Market Size of Retinal Surgery Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Retinal Surgery Devices Market Analysis
The retinal surgery devices Market is expected to register a CAGR of 7.9% during the forecast period.
COVID-19 had a slight impact on the retinal surgery devices market as retinal surgery is usually an emergency where an instant operation is needed. With the COVID-19 guidelines, doctors have taken essential procedures on priority across the globe, which also included retinal surgeries. However, a delay in diagnosing the disease has hampered the patient's well-being to some extent during the pandemic. Doctors are performing post-pandemic surgeries regularly, and the market will witness healthy growth over the post-pandemic era.
Retinal surgical devices repair torn or detached retinas through laser surgery, cryotherapy, scleral buckle surgery, etc. Retinal diseases vary widely, but most of them cause visual symptoms. They can affect any part of the retina, a thin layer of tissue on the inside back wall of your eye.
According to the World Health Organization (WHO) 2021 data, by the year 2050, the world's population aged 60 years and older will reach approximately 2 billion, up from 900 million in 2015. Currently, about 125 million people are aged 80 years or older. Growing retinal disorders in the geriatric population, eye injuries, and the rising prevalence of diabetic retinopathy are the key driving factors in the retinal surgery devices market. Further, according to the October 2021 WHO report, about 2.2 billion people worldwide have near or distant vision impairment, of which approximately 1 billion cases could have been prevented. It shows the high burden of cases of vision impairment worldwide and the possibility of treatment. That is why there is a very high demand for ophthalmic drugs, which will positively impact the growth of the market studied during the forecast period of the study.
The Vision Loss Expert Group (VEEG), in 2021, reported that globally 1.1 billion people live with vision loss and 90% of such people live in low and middle-income countries (LMICs). Additionally, PubMed data published in 2021 indicates that the number of blind people will increase from the current 43 million to 61 million (42% increase) by the year 2050 in the Middle East and Africa region. Similarly, those with moderate to severe visual impairment will increase from the current 295 million to 474 million (61% increase). People with mild visual impairment will rise from 258 million to 360 million, and those with near vision difficulties will increase from the recent 510 million to 866 million (70% increase) by 2050. The data shows that ophthalmic diseases are rising, propelling the market's growth over the forecasted period.
However, complications associated with retinal surgery and the high cost are some of the factors that can hinder market growth.
Retinal Surgery Devices Industry Segmentation
As per the scope of the report, retinal surgery devices repair torn or detached retinas in procedures such as laser surgery, cryotherapy, scleral buckle surgery, etc. The Retinal Surgery Devices Market is segmented by product type (vitrectomy machines and packs, retinal laser equipment, surgical instruments, other products), application (diabetic retinopathy, retinal detachment, other applications), and Geography (North America, Europe, Asia-Pacific, Middle East, and Africa, and South America). The report also covers the estimated market sizes and trends for 17 countries across major regions globally. The report offers the value in ( USD million) for the above segments.
| By Product Type | |
| Vitrectomy Machines and Packs | |
| Retinal Laser Equipment | |
| Surgical Instruments | |
| Other Products |
| By Application | |
| Diabetic Retinopathy | |
| Retinal Detachment | |
| Other Applications |
| Geography | ||||||||
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Retinal Surgery Devices Market Size Summary
The retinal surgery devices market is poised for significant growth, driven by the increasing prevalence of retinal disorders, particularly among the aging population and those with diabetes. The market is characterized by the use of advanced surgical techniques such as laser surgery, cryotherapy, and scleral buckle surgery to address conditions like diabetic retinopathy, which is a major contributor to vision impairment globally. The demand for these devices is further bolstered by the rising incidence of eye injuries and the growing need for surgical interventions to combat vision loss. Despite the challenges posed by the high costs and potential complications associated with retinal surgeries, the market is expected to expand steadily, supported by ongoing advancements in ophthalmic technologies and a robust pipeline of innovative products.
North America is anticipated to maintain a substantial share of the global retinal surgery devices market, attributed to the high prevalence of retinal disorders and diabetes in the region. The United States, in particular, faces a growing demand for retinal surgeries due to the increasing number of individuals with vision impairment and diabetic retinopathy. The establishment of new ophthalmic centers, such as the Windsor Surgical Centre in Canada, further underscores the region's commitment to addressing the rising need for eye surgeries. The market is competitive, with major players like Alcon Inc, IRIDEX Corporation, and Bausch & Lomb Incorporated leading the charge through strategic acquisitions and product launches. These developments are expected to enhance the market's growth trajectory, ensuring a steady supply of advanced retinal surgery devices to meet the evolving needs of patients worldwide.
Retinal Surgery Devices Market Size - Table of Contents
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1. MARKET DYNAMICS
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1.1 Market Overview
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1.2 Market Drivers
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1.2.1 Rising Geriatric Population and Increasing Prevalence of Eye Diseases
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1.2.2 Increasing Demand for Minimally Invasive Surgeries
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1.3 Market Restraints
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1.3.1 High Cost of Retinal Surgery Devices
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1.3.2 Complications Associated with the Retinal Surgeries
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1.4 Porter's Five Force Analysis
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1.4.1 Bargaining Power of Suppliers
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1.4.2 Bargaining Power of Buyers/Consumers
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1.4.3 Threat of New Entrants
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1.4.4 Threat of Substitute Products
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1.4.5 Intensity of Competitive Rivalry
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2. MARKET SEGMENTATION (Market Size - Value in USD million)
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2.1 By Product Type
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2.1.1 Vitrectomy Machines and Packs
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2.1.2 Retinal Laser Equipment
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2.1.3 Surgical Instruments
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2.1.4 Other Products
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2.2 By Application
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2.2.1 Diabetic Retinopathy
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2.2.2 Retinal Detachment
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2.2.3 Other Applications
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2.3 Geography
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2.3.1 North America
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2.3.1.1 United States
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2.3.1.2 Canada
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2.3.1.3 Mexico
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2.3.2 Europe
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2.3.2.1 Germany
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2.3.2.2 United Kingdom
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2.3.2.3 France
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2.3.2.4 Italy
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2.3.2.5 Spain
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2.3.2.6 Rest of Europe
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2.3.3 Asia Pacific
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2.3.3.1 China
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2.3.3.2 Japan
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2.3.3.3 India
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2.3.3.4 Australia
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2.3.3.5 South Korea
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2.3.3.6 Rest of Asia-Pacific
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2.3.4 Middle East and Africa
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2.3.4.1 GCC
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2.3.4.2 South Africa
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2.3.4.3 Rest of Middle East and Africa
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2.3.5 South America
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2.3.5.1 Brazil
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2.3.5.2 Argentina
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2.3.5.3 Rest of South America
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Retinal Surgery Devices Market Size FAQs
What is the current Retinal Surgery Devices Market size?
The Retinal Surgery Devices Market is projected to register a CAGR of 7.90% during the forecast period (2024-2029)
Who are the key players in Retinal Surgery Devices Market?
Alcon, Inc, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, IRIDEX Corporation and Topcon Corporation are the major companies operating in the Retinal Surgery Devices Market.
