Newly-released Vitrectomy Devices industry analysis report by Future Market Insights shows that global sales of Vitrectomy Devices in 2021 were held at USD 1.2 billion. With a CAGR of 7.3% from 2022 to 2032, the market is projected to reach a valuation of USD 2.6 billion by 2032. Vitrectomy Machines are expected to be the highest revenue-generating type, accounting for an absolute dollar opportunity of nearly USD 1.3 billion from 2022 to 2032.
| Attribute | Details |
|---|---|
| Global Vitrectomy Devices Market (2022) | USD 1.3 billion |
| Global Vitrectomy Devices Market (2032) | USD 2.6 billion |
| Global Vitrectomy Devices Market CAGR (2022 to 2032) | 7.3% |
| USA Vitrectomy Devices Market CAGR (2022 to 2032) | 7.1% |
| Key Companies Profiled | Alcon Inc.; Bausch & Lomb Incorporated; British Virgin Islands (BVI); NIDEK CO., LTD.; Johnson & Johnson Vision Care, Inc.; Blink Medical; Topcon Corporation; Carl Zeiss Meditec AG; Hoya Surgical Optics |
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As per the Vitrectomy Devices industry research by Future Market Insights - a market research and competitive intelligence provider, historically, from 2017 to 2021, the market value of the Vitrectomy Devices industry increased at around 6.5% CAGR, wherein, countries such as the USA, United Kingdom, China, South Korea, and Japan held a significant share in the global market. Owing to this, the Vitrectomy Devices market is projected to grow at a CAGR of 7.3% over the coming 10 years.
Vitrectomy aids in the removal of blood from the vitreous humour and the prevention of traction retinal detachment. This, in turn, helps to smooth the process of many other ophthalmic surgeries and prevents further retinal detachment during the procedure. Furthermore, vitrectomy aids in the restoration of vision loss caused by vitreous humour bleeding.
The increased frequency of retinal illness, as well as the causes for it, are expected to drive the market throughout the forecast period. Diabetes has a negative impact on eye health, causing eyesight loss through damaging the retina's blood vessels. Diabetic retinopathy affected 7.7 million Americans in 2018, according to the National Eye Institute. By 2030, this number is projected to rise to 11.3 million, thus propelling the market forward.
Hospital admissions for Rhegmatogenous Retinal Detachment (RRD) in the United Kingdom have been increasing since 2000. A substantial number of patients are admitted for RRD, according to HES Hospital Admitted Patient Care Activity statistics, increasing demand for pars plana vitrectomy surgeries.
As a result, market participants are demonstrating innovations in the retina domain at conferences in order to broaden its reach and adoption in order to fulfill rising demand. In July 2019, Alcon debuted their new HYPERVIT Dual Blade Vitrectomy Probe at the American Society of Retina Specialists’ annual meeting. During microincision vitrectomy surgery, this cutting-edge probe is designed to increase stability and balance.
Aside from the numerous benefits affiliated with vitrectomy surgical procedures and devices, the risks associated with the procedure are expected to pose a barrier to its widespread adoption. The risks of vitrectomy include eye infection, bleeding in the vitreous gel, retinal detachment, and high intraocular pressure. Furthermore, after a few years of vitrectomy, patients may develop cataracts or other eye problems.
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The market in Asia Pacific is expected to register the highest CAGR of nearly 8% during the forecast period due to increased demand for Vitrectomy Devices in developing countries, especially Japan and China. This can be attributed to the increasing geriatric population in the region.
During the forecast period, the market in Asia Pacific will grow at the fastest rate of the presence of a large patient pool seeking ophthalmic care and the adoption of vitrectomy devices. Furthermore, the government's increasing emphasis on providing improved healthcare centers and proper patient care is further contributing to market growth.
In 2021, the United States held the largest market share, accounting for over 35% of total revenue. The rising prevalence of ocular ailments including diabetic retinopathy, retinal detachment, and the macular hole is likely to boost market expansion in the region.
Several companies in the country are seeking FDA approval in the United States for their products, allowing them to remain competitive in the market. Medical Instrument Development Facilities, Inc., for example, gained FDA 510 (k) clearance in July 2016 for the Bi-Blade Vitrectomy Cutter. Thus, the growing prevalence of such diseases caused a rise in the revenue share in the USA.
The market in the United Kingdom is projected to reach a valuation of USD 133 million by 2032. With a CAGR of 8%, the market is expected to gross an absolute dollar opportunity of USD 72 million from 2022 to 2032.
In Japan, the market is projected to reach a valuation of USD 122 million by 2032. Growing at a CAGR of 7.8%, the market is expected to garner an absolute dollar opportunity of USD 65 million.
