prone to having retinal eye illnesses. The WHO predicts that by 2050, there will be 2 billion people in the globe who are 60 years of age or older, up from 900 million in 2015. There are about 125 million persons who are 80 years of age or older. The rising incidence of ocular disorders, particularly diabetic retinopathy, is the main factor driving the global market for equipment used in retinal surgery. Around 9.4% of the population of the United States has diabetes, according to the National Diabetes Statistics. Moreover, newly diagnosed diabetes cases of type 1 and type 2 have increased among the youth, and it is further expected to increase. These are some of the major key factors which are responsible for boosting the market growth during the forecast period.
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Further key findings from the report suggest
- Retinal laser equipment is projected to witness exponential growth over the forecast years, owing to consistency in the usage of retinal operative procedures, their easy operability, easy availability, and cost-efficiency. Moreover, the use of laser in operations are increasing because of the preference over traditional surgical methods.
- Based on application, diabetic retinopathy emerged as the largest segment as a result of the high prevalence of retinal disorders that raise the clinical urgency to adopt Retinal Surgery Instrument Set, thereby, fueling the demand. According to the Center of Disease Control and Prevention, from 2010 to 2050, the number of Americans with diabetic retinopathy is expected to nearly double, from 7.7 million to 14.6 million.
- As of 2018, hospitals hold the largest market share of the global Retinal Surgery Instrument Set market mainly due to high patient volume, consistent re-admissions, and easy availability of high-end equipment. According to the National Institute of Health, by 2050, the number of people in the U.S. with cataract is expected to double from 24.4 million to about 50 million. The majority of cases will affect white people, however Hispanic Americans are expected to have the most rapid increase in prevalence from 1.76 million cases to 9.51 million.
- North America region accounts for the largest market share of the global Retinal Surgery Instrument Set market, which can be attributed to the extensive RD activities that provide a platform for growth through consistent new product approvals
- The market in the Asia Pacific is projected to witness lucrative growth over the forecast period, due to growing awareness related to availability and benefits of these devices. The increasing target disease and geriatric population are expected to support the market growth during the forecast period.
- Market players are adopting various strategic initiatives such as collaboration and expansion, and product launches. For instance, Beyer recently launched a technologically advanced VersaVIT 2.0 vitrectomy machine which is equipped with an LED illumination system, three vitrectomy packs, and adjustable chandelier fiber for the safe operative procedure. Similarly, a 23-Gauge fragmentation needle that eliminates the need to enlarge sclerotomy and achieve enhanced visualization, intraoperative efficiency, and control
Competitive Outlook of the Global Retinal Surgery Instrument Set Market
The globla Retinal Surgery Instrument Set market study focuses on the revenue growth trajectories of the leading companies in this market. This section of the report throws light on the highly competitive landscape of the Retinal Surgery Instrument Set market, pointing out the major players. The report further discusses the strategic initiatives undertaken by each of these market players, including mergers acquisitions, collaborations, joint ventures, new product launches, new business deals, and technological innovations.
Top Companies Profiled in the Report:
Alcon, Bausch Lomb Incorporated, Carl Zeiss, Topcon Corporation, Synergetics, IRIDEX Corporation, Ellex Medical Lasers, Escalon Medicals, Second Sigh Medical Products, and Erbe Elektromedizin.
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The report is inclusive of product type outlook, application spectrum, end-use outlook, technology landscape, regional market analysis, and competitive overview.
Retinal Surgery Instrument Set Market Segmentation:
Product (Revenue, USD Million; 2018–2028)
- Vitrectomy Machines
- Vitrectomy Packs
- Surgical Instruments
- Microscopic Illumination Equipment
- Retinal Laser Equipment
- Photocoagulation Devices
- Photodisruption Devices
- SLT
- Others
Application (Revenue, USD Million; 2018–2028)
- Diabetic Retinopathy
- Retinal Detachment
- Epiretinal Membrane
- Macular Hole
- Others
End Use (Revenue, USD Million; 2018–2028)
- Hospital and Clinics
- Ambulatory Services
- Ophthalmology Centers
- Others
Geographic Segment Covered in the Report:
The Retinal Surgery Instrument Set report provides information about the market area, which is further subdivided into sub-regions and countries/regions. In addition to the market share in each country and sub-region, this chapter of this report also contains information on profit opportunities. This chapter of the report mentions the market share and growth rate of each region, country, and sub-region during the estimated period.
- North America (USA and Canada)
- Europe (UK, Germany, France and the rest of Europe)
- Asia Pacific (China, Japan, India, and the rest of the Asia Pacific region)
- Latin America (Brazil, Mexico, and the rest of Latin America)
- Middle East and Africa (GCC and rest of the Middle East and Africa)
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