Vitrectomy Devices Market Drivers and Opportunities [2021-2031]
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.
Vitrectomy Devices Market Analysis
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.
Vitrectomy Devices Market Overview
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.
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Vitrectomy Devices Market: Strategic Insights
Market Size Value in US$ 1,290.19 million in 2021 Market Size Value by US$ 2,003.24 million by 2028 Growth rate CAGR of 6.5% from 2021 to 2028 Forecast Period 2021-2028 Base Year 2021
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Vitrectomy Devices Market: Strategic Insights
| Market Size Value in | US$ 1,290.19 million in 2021 |
| Market Size Value by | US$ 2,003.24 million by 2028 |
| Growth rate | CAGR of 6.5% from 2021 to 2028 |
| Forecast Period | 2021-2028 |
| Base Year | 2021 |
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Vitrectomy Devices Market Drivers and Opportunities
Significant Advancements Related to Vitreoretinal Surgery Devices
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.
Untapped Potential of Emerging Economies
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
Vitrectomy Devices Market Report Segmentation Analysis
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.
- Based on product, the vitrectomy devices market is segmented into vitrectomy accessories, vitrectomy machines, microscopic illumination equipment, surgical instruments, others. The EMS computer-aided dispatch (CAD) system segment held a larger market share in 2023.
- By application, the market is segmented into diabetic retinopathy, retinal detachment, epiretinal membrane, macular hole, and others. The diabetic retinopathy segment held the largest share of the market in 2023.
- By patient type, the market is segmented into adult, pediatrics, geriatric. The adult segment held the largest share of the market in 2023.
- By surgery approach, the market is segmented into posterier/pars plana vitrectomy, anterior vitrectomy. The posterier/pars plana vitrectomy segment held the largest share of the market in 2023.
- Based on end user, the vitrectomy devices market is segmented by hospitals, ophthalmology clinics, ambulatory surgery centers (ASCs). The hospitals segment held a larger market share in 2023.
Vitrectomy Devices Market Share Analysis by Geography
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.
Vitrectomy Devices Market Report Scope
Vitrectomy Devices Market News and Recent Developments
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:
- DORC International announced acquired Peregrine Surgical LLC and the acquisition of the full ownership of WEFIS GmbH following an initial equity investment announced earlier in 2022. Both acquisitions significantly extend the production and innovation capabilities of the business while expanding the geographic reach and speed-to-market of DORC’s strategy. (Source: DORC, Company Website, November 2022)
- DORC is launched the new EVA Trocar cannula system (marketed as EVA AVETA outside US). EVA Trocar is the first system to feature the patent-pending, Push-Fit infusion connection, plus a unique laser-etched retention feature. (Source: DORC, Company Website, April 2022)
Vitrectomy Devices Market Report Coverage and Deliverables
The “Vitrectomy Devices Market Size and Forecast (2021–2031)” report provides a detailed analysis of the market covering below areas:
- Vitrectomy devices market size and forecast at global, regional, and country levels for all the key market segments covered under the scope
- Vitrectomy devices market trends as well as market dynamics such as drivers, restraints, and key opportunities
- Detailed PEST/Porter’s Five Forces and SWOT analysis
- Vitrectomy devices market analysis covering key market trends, global and regional framework, major players, regulations, and recent market developments.
- Industry landscape and competition analysis covering market concentration, heat map analysis, prominent players, and recent developments for the vitrectomy devices market
- Detailed company profiles
Report Coverage
Revenue forecast, Company Analysis, Industry landscape, Growth factors, and Trends
Segment Covered
Product, Application, Patient Type, End User, Distribution Channel, and Geography
Regional Scope
North America, Europe, Asia Pacific, Middle East & Africa, South & Central America
Country Scope
Argentina, Australia, Brazil, Canada, China, France, Germany, India, Italy, Japan, Mexico, RoAPAC, RoSCAM, Saudi Arabia, South Africa, South Korea, Spain, United Arab Emirates, United Kingdom, United States
Frequently Asked Questions
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.
The Insight Partners performs research in 4 major stages: Data Collection & Secondary Research, Primary Research, Data Analysis and Data Triangulation & Final Review.
- Data Collection and Secondary Research:
As a market research and consulting firm operating from a decade, we have published many reports and advised several clients across the globe. First step for any study will start with an assessment of currently available data and insights from existing reports. Further, historical and current market information is collected from Investor Presentations, Annual Reports, SEC Filings, etc., and other information related to company’s performance and market positioning are gathered from Paid Databases (Factiva, Hoovers, and Reuters) and various other publications available in public domain.