The market in South Korea is projected to garner an absolute dollar opportunity of USD 18.5 million, growing at a CAGR of 5.3% from 2022 to 2032. By 2032, the market is likely to reach a valuation of USD 45 million.
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In 2020, the vitrectomy machines segment dominated the market, accounting for 36.8% of the total revenue. The development of new generation machines with advanced features such as improved fluidics, high cut rates, small gauge size, and intraocular pressure control has contributed to the segment's growth. For example, Alcon's Constellation Vision System has fluidics that works for small-gauge surgery, overcoming previous machines' limitations.
During the forecast period, the vitrectomy packs segment is projected to expand at the fastest rate. This can be attributed to the increased use of these packs in a variety of indications, including vitreous removal from the retina, epiretinal membrane removal, collective procedures for retinal surgery, and posterior vitreous detachment.
Furthermore, the vitrectomy pack's additional benefits, such as portability, optical magnification, and fast response, are expected to propel the growth of vitrectomy devices. According to the CDC, diabetic retinopathy affects one-third of African-Americans and Mexican Americans over the age of 40. Furthermore, 4.2 million people have diabetic retinopathy, and 655,000 have vision-threatening diabetic retinopathy. As a result, the increasing incidence of diabetic retinopathy is expected to drive segment growth over the forecast period.
The key players operating in the vitrectomy devices market include Alcon Inc., Bausch & Lomb Incorporated, BVI, NIDEK CO., LTD., Johnson & Johnson Vision Care, Inc., Blink Medical, Topcon Corporation, Carl Zeiss Meditec AG, and Hoya Surgical Optics
Some of the recent developments of key Vitrectomy Devices providers are as follows:
Similarly, recent developments related to companies offering Vitrectomy Devices have been tracked by the team at Future Market Insights, which are available in the full report.
The global Vitrectomy Devices market is worth more than USD 1.2 billion at present.
The value of Vitrectomy Devices is projected to increase at a CAGR of around 7.3% from 2022 to 2032.
The value of Vitrectomy Devices increased at a CAGR of around 6.7% from 2017 to 2021.
Top five players of Vitrectomy Devices market include Alcon Inc., Bausch & Lomb Incorporated, BVI, NIDEK CO. LTD., Johnson & Johnson Vision Care Inc.
The top 5 countries driving demand for Vitrectomy Devices are the USA, United Kingdom, China, Japan, and South Korea
North America accounted for over 35% of global Vitrectomy Devices demand in 2021.
The European market for Vitrectomy Devices is projected to expand at a CAGR of around 8% from 2022 to 2032.
1. Executive Summary 2. Market Overview 3. Market Risks and Trends Assessment 4. Market Background 5. Key Success Factors 6. Global Market Demand Analysis 2015 to 2021 and Forecast, 2022 to 2032 7. Global Market Value Analysis 2015 to 2021 and Forecast, 2022 to 2032 8. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Product Type 8.1. Vitrectomy Machines 8.2. Vitrectomy Packs 8.3. Photocoagulation Lasers 8.4. Illumination Devices 9. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Application 9.1. Diabetic Retinopathy 9.2. Retinal Detachment 9.3. Macular Hole 9.4. Vitreous Hemorrhage 9.5. Other Applications 10. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By End-Use 10.1. Hospitals 10.2. Ophthalmic Clinics 10.3. Ambulatory Surgical Centers 11. Global Market Analysis 2015 to 2021 and Forecast 2022 to 2032, By Region 11.1. North America 11.2. Latin America 11.3. Europe 11.4. Asia Pacific 11.5. Middle East and Africa (MEA) 12. North America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 13. Latin America Market Analysis 2015 to 2021 and Forecast 2022 to 2032 14. Europe Market Analysis 2015 to 2021 and Forecast 2022 to 2032 15. Asia Pacific Market Analysis 2015 to 2021 and Forecast 2022 to 2032 16. Middle East and Africa Market Analysis 2015 to 2021 and Forecast 2022 to 2032 17. Key Countries Market Analysis 2015 to 2021 and Forecast 2022 to 2032 18. Market Structure Analysis 19. Competition Analysis 19.1. Alcon Inc. 19.2. Bausch & Lomb Incorporated 19.3. BVI 19.4. NIDEK CO., LTD. 19.5. Johnson & Johnson Vision Care, Inc. 19.6. Blink Medical 19.7. Topcon Corporation 19.8. Carl Zeiss Meditec AG 19.9. Hoya Surgical Optics 20. Assumptions and Acronyms Used 21. Research Methodology
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