Retinal Surgery Devices Market Growth Prospects, Key Opportunities, Trends And Forecast 2020
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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.
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