Vitrectomy Devices Market Size ($2,003.24Mn by 2028) Lead by Vitrectomy Machines (6.5% CAGR) Impact of Coronavirus Outbreak and Global Analysis & Forecast by TheInsightPartners.com
The Insight Partners
8 min read
The vitrectomy devices market size to reach $2,003.24 million by 2028 from $1,290.19 million in 2021 to grow at a CAGR of 6.5% from 2021 to 2028; while in 2021, vitrectomy machines held largest revenue share of 30.0%, diabetic retinopathy held 43.6% revenue share and geriatrics accounted 44.2% revenue share.
New York, Nov. 29, 2021 (GLOBE NEWSWIRE) -- According to our new research study on Vitrectomy Devices Market Size, Share, Revenue, Growth, Trends, Forecast to 2028 - COVID-19 Impact and Global Analysis By Product (Vitrectomy Accessories, Vitrectomy Machines, Microscopic Illumination Equipment, Surgical Instruments, and Others), Application (Diabetic Retinopathy, Retinal Detachment, Epiretinal Membrane, Macular Hole, and Others), Patient Type (Adult, Pediatrics, and Geriatric), Surgery Approach (Posterier/Pars Plana Vitrectomy and Anterior Vitrectomy), End User [Hospitals, Ophthalmology Clinics, and Ambulatory Surgery Centers (ASCs)], Distribution Channel (Direct Tenders, Third Party Distributors, and Retail Sales), and Geography with COVID-19 Impact and Global Analysis available at https://www.theinsightpartners.com/covid-analysis-sample/TIPRE00025911
Report Coverage
Details
Market Size Value in
US$ 1,290.19 million in 2021
Market Size Value by
US$ 2,003.24 million by 2028
Growth Rate
CAGR of 6.5% from 2021 to 2028
Forecast Period
2021-2028
Base Year
2021
No. of Pages
230
No. Tables
166
No. of Charts & Figures
88
Historical Data Available
Yes
Segments Covered
Product, Application, Patient Type, End User, Distribution Channel, and Geography
Regional Scope
North America; Europe; Asia Pacific; Latin America; MEA
Country Scope
US, UK, Canada, Germany, France, Italy, Australia, Russia, China, Japan, South Korea, Saudi Arabia, Brazil, Argentina
Report Coverage
Revenue forecast, company ranking, competitive landscape, growth factors, and trends
Vitrectomy Devices Market: Competition Landscape and Key Developments D.O.R.C Dutch Opthalmic Research Center (International) B.V; HOYA Corporation; NIDEK CO., LTD; Danaher; Carl Zeiss Meditec; Alcon Inc; IRIDEX Corporation; Bausch Health Companies Inc.; GEUDER AG; Topcon Corporation; and Optos are among the leading companies operating in the vitrectomy devices market. Leading players focus on expanding and diversifying their market presence and acquiring new customer base, thereby tapping prevailing business opportunities.
In April 2021, Bausch + Lomb presented the new scientific data and clinical analyses during the virtual Association for Research in Vision and Ophthalmology (ARVO) annual meeting. The virtual presentations featured the company’s prominent products from its pharmaceutical, surgical and vision care portfolios. From the company’s surgical portfolio, a poster analyzed the 23-, 25- and 27-gauge vitrectomy needles to measure the power, energy-tissue interaction, and safety of the Vitesse ultrasonic device.
In June 2021, DORC launched EVA EquiPhaco angled needles; its design provided superior chamber stability and ultrasound efficiency. With a 15° angle and a short distal end, the angled tip optimizes maneuverability and reachability to reduce wound stress. The complete range of EquiPhaco tips was used for EVA Phaco-Vitrectomy system.
In November 2020, Leica Microsystems Inc. and Precision Lens, expanded their exclusive distribution agreement. Precision Lens was Leica's channel partner for ophthalmic surgical microscopes and digital imaging equipment in select geographies in the U.S. Midwest. They expanded their geographic reach to include several states in the U.S. Southeast, including 6 additional states, Florida, Georgia, Louisiana, Mississippi, Texas, and Alabama.
