Retinal Surgery Devices Market Expected to Reach USD 2.01 Billion Globally in 2020

Retinal surgery devices are undergoing rapid technological advancement to establish an effective treatment platform for various retinal diseases. For instance, minimally invasive surgical instruments for the treatment of retinal diseases offer advantages such as lesser pain, minor scarring, quick recovery and reduced health care costs. Applications of retinal surgery devices across various ophthalmic conditions such as diabetic retinopathy, retinal detachment, epiretinal membrane and macular hole are driving the growth of the global retinal surgery devices market. Furthermore, increasing geriatric population is fueling the growth of the market, as these individuals are reported to be at a higher risk of developing eye-related disorders.

In terms of type of equipment, the retinal surgery devices market has been segmented into vitrectomy packs, vitrectomy machines, retinal laser equipment, microscopic illumination equipment, surgical instruments and others (retinal tamponades, sclera buckle, etc.) Vitrectomy packs accounted for the largest share of the retinal surgery devices market in terms of revenue in 2013. The segment is expected to grow at the highest CAGR during the forecast period from 2014 to 2020. Factors that contribute to the high growth of vitrectomy packs segment are increased timesaving during and after the retinal surgery procedure by cutting back on the preparation time and the growing demand for single-use sterile packs of surgical instruments in order to cut costs through better inventory management.

Based on applications, the retinal surgery devices market has been segmented into diabetic retinopathy, retinal detachment, epiretinal membrane, macular hole and other applications that include eye infections and eye injuries. The diabetic retinopathy application segment held the largest share of the retinal surgery devices market in 2013 due to high prevalence of diabetic retinopathy across the globe and growing patient preference to opt for retinal surgery as their first treatment option for long-term benefit. However, the retinal detachment application segment is anticipated to grow at the highest CAGR during the forecast period from 2014 to 2020. Factors attributed to the growth of the segment are increasing geriatric population and severe ophthalmic ailments affecting them such as formation of scar tissue on the retina and retinal tear. In addition, retinal surgery offers better results in the treatment of retinal detachment, which boosts the growth of the segment.

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Geographically, North America was the largest market for retinal surgery devices in 2013. Factors driving the growth of the retinal surgery devices market in North America are increasing prevalence of eye diseases among the geriatric and diabetic population. According to recent data from the U.S. Centers for Disease Control and Prevention (CDC) in 2014, around 26 million people in the U.S. have diabetes, and over 28% of diabetics aged 40 years and above have diabetic retinopathy and related diabetic eye diseases. Furthermore, technological developments in the field of ophthalmic surgical devices and increasing awareness of the population about surgical treatments of various retinal diseases are boosting the growth of the retinal surgery devices market in North America. However, Asia Pacific is likely to record the highest CAGR during the forecast period. Large population base, greater initiatives taken by the governments to promote health care and robust economic growth are the factors attributed to the high growth in the region. Moreover, improving consumer awareness about eye care and better disease management would drive the growth of the retinal surgery devices market in Asia Pacific.

The global retinal surgery devices market is fragmented due to the presence of well established as well as emerging companies in this field. The top companies operating in the retinal surgery devices market are Bausch + Lomb Incorporated, Synergetics, Inc., IRIDEX Corporation, Alcon, Inc., Carl Zeiss Meditec AG, Leica Microsystems, NIDEK CO., LTD., Topcon Corporation, Lumenis, and Optos plc.

New Trends of Retinal Surgery Devices Market with Worldwide Industry Analysis to 2020

The global retinal surgery devices market is dynamic in nature and is characterized by a high degree of competition among players in this market, as per the findings of a new report by Transparency Market Research (TMR). This is mainly due to the high demand for differentiator products that are technologically advanced, cost competent and easy to use as well. Some of the leading players in the global retinal surgery devices market are Synergetics Inc., Bausch + Lomb Incorporated, Optos plc, and IRIDEX Corporation.

A TMR analyst points out, “New product and technology launch is on top of the growth charts of top players in the global retinal surgery devices market.” Top players in this market are contending for commercialization and to receive positive recommendations for newly launched products and technologies. A case in point is Alcon Inc. In January 2015, the company announced that it received approval for using Jetrea as a pharmacological treatment agent and also received a positive feedback for reimbursement of the same.

Business expansion by means of acquisition is also what key players in this market are focused on. This augments the surgical portfolio and technological capabilities of the acquiring company to sustain intense competitive rivalry in this market.

Business alliances for the purpose of distribution agreement is also a key growth strategy that top players in this market are adopting. This arrangement is a win-win for both the parties to leverage the expertise of each other.

