Expanding Product Needs, Surgery Growth Will Drive Retinal Surgical Device Market to Nearly $2 Billion by 2025
Ophthalmologists use more specialized products in retinal surgeries than other subspecialties, producing more revenue per procedure than segments with higher surgical volume. As a result, the retinal surgical device market is expected to total more than $1.57 billion in 2020, with revenue rising to nearly $2 billion in 2025, according to Market Scope.
Market Scope’s new “2020 Retinal Surgical Device Market Report” analyzes markets for vitrectomy machines, dedicated machine packs, vitrectomy surgical accessories, and dedicated retinal surgical instruments. The accessories include illuminator consoles and probes, cryosurgical devices, scleral buckles, ocular gases, ocular dyes, and silicone oil. The report also addresses artificial vision retinal implants and shows how the recent market dynamics have delayed the realization of this market opportunity.
Retinal surgical device sales are driven almost entirely by vitrectomies—procedures that remove the vitreous from the posterior chamber of the eye, allowing surgeons to reach and repair various retinal tissues. Uses include removal of scar tissue, repair of retinal detachments, and treatment of macular holes.
Market Scope estimates that 1.84 million vitrectomies will be performed globally in 2020.
The per-procedure revenue is typically 10 to 15 times greater than the amount for cataract surgery due to the numerous products required for a vitrectomy. Still, there are far fewer vitrectomies than the 30 million cataract surgeries expected in 2020.
Multiple factors will spur retinal device market growth over the next 5 years: an increase in the elderly population and age-related retinal diseases associated with this population group; a dramatic rise in the number of patients with diabetic retinopathy; more doctors trained to perform retinal surgery; safer and more effective surgical device technologies; improving health care systems in emerging countries; and higher expectations of patients for improved vision.
Market Scope’s report assesses the underlying disease states that drive the need for vitrectomies and evaluates the current and projected number of vitrectomies by country or region of the world.
Wealthy regions—the US, Western Europe, Japan, and countries in Market Scope’s “Other Wealthy Nations” category (Canada, South Korea, Taiwan, Australia, etc.)—are expected to account for more than three-quarters of global retinal surgical device revenue in 2020, and most market participants concentrate the bulk of their marketing efforts in these regions.
More than 55 companies compete in the global retinal surgical device market, but most specialize only in one or two product categories. Eight companies—Alcon, Bausch + Lomb, Dutch Ophthalmic Research Center (DORC), Geuder, Beaver-Visitec International (BVI), Nidek, Oertli, and Hoya—account for 82 percent of global revenue.
Market Scope’s “2020 Retinal Surgical Device Market Report” is in its 17th edition and was published in February.