Vitreoretinal Surgery Devices Market to hit $2.1 billion by 2028, Says Global Market Insights Inc.
Vitreoretinal Surgery Devices Industry is set to register around 3% CAGR between 2022 and 2028 driven by growing prevalence of eye-related conditions along with rising geriatric population.
SELBYVILLE, Del., Feb. 2, 2022 /PRNewswire/ -- Global vitreoretinal surgery devices market value is poised to exceed USD 2.1 billion by 2028, according to a new research report by Global Market Insights Inc. Growing prevalence of eye-related diseases is expected to drive the overall industry growth.
Adoption of supportive initiatives, policies, and programs by the government authorities & public organizations to improve the access to affordable vision care is anticipated to drive the market size during the estimation timeframe. For instance, the International Agency for the Prevention of Blindness launched VISION 2020 to accelerate the prevention of blindness activities. The program included the World Sight Day, an initiative that helps in promoting awareness regarding blindness and vision impairment. This initiative also urged several governments to increase the funding for prevention of blindness and eye care programs. Numerous developed nations assisted developing economies through eye care NGOs and corporations from different countries. Thus, the adoption of supportive initiatives by government authorities and public organizations is expected to fuel the business growth.
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The vitrectomy probes segment is anticipated to surpass USD 121 million by 2028 growing at a CAGR of over 3%. This segment share is growing significantly owing to subsequent technological advancements in vitrectomy probes. Novel vitrectomy probe designs and technology have enabled duty cycle performances of around 100% and enhanced flow control. The miniaturization of these equipment, leading to smaller vitrectomy diameter that offers clinical advantage as it can be positioned in the narrow spaces, enables the membrane dissection and facilitates the vitrectomy procedure.
Some major findings of the vitreoretinal surgery devices market report include:
- Government initiatives and funding to improve vision care is further expected to amplify the market demand.
- Some of the major industry players operating in the vitreoretinal surgery devices industry include Alcon, Inc., Bausch & Lomb, Inc., OCULUS Optikgeräte GmbH, MedOne Surgical, Inc., Carl Zeiss Meditec AG, Designs for Vision, Inc., Peregrine Surgical, and D.O.R.C. Dutch Ophthalmic Research Center (International) B.V. among others.
- Competitors are emphasizing strategic activities such as product launches, partnerships, and geographical expansion to gain significant revenue share and cater to larger customer base.
Browse key industry insights spread across 100 pages with 128 market data tables & 12 figures & charts from the report, "Vitreoretinal Surgery Devices Market Statistics By Product (Photocoagulation Lasers, Illumination Devices, Vitreoretinal Packs, Vitrectomy Machines, Vitrectomy Probes), End-use (Hospitals, Specialty Clinics, Ambulatory Surgery Centers), COVID-19 Impact Analysis, Regional Outlook, Application Potential, Competitive Market Share & Forecast, 2022 – 2028" in detail along with the table of contents:
https://www.gminsights.com/industry-analysis/vitreoretinal-surgery-devices-market
Vitreoretinal surgery devices market from specialty clinics segment exceeded USD 531 million in 2021. This notable segmental revenue is primarily attributed to access to extraordinary expertise and specialized care. Enhanced functional independence, improved clinical outcomes, minimal surgical complications, and advanced technical resources offered by specialty clinics increases the preference for vitreoretinal procedures performed at these facilities. Many specialty clinics concentrate on delivering the best care path and offer efficient approach to conduct vitreoretinal surgeries. The surging demand for eye care services pertaining to an upsurge in the target population is projected to drive the demand and preference for vitreoretinal surgery devices in specialty clinics.
China dominated the Asia Pacific vitreoretinal surgery devices market in 2021 and is expected to reach over USD 240 million by 2028. This high market share is primarily attributed to rising prevalence of eye disorders and adoption of facilitative initiatives by the governing authorities in the country. According to the Lancet Public Health Journal, the eye-related conditions such as uncorrected refractive error, cataract, and macular degeneration leading to vision impairment surged exponentially in China. From 1990 to 2019, the number of people affected with moderate vision impairment surged by 133%, people suffering from severe vision impairment rose by 147%, and those suffering from blindness surged by 64%. In order to curb the spread of these diseases and promote awareness regarding eye care to prevent these diseases, the Chinese government adoption supportive initiatives.
The National Health and Family Planning Commission of China proposed a 5-year National Plan for Eye Health. The plan aims for the facilitation of optical and optometric services in China, further concentrating on refractive error in children. This initiative also plans to limit and treat eye disorders such as refractive error, diabetic eye disease, retinopathy of prematurity (ROP), and low vision. Thus, the high target population base in China and adoption of facilitative initiatives by the government is anticipated to propel the regional market statistics.
Browse the Toc of this report @ https://www.gminsights.com/toc/detail/vitreoretinal-surgery-devices-market
About Global Market Insights
Global Market Insights Inc., headquartered in Delaware, U.S., is a global market research and consulting service provider, offering syndicated and custom research reports along with growth consulting services. Our business intelligence and industry research reports offer clients with penetrative insights and actionable market data specially designed and presented to aid strategic decision making. These exhaustive reports are designed via a proprietary research methodology and are available for key industries such as chemicals, advanced materials, technology, renewable energy, and biotechnology.
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SOURCE Global Market Insights Inc.
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