PUBLISHER: The Business Research Company | PRODUCT CODE: 1414672
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414672
“Vitrectomy Devices Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on vitrectomy devices market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for vitrectomy devices? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The vitrectomy devices market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Vitrectomy devices are specialized surgical instruments utilized for the performance of vitrectomy procedures, which involve the removal of the vitreous gel from the eye. This surgical intervention is crucial in treating various eye conditions such as retinal detachments and vitreous hemorrhages. The vitreous gel, a transparent, jelly-such as substance situated between the lens and the retina in the eye, is targeted during vitrectomy.
The primary product types in the realm of vitrectomy devices include vitrectomy machines, vitrectomy packs, photocoagulation lasers, and illumination devices. Vitrectomy machines, serving as essential surgical equipment, typically consist of a console that manages the cutting, suction, and illumination functions of the surgical instruments. Various surgical approaches, such as posterior or pars plana vitrectomy and anterior vitrectomy, find application in addressing conditions such as diabetic retinopathy, retinal detachment, macular hole, vitreous hemorrhage, among others.
The vitrectomy devices market research report is one of a series of new reports from The Business Research Company that provides vitrectomy devices market statistics, including vitrectomy devices industry global market size, regional shares, competitors with a vitrectomy devices market share, detailed vitrectomy devices market segments, market trends and opportunities, and any further data you may need to thrive in the vitrectomy devices industry. This vitrectomy devices market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenario of the industry.
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 rise observed in the historical period can be linked to initial challenges in adoption, as well as factors such as clinical research and evidence, restricted treatment choices, and the reliance on manual control and precision. Early adoption was particularly notable in specialized cases during this period.
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 anticipated expansion in the forecast period can be ascribed to an emphasis on value-based healthcare, an increased need for cost-effective solutions, patient preferences leaning towards advanced treatments, regulatory support and approvals, and market penetration efforts in emerging economies. Notable trends expected during this forecast period encompass the miniaturization and portability of devices, the integration of advanced imaging technologies, improved surgical visualization, a surge in minimally invasive procedures, and a growing emphasis on customization and personalization.
The anticipated growth in the vitrectomy device market is expected to be propelled by the increasing prevalence of visual impairment. Visual impairment is a condition that hampers a person's ability to see, impacting their daily activities. This rise is largely attributed to factors such as the aging population, the surge in chronic diseases, and unhealthy lifestyles. Vitrectomy devices play a crucial role in treating various eye conditions associated with visual impairment. As of October 2022, the World Health Organization (WHO), a United Nations Agency, reported that approximately 2.2 billion people globally experience near or distant vision impairment, with almost half of these cases (around 1 billion) being either preventable or unaddressed. Hence, the growing prevalence of visual impairment is expected to drive the growth of the vitrectomy devices market.
The increasing prevalence of diabetes is poised to contribute to the growth of the vitrectomy devices market. Diabetes, a chronic condition characterized by elevated blood glucose levels, often leads to complications affecting vision. Vitrectomy is a common surgical procedure employed to treat advanced stages of diabetic retinopathy, especially when complications such as bleeding into the vitreous humor or the formation of scar tissue impact vision. The escalating prevalence of diabetes results in a larger pool of patients requiring vitrectomy procedures, consequently increasing the demand for vitrectomy devices. As of 2021, the International Diabetes Federation (IDF), based in Belgium, reported that 537 million adults aged between 20-79 are living with diabetes (1 in 10 people). This number is expected to reach approximately 643 million by 2030 and 783 million by 2045. Thus, the increasing prevalence of diabetes is a significant driver behind the growth of the vitrectomy devices market.
The vitrectomy devices market is witnessing a significant trend towards the adoption of high-precision instruments, with major players strategically focusing on innovation to strengthen their market positions. An illustrative example is the introduction of the EVA AVETA trocar cannula system by DORC in April 2021. This system is designed to facilitate minimally invasive vitreoretinal surgeries, providing surgeons with the advantages of smaller incisions and reduced complications. The unique spring-loaded blade of the EVA AVETA system enables controlled and precise entry into the eye. Compatible with DORC's existing vitreoretinal instruments and equipment, the EVA AVETA system seamlessly integrates into established surgical workflows.
Leading companies in the vitrectomy devices market are also investing in the development of ophthalmic surgery systems to gain a competitive edge. Ophthalmic surgery systems are comprehensive platforms tailored for various eye-related procedures, including those related to the retina and cataracts. Dutch Ophthalmic Research Center International B.V., for instance, launched the EVA NEXUS in March 2022, an ophthalmic surgery system resulting from global collaborations with surgeons. EVA NEXUS incorporates SmartIOP technology for precise control in cataract surgery, EquiPhaco enhancements to optimize phaco energy efficiency, and Eva Inicio, the first approved micro-injection system for sub-1ml injections. The Eva Aveta trocar cannula system within EVA NEXUS ensures enhanced performance, and the system's versatility allows independent irrigation and infusion lines for both anterior and posterior surgery. With ergonomic enhancements, active monitoring capabilities, and advanced technological integration, Eva Nexus has demonstrated its effectiveness in over 400 vitrectomy and 1500 cataract surgeries during limited release.
In October 2022, Dutch Ophthalmic Research Center (DORC) acquired Peregrine Surgical LLC, a US-based surgical instrument manufacturer, for an undisclosed amount. This acquisition positions DORC to offer a more comprehensive range of surgical instruments, enhancing its ability to provide high-quality products and services to ophthalmic surgeons and their patients, particularly in the US ophthalmic market.
Major companies operating in the vitrectomy devices market report are 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 Optikgerate 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
North America was the largest region in the vitrectomy devices market in 2023. Asia-pacific is expected to be the fastest-growing region in the global vitrectomy devices market report during the forecast period. The regions covered in the vitrectomy devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the vitrectomy devices market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The vitrectomy devices market consists of sales of vitrectomy machines, vitreous cutters, forceps, scissors, micro vitreo retinal (MVR) blade and illumination probes. Values in this market are 'factory gate' values, that is the value of goods sold by the manufacturers or creators of the goods, whether to other entities (including downstream manufacturers, wholesalers, distributors and retailers) or directly to end customers. The value of goods in this market includes related services sold by the creators of the goods.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.