Vitrectomy Devices Market Overview, Growth, Trends, Analysis, Research Report (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

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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 Regional Insights

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.

Vitrectomy Devices Market Market Report Scope

Market Players Density: Understanding Its Impact on Business Dynamics

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:

1. Quark Software Inc.
2. AngelTrack LLC
3. Trapeze Group
4. Cerner Corporation
5. GE Healthcare
6. CENTRALSQUARE

Disclaimer: The companies listed above are not ranked in any particular order.

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