According to the latest report published by Credence Research, Inc. “Retinal Surgery Devices Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global retinal surgery devices market was valued at US$ 1,368.2 Mn in 2016, and is expected to reach US$ 2,757.1 Mn by 2025, expanding at a CAGR of 8.00% from 2017 to 2025.
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The global retinal surgery devices market is mainly driven by increasing prevalence of ophthalmic conditions, especially diabetic retinopathy. The prevalence of diabetic retinopathy is witnessing continuous growth due to the increase in diabetic patient pool. Low treatment adherence and compliance to conventional therapeutics on the part of patients has resulted in rise in ophthalmic complications in patients. This event in turn has resulted in growth in the number of retinal surgeries being performed worldwide. Further rise in the pool of high-risk geriatric population has led to addition to the demand for retinal surgery devices. Evolution in reimbursement has also played a critical role in determining the growth trend in the global retinal surgery devices market.
Among the considered device types, vitrectomy packs segment accounts for the largest revenue share in the global retinal surgery devices market. The dominance of this segment is majorly attributed to high usage of viteretomy devices in procedures such as combined retinal surgery, vitreous removal, posterior vitreous detachment, epiretinal membrane removal and others. Offered advantages such as higher sensitivity, portability and optical magnification also contribute to high demand for vitrectomy packs and are touted to be vital in ophthalmic surgeries. Wide usage of these products thereby will assist in retaining the large revenue share in the global market. Additionally, technological innovation and improved outcome records is expected to make laser systems the fastest growing segment in the global retinal surgery devices market during the forecast period 2017-2025.
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Diabetic retinopathy, retinal detachment and macular hole, epiretinal membrane procedure, and ocular injury and infections are the major disease sites where retinal surgery devices find application. Among these, diabetic retinopathy holds the largest share both in terms of revenue generation and number of procedures majorly attributed by continuous rise in prevalence of the disease. The demand for devices such as laser projection equipment, illumination equipment and vitrectomy packs is also the highest in diabetic retinopathy surgeries. Growing awareness among diabetic population through initiatives taken up by manufacturers and governments further drives the progress of this segment.
Geographically, North America is the largest regional market for retinal surgery devices, followed by Europe. Growing base of ophthalmic disease and diabetic population and increasing high demand for minimally invasive surgical procedures mainly drive the market in these regions. Existence of evolved regulatory system and reimbursement scenario additionally boost the growth of retinal surgery devices market in North America and Europe. Additionally, Asia Pacific is estimated to witness the fastest market growth during the forecast period 2017-2025. The growth of Asia Pacific retinal surgery devices market is largely attributed to rapid development of socioeconomic status, growing awareness and evolution of healthcare infrastructure.