High Susceptibility of Geriatric Population to Ocular Diseases Favors Market Growth

An ever-increasing geriatric population, combined with higher life expectancy, is one of the primary factors driving the growth of the global retinal surgery devices market. This is because age is a major factor that increases the chances of ocular diseases, of which, diabetic retinopathy, macular pucker, and retinal detachment are most common. As per estimates of the World Health Organization (WHO), the global geriatric population is expected to reach 2 billion by 2050 increasing from 524 million in 2010. It is expected that developed countries would display the fastest rise in geriatric population; however, the availability of advanced healthcare in these regions has increased the life expectancy of this population. This population, however, is at a higher risk for developing ocular diseases to fuel demand for retinal surgery devices.

Technological advancement in ophthalmic surgery is also a key factor propelling the growth of this market. The periodic introduction of novel technologies is meant for enhanced treatment reliability, safety, accuracy, and for faster recovery after surgery. To cater to this, companies in this market are under constant pressure to introduce innovative products.

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High Price Factor of Retinal Surgery Devices Burdens Patients for Increased Surgical Costs

“The high cost of retinal surgery devices is detrimental to the market’s growth,” says a TMR analyst. Though novel technologies and newer equipment are available for the treatment of retinal conditions, their high price factor is restricting the use of these devices. Moreover, delay in regulatory approvals reduces returns for large companies due to the buildup of inventory. With the increase in prices of drugs and medical devices at about 4% each year, hospital charges have increased as well. These factors that are pertaining to the high price of surgical equipment are restraining the market’s growth.

The global retinal surgery devices market is expected to reach a valuation of more than US$2.0 bn by 2020. In 2013, diabetic retinopathy stood as the leading application segment due to the increasing prevalence of diabetes and its associated eye disorders. Vitrectomy packs led the equipment type segment in 2013 and is expected to register the highest CAGR in the coming years. North America is a leading market for retinal surgery devices due to increased awareness about technologically advanced treatments for retinal conditions.

The information presented in this review is based on a Transparency Market Research report, titled “Retinal Surgery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020.”

Global Factors and Perspective of the Retinal Surgery Devices Market

Transparency Market Research has published a new report, titled “Retinal Surgery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020”.According to the report, the global retinal surgery devices market will expand at a 7.30% CAGR during the forecast period from 2014 to 2020. In 2013, the global retinal surgery devices market was worth more than US$1.2 bn and by 2020, the market is projected to be worth over US$2.0 bn. Besides the forecast of the global market for retinal surgery devices, the research study also provides valuable facts and figures for various key segments.

Browse the full Retinal Surgery Devices Market [Equipment Type: Vitrectomy Packs, Vitrectomy Machines, Retinal Laser Equipment, Microscopic Illumination Equipment, Surgical Instruments (Cannulas, Forceps, Cutters, Cryoprobes, etc.) & Others (Retinal Tamponades, Sclera Buckle, etc.); Applications: Diabetic Retinopathy, Retinal Detachment, Epiretinal Membrane, Macular Hole & Others (Eye infections and Eye injuries)] - Global Industry Analysis, Size, Share, Growth, Trends and Forecast, 2014 - 2020 report at http://www.transparencymarketresearch.com/retinal-surgery-devices-market.html

The vitrectomy packs segment dominated the global retinal surgery devices market with a share of 25% in 2013. The vitrectomy packs segment will expand at the highest CAGR during the forecast period in the global retinal surgery devices market among all product segments. This segment benefits from factors such as greater timesaving related to operating room start-up time and elevated cost savings by reducing waste per surgery. Some other product segments in the global retinal surgery devices market are surgical instruments, microscopic illumination equipment, retinal laser equipment, and vitrectomy machines.

By application, the global retinal surgery devices market is divided into epiretinal membrane, macular hole, retinal detachment, diabetic retinopathy, and others. In 2013, the diabetic retinopathy segment dominated the global retinal surgery devices market due to the rising prevalence of diabetes and associated eye disorders around the world.

North America is the leading regional market in the global retinal surgery devices market. North America held a share of 35% in the global retinal surgery devices market in 2013. Countries in Asia Pacific such as South Korea, Japan, Australia, Malaysia, China, and India are expected to witness remarkable growth in the global retinal surgery devices market. Several factors will contribute to the growth of the Asia Pacific retinal surgery devices market. These include support from the government to improve infrastructure in the healthcare industry, easy market penetration in emerging economies, skilled workforce, and large population.

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The global retinal surgery devices market is driven by the advancement in technology in the field of ophthalmic surgery. In addition to this, the market will benefit from the sustained increase in the geriatric population, along with the elevated life expectancy of the same. On the other hand, the high price associated with retinal surgery devices will challenge the global retinal surgery devices market.

Players in the global retinal surgery devices market will be able to boost their ROI and expand their reach by focusing on developing economies. Furthermore, investment in research and development projects will also lend companies a competitive advantage in the global retinal surgery devices market. For inorganic growth, the research study recommends strategic M&As. Some of the key players operating in the global retinal surgery devices market are Alcon, Carl Zeiss Meditec, IRIDEX Corporation, Lumenis, NIDEK, Optos, and Topcon Medical Systems.