Home >> News >> Retinal Surgery Devices Market will be growing at a CAGR of 7.6% during the forecast 2018 to 2026

Retinal Surgery Devices Market will be growing at a CAGR of 7.6% during the forecast 2018 to 2026

According to the latest report published by Acute Market Reports, Inc. “Retinal Surgery Devices Market – Growth, Future Prospects, and Competitive Analysis, 2018 – 2026,” the global market for retinal surgery devices was valued at US$ 1,816.8 million in 2017 and is expected to reach US$ 3,548.2 million by 2026, increasing to CAGR by 7.6 percent from 2018 to 2026.

Market Insights

The global market for retinal surgery devices is driven mainly by the increasing prevalence of chronic retinal disease and diabetic retinopathy. Diabetic retinopathy is a major complication of diabetes and therefore the increasing prevalence of diabetes in the general population has a high impact on the growth of the market for retinal surgery devices. It is expected that more than 190 million individuals will suffer from diabetic retinopathy by 2030 and more than 55 million will suffer from vision-threatening diabetic retinopathy. This proportion is expected to be high in the Asia-Pacific region due to an increase in the prevalence of diabetes. Lower compliance with treatments and limited efficacy of drug therapy are key factors that encourage patients to opt for retinal disease surgery. Surgical intervention offers long-term and permanent treatment to these debilitating conditions, thus fueling the market growth. In addition, significant growth in the geriatric population, which is more vulnerable to ophthalmic diseases, is also expected to increase the uptake of retinal surgery.

Browse Full Report Originally Published by Acute Market Reports at https://www.acutemarketreports.com/report/retinal-surgery-devices-market

In terms of device types, the global market is dominated by the vitrectomy packs segment. The prominence of this segment is registered due to their high adoption, convenience in use for several retinal surgeries, portability disposable nature, therefore, maintaining sterility of surgeries and more. The demand for illumination equipment and laser devices is also set to pick pace during the forecast period. Based on the applications, diabetic retinopathy treatment holds the largest revenue share and increasing prevalence of diabetes is supporting this dominance. Increasing awareness programs from governments and support groups, and increasing conferences, meets and awareness activities held by manufacturers are further contributing to growing uptake of retinal surgery devices.

Among the usage areas, hospitals account for the largest revenue share in the global retinal surgery devices market. High patient footfall, better diagnosis and treatment facilities, supportive infrastructure and greater affordability of advanced surgical equipment support the dominance of hospitals on the global front. Decentralization of hospital wings for containing expenses and augmenting their outreach is assisting the rapid growth of ophthalmology clinics. Geographically, North America is the largest regional market for retinal surgery devices. Better reimbursements, high healthcare expenditure, stringent regulations to ensure optimal treatments to patients, and significant large patient pool are the factors attributed to the North American market. On the other hand, emerging markets of Latin America and the Asia Pacific shall be progressing at rapid growth rates during the forecast period. Consistent growth in diabetic population in countries such as India and China, and other factors such as increasing healthcare expenditure, awareness about vision loss and related harm to the quality of life and improving reimbursement coverage are driving these markets.

This market is characterized by intensive competition among the players. Therefore sustainability strategies such as continuous new product development, geographical expansions through product introductions, collaborations agreements and mergers and acquisitions are frequently witnessed in this market.

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Key Market Movements:

  • Intensive research and development activities and increasing technological advancements in the field of ophthalmic surgery
  • Growing prevalence of diabetic retinopathy
  • North America and Asia Pacific markets witnessing consistent demand for conventional and breakthrough surgical products
  • Large population and senescent groups in the Asia Pacific to remain the prominent targets

List of Companies Covered:

  • Alcon (Novartis AG)
  • Bausch & Lomb Incorporated
  • Carl Zeiss AG
  • Ellex Medical Lasers
  • Escalon Medical Corp.
  • ERBE Elektromedizin GmbH
  • IRIDEX Corporation
  • Topcon Corporation
  • Second Sight Medical Products, Inc.
  • Leica Microsystems GmbH

Market Segmentation:

By Type

  • Vitrectomy Machines
  • Vitrectomy Packs
  • Microscopic Illumination Equipment
  • Retinal Laser Equipment
  • Retinal Tamponades and Sclera Buckles
  • Surgical Instruments

By Application Type

  • Diabetic Retinopathy
  • Epiretinal Membrane
  • Retinal Detachment
  • Macular Hole
  • Eye Injuries
  • Eye Infections

By Usage Area Type

  • Hospitals
  • Ophthalmology Clinics
  • Others

By Geography Segment Type

  • North America (the U.S., Rest of North America)
  • Europe (U.K., Germany, France, Rest of Europe)
  • Asia Pacific (China, Japan, India, Rest of Asia Pacific)
  • Rest of the World (the Middle East & Africa, Latin America)

Access Free Sample Copy of Research Report: https://www.acutemarketreports.com/request-free-sample/137667

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