Several associations trade associates, technical forums, institutes, societies and organizations are accessed to gain technical as well as market related insights through their publications such as research papers, blogs and press releases related to the studies are referred to get cues about the market. Further, white papers, journals, magazines, and other news articles published in the last 3 years are scrutinized and analyzed to understand the current market trends.
- Primary Research:
The primarily interview analysis comprise of data obtained from industry participants interview and answers to survey questions gathered by in-house primary team.
For primary research, interviews are conducted with industry experts/CEOs/Marketing Managers/Sales Managers/VPs/Subject Matter Experts from both demand and supply side to get a 360-degree view of the market. The primary team conducts several interviews based on the complexity of the markets to understand the various market trends and dynamics which makes research more credible and precise.
A typical research interview fulfils the following functions:
- Provides first-hand information on the market size, market trends, growth trends, competitive landscape, and outlook
- Validates and strengthens in-house secondary research findings
- Develops the analysis team’s expertise and market understanding
Primary research involves email interactions and telephone interviews for each market, category, segment, and sub-segment across geographies. The participants who typically take part in such a process include, but are not limited to:
- Industry participants: VPs, business development managers, market intelligence managers and national sales managers
- Outside experts: Valuation experts, research analysts and key opinion leaders specializing in the electronics and semiconductor industry.
Below is the breakup of our primary respondents by company, designation, and region:
Once we receive the confirmation from primary research sources or primary respondents, we finalize the base year market estimation and forecast the data as per the macroeconomic and microeconomic factors assessed during data collection.
- Data Analysis:
Once data is validated through both secondary as well as primary respondents, we finalize the market estimations by hypothesis formulation and factor analysis at regional and country level.
- 3.1 Macro-Economic Factor Analysis:
We analyse macroeconomic indicators such the gross domestic product (GDP), increase in the demand for goods and services across industries, technological advancement, regional economic growth, governmental policies, the influence of COVID-19, PEST analysis, and other aspects. This analysis aids in setting benchmarks for various nations/regions and approximating market splits. Additionally, the general trend of the aforementioned components aid in determining the market's development possibilities.
- 3.2 Country Level Data:
Various factors that are especially aligned to the country are taken into account to determine the market size for a certain area and country, including the presence of vendors, such as headquarters and offices, the country's GDP, demand patterns, and industry growth. To comprehend the market dynamics for the nation, a number of growth variables, inhibitors, application areas, and current market trends are researched. The aforementioned elements aid in determining the country's overall market's growth potential.
- 3.3 Company Profile:
The “Table of Contents” is formulated by listing and analyzing more than 25 - 30 companies operating in the market ecosystem across geographies. However, we profile only 10 companies as a standard practice in our syndicate reports. These 10 companies comprise leading, emerging, and regional players. Nonetheless, our analysis is not restricted to the 10 listed companies, we also analyze other companies present in the market to develop a holistic view and understand the prevailing trends. The “Company Profiles” section in the report covers key facts, business description, products & services, financial information, SWOT analysis, and key developments. The financial information presented is extracted from the annual reports and official documents of the publicly listed companies. Upon collecting the information for the sections of respective companies, we verify them via various primary sources and then compile the data in respective company profiles. The company level information helps us in deriving the base number as well as in forecasting the market size.
- 3.4 Developing Base Number:
Aggregation of sales statistics (2020-2022) and macro-economic factor, and other secondary and primary research insights are utilized to arrive at base number and related market shares for 2022. The data gaps are identified in this step and relevant market data is analyzed, collected from paid primary interviews or databases. On finalizing the base year market size, forecasts are developed on the basis of macro-economic, industry and market growth factors and company level analysis.
- Data Triangulation and Final Review:
The market findings and base year market size calculations are validated from supply as well as demand side. Demand side validations are based on macro-economic factor analysis and benchmarks for respective regions and countries. In case of supply side validations, revenues of major companies are estimated (in case not available) based on industry benchmark, approximate number of employees, product portfolio, and primary interviews revenues are gathered. Further revenue from target product/service segment is assessed to avoid overshooting of market statistics. In case of heavy deviations between supply and demand side values, all thes steps are repeated to achieve synchronization.
We follow an iterative model, wherein we share our research findings with Subject Matter Experts (SME’s) and Key Opinion Leaders (KOLs) until consensus view of the market is not formulated – this model negates any drastic deviation in the opinions of experts. Only validated and universally acceptable research findings are quoted in our reports.
We have important check points that we use to validate our research findings – which we call – data triangulation, where we validate the information, we generate from secondary sources with primary interviews and then we re-validate with our internal data bases and Subject matter experts. This comprehensive model enables us to deliver high quality, reliable data in shortest possible time.
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