The Vitrectomy devices market size is projected to reach US$ 2.49 billion by 2031 from US$ 1.45 billion in 2023. The market is expected to register a CAGR of 6.2% during 2023–2031. Large number of product approvals and launches is likely to remain a key trend in the market.
Key factors that are driving the growth of the market are a significant rise in the elderly population and significant advancements related to vitreoretinal surgery devices. Furthermore, the untapped potential of emerging economies has created growth opportunities for the vitrectomy devices market over the upcoming forecast period. For instance, as the US and European markets mature, most players are shifting their focus to emerging markets. High investments in life science and health research in emerging countries play a key role in upgrading the latest technologies in these countries.
Various economies across the world, such as the US, the UK, Canada, Japan, China, India, and South Korea, are witnessing considerable modernization of healthcare facilities and improvements in healthcare services. With this, the life expectancy of people in these countries, leads to a growth in their geriatric population base. As reported by the WHO (2018), the geriatric population is estimated to rise from 12% in 2015 to 22% by 2050. Furthermore, the US Census Bureau states in a report that the number of people in the US aged 65 and above is anticipated to grow from 46 million in 2016 to more than 98 million by 2060. Their population share would grow from ~15% to ~24% during this period. Another report, published by the United Nation’s World Population Ageing, states that Europe had the world’s highest percentage (i.e., 25%) of people aged more than 60 years in 2017. Further, by 2050, all regions of the world, except Africa, would have ~25% or more of their populations aged 60 and above. Moreover, underdeveloped and developing countries would account for ~80% of this growth.
Over the years, requirements specified by a relatively new specialty of vitreoretinal surgery have inspired advances in vitrectomy equipment technology. Continuous advancements in technology and instrumentation have resulted in reduced incisions and faster wound stabilization. Knowledge of the history and drivers of technology developments helps surgical pioneers and industry to continue working together to generate much-needed technological advancements. Various research into fluidics, cut rates, actuation modes, and other functional aspects has led to the miniaturization of vitrectomy devices. This factor has improved safety while also allowing for the creation of efficiencies using lower gauge vitrectomy probes.
The rising demand for cataract, refractive, and vitrectomy surgeries is expected to increase the sales of vitrectomy devices. Leading market players are increasing their penetration across emerging markets by expanding their distribution networks and augmented manufacturing capabilities. Emerging markets in India, South Korea, Brazil, and Mexico are expected to offer potential growth opportunities for key vitrectomy device manufacturers in the years to come. This can be attributed to the large patient population, high prevalence of eye diseases, such as cataracts and other vision impairments, increasing disposable income, improving healthcare infrastructure, and growing medical tourism in these countries. This factor, in turn, supports the inclination toward vitrectomy surgeries
Key segments that contributed to the derivation of the vitrectomy devices market analysis are product, application, patient type, surgery approach, distribution channel and end user.
The geographic scope of the vitrectomy devices market report is mainly divided into five regions: North America, Asia Pacific, Europe, Middle East & Africa, and South & Central America.
The US is the largest market for vitrectomy devices globally, the leading position of this segment is attributed to multiple factors such as upsurge in the geriatric population and the prevalence of retinal eye diseases. Moreover, in terms of technology, the nation is well ahead of other developed and emerging countries. Advances in technology have resulted in the development of various Vitrectomy devices and technologies that are used for their applications. In the US, the number of vitrectomies has increased significantly over the last few years. Also, the development of technology has increased the number of minimally and non-invasive procedures. For Instance: according to U.S National Library of Medicine approximately 2,25,000 vitrectomies are performed annually in the US and indications continue to expand.
The regional trends and factors influencing the Vitrectomy Devices Market throughout the forecast period have been thoroughly explained by the analysts at Insight Partners. This section also discusses Vitrectomy Devices Market segments and geography across North America, Europe, Asia Pacific, Middle East and Africa, and South and Central America.
| Report Attribute | Details |
|---|---|
| Market size in 2023 | US$ 1.45 Billion |
| Market Size by 2031 | US$ 2.49 Billion |
| Global CAGR (2023 - 2031) | 6.2% |
| Historical Data | 2021-2022 |
| Forecast period | 2024-2031 |
| Segments Covered |
By Product
|
| Regions and Countries Covered | North America
|
| Market leaders and key company profiles |
The Vitrectomy Devices Market market is growing rapidly, driven by increasing end-user demand due to factors such as evolving consumer preferences, technological advancements, and greater awareness of the product's benefits. As demand rises, businesses are expanding their offerings, innovating to meet consumer needs, and capitalizing on emerging trends, which further fuels market growth.
Market players density refers to the distribution of firms or companies operating within a particular market or industry. It indicates how many competitors (market players) are present in a given market space relative to its size or total market value.
Major Companies operating in the Vitrectomy Devices Market are:
Disclaimer: The companies listed above are not ranked in any particular order.
The Vitrectomy Devices Market is evaluated by gathering qualitative and quantitative data post primary and secondary research, which includes important corporate publications, association data, and databases. A few of the developments in the vitrectomy devices market are listed below:
The “Vitrectomy Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
North America dominated the vitrectomy devices market in 2023
The vitrectomy devices market is estimated to grow owing to the increasing demand for software deployment and growing demand for rapid & quality medical care.
Increased usage of high-tech products is likely to remain a key trend in the market.
Quark Software Inc., AngelTrack LLC, Trapeze Group, Cerner Corporation, GE Healthcare, CENTRALSQUARE, Sun Ridge Systems, Inc., Traumasoft, EMIS Health, MEDHOST, Epic Ems.
The market is expected to register a CAGR of 10.6% during 2023–2031.