2024 Vitreoretinal Surgery Devices Market Outlook: Size, Share, and Key Growth Drivers
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What Growth Rate is the Vitreoretinal Surgery Devices Market Anticipated to Experience from 2024-2033?
In recent times, the vitreoretinal surgery devices market has been experiencing robust growth. The market value is projected to rise from $1.99 billion in 2023 to $2.11 billion in 2024, representing a compound annual growth rate (CAGR) of 6.0%. The rapid market expansion during the historic period is due to various factors such as rising occurrences of retinal disorders, an aging population, improvements in surgical approaches, growth in the diabetic population, and patients’ inclination towards minimally invasive surgical methods.
The market size for vitreoretinal surgery devices is anticipated to experience robust expansion in the following years, escalating to a value of $2.57 billion in 2028 with a compound annual growth rate (CAGR) of 5.1%. This predicted augmentation during the forecast period is attributed to constant development in the aging population, escalating prevalence of retinal diseases, progress in surgical tools, rising diabetes epidemics, and expansion in healthcare infrastructure. Significant trends to watch for in the forecast period encompass a focus on retinal imaging technologies, advancements in intraocular tamponades, breakthroughs in laser systems, personalization and patient-targeted strategies, and incorporation of artificial intelligence.
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What Are the Significant Influencers of Growth in the vitreoretinal surgery devices Market?
The surge in eye disorders is anticipated to boost the vitreoretinal surgery device market. These disorders, whether non-neoplastic or neoplastic, have a direct impact on the eyes. Vitreoretinal surgery devices are instrumental in treating eye ailments such as macular degeneration, cataracts, diabetes-related retinopathy, glaucoma, and retinal detachment. Data from the Centers for Disease Control and Prevention in the United States indicated that as of December 2022, around 12 million individuals over 40 would suffer from vision impairment, with 1 million being blind, 3 million experiencing it after vision correction, and 8 million due to uncorrected refractive errors. Thus, the escalating number of eye disorder cases is driving growth in the vitreoretinal surgery device market.
What Key Segments Define the Vitreoretinal Surgery Devices Market?
1) By Product: Photocoagulation Lasers, Illumination Devices, Vitrectomy Machines, Vitrectomy Probes, Vitreoretinal Packs, Other Products
2) By Surgery: Anterior Vitreoretinal Surgery, Posterior Vitreoretinal Surgery
3) By Application: Diabetic Vitreous Hemorrhage, Retinal Detachment, Macular Hole, Other Applications
4) By End-Users: Hospitals, Specialty Clinics, Ambulatory Surgery Centers, Other End-Users
What Are the Key Developments Shaping the Vitreoretinal Surgery Devices Market?
The rise of product innovation is a notable trend within the vitreoretinal surgery device market. Firms participating in this market are leveraging new product advancements to maintain their market standing. For example, Sight Sciences, an American ophthalmology company, introduced the SION Surgical Instrument in August 2022. This was the first device of its kind, without blades, used in goniotomy procedures. This pioneering tool heralds a new era of goniotomy innovation and practice, characterized by its unique bladeless format. The SIONTM Surgical Instrument is a sterile, designed for one-time use, and manually controlled device used in eye surgeries for removing trabecular meshwork.
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What Regions Are Driving Expansion in the Vitreoretinal Surgery Devices Market?
North America was the largest region in the vitreoretinal surgery devices market in 2023. Asia-Pacific is expected to be the fastest-growing region in the global vitreoretinal surgery devices market report during the forecast period. The regions covered in the vitreoretinal surgery devices market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The Vitreoretinal Surgery Devices Global Market Report 2024 offers a comprehensive overview of the audio equipment market, covering historical data from 2010 to 2021 and providing a ten-year forecast from 2023 to 2032. This report examines the size of the vitreoretinal surgery devices market, its market share, and analyzes key competitors along with their market positions.
The Table Of Content For The Vitreoretinal Surgery Devices Market Include
1. Vitreoretinal Surgery Devices Market Executive Summary
2. Vitreoretinal Surgery Devices Market Segments
3. Vitreoretinal Surgery Devices Market Size And Template Market Growth Rate
4. Key Vitreoretinal Surgery Devices Market Trends
5. Major Vitreoretinal Surgery Devices Market Drivers
……
25. Key Mergers And Acquisitions In The Vitreoretinal Surgery Devices Market
26. Top Vitreoretinal Surgery Devices Companies
27. Vitreoretinal Surgery Devices Market Opportunities And Strategies
28. Vitreoretinal Surgery Devices Market, Conclusions And Recommendations
29. Appendix
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