Albany, NY -- (SBWIRE) -- 09/27/2018 -- Technological developments in the field of ophthalmic surgery and a continuously rising geriatric population, coupled with high life expectancy, are the key factors driving the global retinal surgery devices market. Presently, the global retinal surgery devices market is characterized by the introduction of many technological advancements in order to develop effective treatments for different types of retinal defects and diseases.
The advantages of using minimally invasive surgical instruments in treating retinal diseases are quite noteworthy. Besides low healthcare costs, such instruments ensure rapid recovery, lesser discomfort, and minor scarring. According to the U.S. Centers for Disease Control and Prevention, there were almost 26 million cases of diabetes registered in the U.S. in 2014, and more than 28% of people with diabetes in the age group of 40 years and above who were suffering from diabetic retinopathy and other related problems. Expanding at a CAGR of 7.3% from 2014 to 2020, the global retinal surgery devices market is anticipated to reach US$2.01 billion by 2020 from US$1.22 billion in 2013.
Vitrectomy Packs Segment to Expand Rapidly in the Forecast Period
The global retinal surgery devices market is segmented on the basis of equipment, application, and geography. On the basis of type of equipment, this market is segmented into surgical instruments, microscopic illumination equipment, retinal laser equipment, Vitrectomy machines, Vitrectomy packs, and others, which includes sclera buckle and retinal tamponades. In revenue terms, the highest share in 2013 was held by the segment for Vitrectomy packs. The market for Vitrectomy packs is anticipated to expand robustly in the forecasting horizon.
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Application-wise, the global retinal surgery devices market is segmented into macular hole, epiretinal membrane, retinal detachment, diabetic retinopathy, and others, which includes eye injuries and eye infections. Due to factors such as high incidence of diabetic retinopathy and increasing preference for retinal surgery as a treatment option for long term benefit, the market for diabetic retinopathy holds the largest share of the overall retinal surgery devices market. However, it is the segment for retinal detachment that is expected to grow rapidly from 2014 to 2020. This segment is mainly driven by a growing geriatric population and high incidence of serious ophthalmic problems that lead to scar formation or tear on the retina.
Continuous Technological Developments to Stimulate the North America Retinal Surgery Devices Market
Geographically, the global retinal surgery devices market is segmented into Asia Pacific, North America, Europe, and Rest of the World. In 2013, North America led the global retinal surgery devices market owing to high incidence of eye diseases in the diabetic and geriatric population of the region.
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The other prominent factors that boost the overall demand in the North America retinal surgery devices market are increasing awareness amongst the masses about surgical treatments for retinal diseases and technological developments in the area of ophthalmic surgical devices. Rapid economic growth, greater government initiatives for promoting healthcare, and a large population will drive the Asia Pacific retinal surgery devices market, which will expand robustly in the years to come.
The Asia Pacific retinal surgery devices market is also driven by improvements in disease management and greater consumer awareness about eye care. The prominent companies in the global retinal surgery devices market are Topcon Medical Systems Inc., Synergetics USA, Inc., NIDEK Co. Ltd., Optos, plc, Lumenis, IRIDEX Corporation, Carl Zeiss Meditec AG, Alcon Inc., and Bausch & Lomb Incorporated.
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