Market Trends of Retinal Surgery Devices Industry
This section covers the major market trends shaping the Retinal Surgery Devices Market according to our research experts:
Diabetic Retinopathy Segment is Expected to Witness Healthy Growth in the Coming Years
Diabetic retinopathy is a condition resulting from damage to the retinal blood vessels in people with diabetes. Diabetic retinopathy can develop in people with type 1 or type 2 diabetes and with a history of uncontrolled high blood sugar levels. Diabetic retinopathy is of two kinds: Nonproliferative diabetic retinopathy (NPDR), in which the eye cannot make new blood vessels during early diabetic retinopathy, and proliferative diabetic retinopathy (PDR), in which new blood vessels begin to grow within the retina.
As per International Diabetes Federation (IDF), approximately 463 million adults aged 20-79 will be living with diabetes. By 2045, it is expected to rise to 700 million adults with diabetes, and 79% of adults who have diabetes will be from low- and middle-income countries. With the increasing burden of diabetes globally, there will be a growing demand for diabetic retinopathy surgeries, which will boost the market growth in the forecast period.
Additionally, according to the Indian Journal of Ophthalmology data in 2021, the diabetic retinopathy prevalence in 2021 was around 17% in males and 11.8% in females. Furthermore, the PubMed data published in November 2021 suggests that the global prevalence of diabetic retinopathy was nearly 22.27% as of 2021, which will increase by 2045. Hence, with the rising worldwide prevalence of diabetic retinopathy, the segment is expected to witness substantial growth over the forecast period.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America is expected to hold a significant market share in the global retinal surgery devices market due to the rising prevalence of retinal disorders in the geriatric population and the high prevalence of diabetic retinopathy in this region.
For instance, in 2021, according to the CDC, approximately 12 million people 40 years and over in the US had vision impairment. The number includes 1 million who were blind, 3 million who had vision impairment after correction, and 8 million who had vision impairment due to uncorrected refractive error. Additionally, approximately 6.8% of children younger than 18 years in the US had a diagnosed eye and vision condition. Nearly 3% of children younger than 18 years were blind or visually impaired, defined as having trouble seeing even when wearing glasses or contact lenses. Hence, with the rising burden of vision problems across the country, there is a growing demand for retinal surgeries.
Furthermore, data from the Journal of the American Medical Association suggests that the prevalence of diabetes across the North American region is increasing annually. It is also causing an increase in the majority of diabetic retinopathy. For instance, the International Diabetes Federation has stated around 10.5% of the US population was suffering from diabetes during 2021, and this will grow exponentially in the coming years. Hence, with an increasing burden of diabetes across the country, the market studied is expected to witness substantial growth over the forecasted period.
Additionally, in Canada, there has been an increasing focus on new eye surgery hospitals to fulfill the rising demand for ophthalmic surgeries. For instance, in October 2022, Windsor Surgical Centre, located in Windsor, Canada, opened a new 12,000 Sq.ft facility to serve thousands of people requiring eye surgery annually. Hence, with the rising number of ophthalmic centers, the market studied is expected to witness strong growth in Canada during the coming years.
