Albany, NY -- (SBWire) -- 05/15/2015 --According to a fact sheet compiled by Prevent Blindness in America, more than 7 million Americans over the age of 40 have diabetic retinopathy. Likewise, more than 2 million Americans aged over 50 suffer from age-related macular degeneration. The number of people suffering from retinal diseases is on a rise globally, and this has spurred a massive demand for retinal surgery. Consequently, the global retinal surgery devices market is likely to report higher revenues and expand at a healthy growth rate.
The retinal surgery devices market report segments the market by equipment type into: Vitrectomy machines, retinal laser equipment, vitrectomy packs, surgical instruments, microscopic illumination equipment, and others. The report also similarly segments that market based on applications and geographical region.
The data analysis contained in this report is focused on the equipment type, geographic markets, and applications of retinal surgery devices. All forecasts and market sizes have been provided in USD million ranging from 2012 to 2020. With 2013 as the base year, the report calculates the compound annual growth rate (CAGR%) for each segment for the period 2014 to 2020.
Overview of the Retinal Surgery Devices Market
The global retinal surgery devices market, which approximated US$1.22 billion in 2013, will reach a projected value of US$2.01 billion in 2020. The CAGR of the retinal surgery devices market is pegged at 7.3% from 2014 to 2020. This upward growth in the market is expected to be a result of an expansion in the geriatric population and a high demand for retinal surgery devices compatible with minimally invasive procedures. The other favorable factors are pioneering technological advancements and the launch of novel treatment platforms for those suffering from ophthalmic diseases. Patients and governments are disbursing higher amounts on general healthcare; this trend will reflect on the retinal surgery devices market as well.
Of all product types in the retinal surgery devices market, vitrectomy packs occupied the largest market share in 2013 at 25%. This segment will also exhibit the highest rate of growth through the forecast period of the report because of its timesaving attributes. Ophthalmologists also prefer vitrectomy packs because they help cut waste per surgery and prove to be more cost-efficient.
Applications that are studied in this report include: Diabetic retinopathy, epiretinal membrane, retinal detachment, macular hole, and others. Of these, the diabetic retinopathy application segment is reported to be the largest as of 2013 because of the sheer rise in the number of diabetics globally. Patients suffering from diabetes-related eye disorders typically opt for technologically sophisticated retinal surgery devices to cut back on the risk of associated complications.
Moving forward through the forecast period, the retinal detachment application segment will emerge as the leader as vitrectomy is currently the most effectual treatment for patients with severe retinal detachment.
From the geographical standpoint, North America led in 2013 with a 35% of the global retinal surgery devices market because the region has traditionally been a hub for technological innovation and adoption. The analysis of this report reveals that a dynamic retinal surgery devices market is taking shape in the Asia Pacific region with countries such as Japan, Australia, South Korea, India, China and Malaysia playing an active role. Factors that work in the favor of the Asia Pacific retinal surgery devices market are: Presence of a large pool of skilled workforce, sizeable population base, easier market penetration in developing economies, and favorable government policies.
Companies Mentioned in the Retinal Surgery Market Report
Cutthroat competition currently exists in the global retinal surgery devices market despite the fact that it is a fragmented market. The market features a mix of established players and emerging entities. Top companies in the retinal surgery devices market are: Bausch + Lomb Incorporated, IRIDEX Corporation, Synergetics, Inc., Carl Zeiss Meditec AG, Alcon, Inc., Leica Microsystems, and Lumenis.
Retinal Surgery Devices Market, by Equipment Type
- Vitrectomy Packs
- Vitrectomy Machines
- Retinal Laser Equipment
- Microscopic Illumination Equipment
- Surgical Instruments (Cannulas, Forceps, Cutters, Cryoprobes, etc.)
- Others (Retinal Tamponades, Sclera Buckle, etc.)
Retinal Surgery Devices Market, by Applications
- Diabetic Retinopathy
- Retinal Detachment
- Epiretinal Membrane
- Macular Hole
- Others (Eye Infections and Eye Injuries)
Retinal Surgery Devices Market, by Geography
- North America
- Europe
- Asia Pacific
- Rest of the World (RoW)
This report gives you access to decisive data such as:
- Market growth drivers
- Factors limiting market growth
- Current market trends
- Market structure
- Market projections for the coming years
Key highlights of this report
- Overview of key market forces propelling and restraining market growth
- Up-to-date analyses of market trends and technological improvements
- Pin-point analyses of market competition dynamics to offer you a competitive edge
- An analysis of strategies of major competitors
- An array of graphics and SWOT analysis of major industry segments
- Detailed analyses of industry trends
- A well-defined technological growth map with an impact-analysis
- Offers a clear understanding of the competitive landscape and key product segments
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Retinal Surgery Devices Market - Global Industry Analysis, Growth, Trends and Forecast 2014 - 2020
Transparency Market Research has published a new report titled "Retinal Surgery Devices Market [Equipment Type: Vitrectomy Packs, Vitrectomy Machines, Retinal Laser Equipment, Microscopic Illumination Equipment, Surgical Instruments (Cannulas, Forceps, Cutters, Cryoprobes, etc.) & Others (Retinal Tamponades, Sclera Buckle, etc.); Applications: Diabetic Retinopathy, Retinal Detachment, Epiretinal Membrane, Macular Hole & Others (Eye infections and Eye injuries)] - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014 - 2020" to its report store.