Vitrectomy Devices Market

Report Scope & Overview:

The Vitrectomy Devices Market Size was valued at USD 1.17 billion in 2022, and is expected to reach USD 1.92 billion by 2030, and grow at a CAGR of 6.4% over the forecast period 2023-2030.

Vitrectomy devices are crucial medical equipment and supplies needed for vitrectomy. An eye procedure called a vitrectomy is used to address a variety of retinal and vitreous disorders. The main warning signs and symptoms of eye issues include losing vision, seeing floaters or specks, having distorted or blurry vision, problems with side vision, and seeing floaters or specks. The purpose of the surgery is to remove the vitreous and replace it with another substance. The center of the eye is filled with vitreous, which is a gel-like substance. Utilizing specific vitrectomy surgery equipment, like vitrectomy supplies and systems, ensures that the procedure is completed safely and with the desired results. The instruments most frequently used for vitrectomy include machines, tamponades, light pipes, probes, scissors, and lasers.

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MARKET DYNAMICS

DRIVERS

• Diabetes is more common than ever.

• Increasing knowledge of conditions affecting the eyes, as well as the available remedies

• The market's expansion is being boosted by rising demand for minimally invasive procedures for eye surgery.

RESTRAINTS

• Fears regarding the potential risks of a vitrectomy

OPPORTUNITIES 

• One of the key factors anticipated to accelerate the growth and demand for vitrectomy equipment is the rising incidence rate of retinal detachment.

CHALLENGES 

• Healthcare services that are ineffective and a sluggish adoption of new technology

IMPACT OF COVID-19

People from all across the world have been affected by the pandemic, and operating facilities have been shut down globally. During the lockdown period, the healthcare sector is dealing with unusual situations. Shutting down the production facilities also had an impact on the creation of medicinal products. A decrease in warehouse inventory of the manufactured goods was caused by the disruption of the medical products' supply chain.

Due to fewer visits to ophthalmic care hospitals in the medical context in order to limit the likelihood of infection, COVID-19 had a negative effect on the global market for vitrectomy devices. Additionally, COVID-19 patients must deal with eye issues including conjunctivitis, which prevents medical staff from performing ophthalmic procedures. During the projection period, the government's introduction of guidelines to provide effective and ongoing medical treatment in addition to ophthalmology is anticipated to drive market growth.

By Product Type

Vitrectomy equipment: According to estimates, this market sector will have the highest revenue share. The devices have cutting-edge features like quick cut rates, novel fluidics, intraocular pressure, and compact gauge sizes.

The demand for vitrectomy packs has increased for procedures including detaching the posterior vitreous and performing retinal surgery, which include removing the vitreous from the retina and the epiretinal membrane.

Lasers used for photocoagulation: The laser helps to obliterate or reduce aberrant retinal structures, which improves surgical precision.

Devices for producing light are used to enhance the surgeon's visibility during vitreoretinal surgery. The most often used lighting sources include metal halide, halogen, LED, Xenon, and mercury vapor.

By Application

Macular Hole: The market dominance of the segment is anticipated. The macula, which is located in the center of the retina, has a microscopic breach, known as the macular hole.

Diabetic Retinopathy: During the projected period, the market is anticipated to expand quickly. The segment will likely be driven by the rapid rise in diabetic retinopathy cases around the globe.

Retinal Detachment: Patients with excessive myopia are more likely to get retinal detachment. High myopia is becoming more common, which is accelerating market expansion.

Blood leaks into various areas that have formed inside or around the vitreous body in a condition known as vitreous hemorrhage. Retinal tears or neovascularization of the retina might cause the disorder to develop immediately. 

Other: Other uses for vitrectomy include treating eye infections and injuries.

By End-use

Hospitals: This market sector is anticipated to grow rapidly. This is explained by the rise in hospitals offering ocular care, including vitrectomy, and the rising acceptance of vitrectomy surgeries.

Ambulatory Surgery Centers: The industry is anticipated to grow quickly. This is a result of the rise in ambulatory surgery facilities in developing and impoverished nations.

Ophthalmic Clinics: These are general clinics for licensed medical professionals. The majority of these are general practitioners or ophthalmologists. The patient is given advice and initial therapy for an eye condition.

KEY MARKET SEGMENTS:

By Product Type

• Vitrectomy machines

• Photocoagulation lasers

• Vitrectomy packs

• Illumination devices

By Application

• Diabetic retinopathy

• Macular hole

• Retinal detachment

• Vitreous hemorrhage

• Others

By End-use

• Hospitals

• Ambulatory Surgery Centers

• Ophthalmic Clinics

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REGIONAL ANALYSIS

Due to the increased prevalence of diabetes, North America held the greatest market share for vitrectomy devices. According to the National Diabetes Statistics, diabetes affects about 9.5% of the country's population as a whole. These figures show the market in the area is expanding rapidly. The presence of major players like BVI (US), Johnson & Johnson Vision Care, Inc. (US), and Med One Surgical, Inc. (US) in the region, as well as established research organisations dedicated to product development and the availability of cutting-edge diagnostic products, all contribute to the market's expansion. In order to grow their businesses, the major companies are expanding their operational facilities around the region, forming alliances, and launching new goods.

A sizable portion of people with eye-related disorders are found in Asia and the Pacific. The people in the area are becoming more conscious of problems related to the eyes. Additionally, the regional government is stepping up its awareness-raising and R&D efforts to promote private businesses' contributions to the introduction of cutting-edge technologies to the market. These elements are enhancing the market expansion in the area. The region's expanding healthcare infrastructure and more investment are fueling the market's expansion.

REGIONAL COVERAGE

• North America

  • USA

  • Canada

  • Mexico

• Europe

  • Germany

  • UK

  • France

  • Italy

  • Spain

  • The Netherlands

  • Rest of Europe

• Asia-Pacific

  • Japan

  • south Korea

  • China

  • India

  • Australia

  • Rest of Asia-Pacific

• The Middle East & Africa

  • Israel

  • UAE

  • South Africa

  • Rest of Middle East & Africa

• Latin America

  • Brazil

  • Argentina

  • Rest of Latin America

KEY PLAYERS:

Major key players are Alcon Inc., BVI, Carl Zeiss Meditec AG, Bausch & Lomb Incorporated, Johnson & Johnson Vision Care, Inc, HAAG-STREIT GROUP, Blink Medical, NIDEK CO., LTD., Med One Surgical, Inc, Topcon Corporation, Hoya Surgical Optics and other players.

BVI-Company Financial Analysis