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The retinal surgery devices market is expected to register a CAGR of 7.9% during the forecast period. Retinal surgical devices are used to repair retinal torn or detached retinas in procedures such as laser surgery, cryotherapy, scleral buckle surgery, etc. Retinal diseases vary widely, but most of the retinal diseases cause visual symptoms and can affect any part of retina, a thin layer of tissue on the inside back wall of your eye. Some of the common signs and symptoms of retinal diseases are blurred or distorted (straight lines look wavy) vision, defects in the side vision, seeing floating specks or cobwebs, lost vision. According to the World Health Organization (WHO), by the year 2050, the world’s population aged 60 years and older is expected to reach approximately by 2 billion, up from 900 million in the year 2015. Currently, about 125 million people are aged 80 years or older. Growing instances of retinal disorders in the geriatric population, eye injuries and rising prevalence of diabetic retinopathy are the key driving factors in the retinal surgery devices market.
Scope of the Report
As per the scope of the report retinal surgery devices are used to repair retinal torn or detached retinas in procedures such as laser surgery, cryotherapy, scleral buckle surgery, etc. The retinal surgery devices market is segmented by Product Type, By Application and Geography.
Key Market Trends
Diabetic Retinopathy Segment is Expected to Hold a Major Market Share in the Retinal Surgery Devices Market
- Diabetic retinopathy is a condition that occurs as a result of damage to the blood vessels of the retina in people with diabetes. Diabetic retinopathy can develop in people with type 1 diabetes or type 2 diabetes and with a history of uncontrolled high blood sugar levels. Diabetic retinopathy are of two types Nonproliferative diabetic retinopathy (NPDR) in which eye doesn’t make new blood vessels during the early stages of diabetic retinopathy and Proliferative diabetic retinopathy (PDR) in which new blood vessels begin to grow within the retina.
- As per International Diabetes Federation (IDF), approximately 463 million adults aged 20-79 years were living with diabetes and by the year 2045 will rise to 700 million adults with diabetes and 79% of adults suffering from diabetes were from low- and middle-income countries.
- Increasing prevalence of diabetes, retinal disorders, eye injuries, and rising geriatric population are the key driving factors in the retinal surgery devices market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America expected to hold a major market share in the global retinal surgery devices market due to the rising prevalence of retinal disorders in the geriatric population and high prevalence of diabetic retinopathy in this region. According to the National Diabetes Statistics, one often is suffering from diabetes, which is approximately 9.4% of the total United States population. According to the National Eye Institute, diabetic retinopathy impacts nearly 7.7 million Americans and the number is expected to increase to 11.3 million by the year 2030. Furthermore, the rise in the adoption of advanced technologies in retinal surgery devices and the growing number of minimally invasive surgeries is fueling the growth of the overall regional market to a large extent.
The retinal surgery devices Market is consolidated competitive and consists of several major players. In terms of market share, few of the major players are currently dominating the market. Some prominent players are vigorously making acquisitions with the other companies to consolidate their market positions across the globe. Some of the market players are Alcon Inc, IRIDEX Corporation, Bausch & Lomb Incorporated, Carl Zeiss Meditec AG, Topcon Corporation, NIDEK CO., LTD, Ellex Medical Lasers, Lumenis, Leica Microsystems GMBH.
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