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Vitrectomy Devices Market 2024: Size, Global Industry Trends, and Growth Forecast
Vitrectomy Devices Global Market Report 2024
According to The Business Research Company's, The vitrectomy devices market size has grown strongly in recent years. It will grow from $1.59 billion in 2023 to $1.7 billion in 2024 at a compound annual growth rate (CAGR) of 6.7%. The growth in the historic period can be attributed to early challenges in adoption, clinical research and evidence, limited treatment options, manual control and precision, early adoption in specialized cases.
The vitrectomy devices market size is expected to see strong growth in the next few years. It will grow to $2.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%. The growth in the forecast period can be attributed to focus on value-based healthcare, demand for cost-effective solutions, patient preference for advanced treatments, regulatory support and approvals, market penetration in emerging economies. Major trends in the forecast period include miniaturization & portability, integration of advanced imaging, enhanced surgical visualization, growth in minimally invasive procedures, customization and personalization.
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Market Drivers and Trends:
The increasing prevalence of visual impairment is expected to propel the growth of the vitrectomy device market going forward. Visual impairment is a condition in which a person's ability to see is compromised to the point where it affects their daily activities. The increasing prevalence of visual impairment is mostly driven by the aging population, the rise of chronic diseases, and poor lifestyles, where vitrectomy devices are commonly used to treat a range of eye conditions that can lead to visual impairment. For instance, in October 2022, according to a United Nations Agency, World Health Organization (WHO), an estimated 2.2 billion people experience near or distant vision impairment, with nearly half of these cases, around 1 billion, being either preventable or still unaddressed. Therefore, the increasing prevalence of visual impairment will fuel the vitrectomy devices market growth.
High-precision vitrectomy devices have emerged as a key trend gaining popularity in the vitrectomy devices market. Major market players are concentrating their efforts on creating innovative products to strengthen their position in the market. For instance, in April 2021, DORC announced the launch of its new trocar cannula system, the EVA AVETA. The system is designed to provide a minimally invasive approach for vitreoretinal surgeries, offering surgeons a smaller incision and reducing the risk of complications. The EVA AVETA trocar cannula system features a unique spring-loaded blade that allows for a controlled and precise entry into the eye. The EVA AVETA™ system is compatible with DORC's existing vitreoretinal instruments and equipment, making it easy to integrate into existing surgical workflows.
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Major Key Players of the Market:
Alcon Inc.; Bausch and Lomb Incorporated; Beaver-Visitec International Holdings Inc.; Nidek Co. Ltd.; Johnson and Johnson Vision Care Inc.; Blink Medical Limited; Topcon Corporation; HOYA Medical Singapore Pte Ltd.; Carl Zeiss Meditec AG; Optos plc; IRIDEX Corporation; Dutch Ophthalmic Research Center; Danaher Corporation; Lumenis Ltd.; Synergetics Inc.; Advanced Optisurgical Inc.; OCULUS Optikgeräte GmbH; MedOne Surgical Inc.; Designs for Vision Inc.; Geuder AG; Ellex Medical Lasers Ltd.; Erbe Elektromedizin GmbH; Halma plc; Ophthalmic Instruments Inc.; Accutome Inc.; Rhein Medical Inc.; FCI Ophthalmics Inc.; Insight Instruments Corp.; Rumex International Corporation; Oertli Instrumente AG
Vitrectomy Devices Market 2024 Key Insights:
• The vitrectomy devices market will grow to $2.24 billion in 2028 at a compound annual growth rate (CAGR) of 7.1%.
• Rising Prevalence Of Visual Impairment To Drive Market Growth
• Product Innovations Transforming The Vitrectomy Devices Market
• North America was the largest region in the vitrectomy devices market in 2023
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