The increased significant increase in elderly population, and significant advancements in vitreoretinal surgery devices are boosting the market growth. However, complications associated with vitrectomy hamper the market growth. On the other hand, the untapped potential of emerging economies is expected to offer significant growth opportunities to the market players to capitalize and expand their customer base in Asia and Latin America during the forecast period.
In 2020, North America dominated the vitrectomy devices market. The US holds the largest share of the market in this region. The market growth in the country is attributed to the significant increase in the elderly population. The growth of the market in U.S is mainly driven by the high incidence rate of retinal detachment coupled with rise in geriatric population base and increase in the prevalence of eye-related disorders. However, factors such as the high cost of devices, uncertainty in reimbursement scenario, and lack of skilled professionals hinder the market growth in the region.
Significant Increase in Elderly Population Drives Vitrectomy Devices Market: Various economies across the world, such as the US, the UK, Canada, Japan, China, India, and South Korea, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. With this, the life expectancy of people has in these countries, leading to a growth in their geriatric population base. According to the data by the WHO, in February 2018, the geriatric population is estimated to rise from 12% in 2015 to 22% by 2050. Furthermore, the US Census Bureau states in a report that the number of people in the US with age 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share would grow from ~15% to ~24% during this period. Another report, published by the United Nation’s World Population Ageing, states that Europe had the world’s highest percentage (i.e., 25%) of people aged more than 60 years in 2017. Further, by 2050, all regions of the world, except Africa, would have ~25% or more of their populations aged 60 and above. Moreover, underdeveloped and developing countries would account for ~80% of this growth.
Vitrectomy Devices Market: Segmental Overview The vitrectomy devices market, based on product, is segmented into vitrectomy accessories, vitrectomy machines, microscopic illumination equipment, surgical instruments, and other. The vitrectomy machines segment held the largest share of ~30.0% of the market in 2021. The vitrectomy devices market, based on application, is segmented into diabetic retinopathy, retinal detachment, epiretinal membrane, macular hole, and others. The diabetic retinopathy segment held the largest share of ~44.0% of the market in 2021. However, the retinal detachment segment is expected to register the highest CAGR of 7.1% in the market during the forecast period. The vitrectomy devices market, based on patient type, is segmented into adult, pediatrics, and geriatric. The geriatric segment held the largest share of ~44.0% of the market in 2021. The vitrectomy devices market, based on surgery approach, is bifurcated into posterier/pars plana vitrectomy and anterior vitrectomy. The posterier/pars plana vitrectomy held a larger share of ~58.0% of the market in 2021. The vitrectomy devices market, based on end-user, is segmented into hospitals, ophthalmology clinics, and ambulatory surgery centers (ASCs). The hospitals segment held the largest share of ~42.0% of the market in 2021. However, the ophthalmology clinics segment is expected to register the highest CAGR of 7.1% in the market during the forecast period. The vitrectomy devices market, based on distribution channel, is segmented into direct tenders, third party distributors, and retail sales. The retail sales segment held the largest market share of ~43.0% of the market in 2021.
North America is highly affected due to the COVID-19 outbreak pandemic. In the region, the US is highly influenced by the eruption of the COVID-19 pandemic. The nation has recorded the highest number of COVID-19 positive patients across the world. In the US, there were around 35,353,923 confirmed cases with 627,351 deaths. The pandemic has created technological shifts crucial to provide better care. Due to the rapid spreading of novel coronavirus, many cities were shut down, causing the cancellations of treatments and doctors/surgeons meetings. The patients suffering from critical surgeries, such as neurosurgery, spinal surgery, ocular surgery, and ENT surgery, require physical awareness and need to implement procedures in the clinics. As of March 15, 2020, 52,923 patients were on the waitlist in the province of Ontario awaiting ophthalmic surgery. The number of nonemergency surgeries performed in the province decreased by 45–98% from March to May 2020, and 48–80% from April to May 2021, compared to the same months in 2019.
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