North America Vitrectomy Devices Market By Application (Vitreous hemorrhage, Macular hole, Diabetic retinopathy, Retinal detachment, and Other Applications), By Product (Vitrectomy Machines, Illumination Devices, Photocoagulation Lasers and Vitrectomy Packs), By End Use (Ophthalmology clinics, Hospitals and Ambulatory Surgical Centers), By Country, Opportunity Analysis and Industry Forecast, 2021 - 2027
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Market Report Description
The North America Vitrectomy Devices Market would witness market growth of 5.4% CAGR during the forecast period (2021-2027).
North America emerged as the leading region in the overall vitrectomy devices market. Moreover, the regional market is expected to showcase a similar trend even during the forecast years. The demand for the treatment of retinal defects by vitrectomy would be driven by the rising number of trauma cases related to retinal tear and detachment and the increased occurrence of retinal detachment in geriatric and adult patients.
Constant technological advancements such as convenience in the utilization of vitreoretinal surgery devices and automation are expected to increase sales and adoption of vitrectomy devices in the market. Moreover, factors such as increasing awareness about cost-effective surgical procedures among the common population and usage of minimally invasive surgical equipment would create lucrative growth opportunities for the players operating in the vitrectomy devices market. Thus, these factors are anticipated to boost the growth of the vitrectomy devices market during the forecast period.
Moreover, the regional market is characterized by the massive occurrence of retinal diseases in the geriatric population and diabetic retinopathy which are expected to fuel the demand for vitrectomy devices in the regional market. As per the National Diabetes Statistics Report 2020, around 10.5% of the total US population is suffering from diabetes. As per the National Eye Institute, diabetic retinopathy affects approximately 7.7 million of the US population and would increase to 11.3 million by the year 2030. Further, the growth of the regional market is further boosted by the increasing adoption of sophisticated technologies in retinal surgery devices and the surge in the number of minimally invasive surgeries. Therefore, the regional market is expected to unlock new growth prospects in the upcoming years.
Retinal detachment is one of the major causes of loss of vision. As per the data from US Centre for Disease Control and Prevention (CDC), the loss of workforce because of the retinal detachment is around USD 80 million per annum in the US alone. The huge incidence of retinal detachment would lead to the massive demand for vitrectomy devices like vitreoretinal surgery accessories and vitreoretinal surgery disposable across the world, mainly in the US.
The USA market dominated the North America Diabetic retinopathy Market by Country in 2020, and would continue to be a dominant market till 2027; thereby, achieving a market value of $101.1 million by 2027. The Canada market is experiencing a CAGR of 5.1% during (2021 - 2027). Additionally, The Mexico market would witness a CAGR of 7.2% during (2021 - 2027).
Based on Application, the market is segmented into Vitreous hemorrhage, Macular hole, Diabetic retinopathy, Retinal detachment, and Other Applications. Based on Product, the market is segmented into Vitrectomy Machines, Illumination Devices, Photocoagulation Lasers and Vitrectomy Packs. Based on End Use, the market is segmented into Ophthalmology clinics, Hospitals and Ambulatory Surgical Centers. Based on countries, the market is segmented into U.S., Mexico, Canada, and Rest of North America.
Free Valuable Insights: The Global Vitrectomy Devices Market is Estimated to reach $1.5 Billion by 2027, at a CAGR of 6%
The market research report covers the analysis of key stake holders of the market. Key companies profiled in the report include Bausch Health Companies, Inc., Carl Zeiss AG, Johnson & Johnson, Topcon Corporation, Hoya Corporation, Alcon, Inc., Beaver-Visitec International, Inc. (TPG Capital), Blink Medical Ltd. (Katena Products, Inc.), Nidek Co., Ltd., and Lumenis Ltd.
Scope of the Study
Market Segments Covered in the Report:
- Vitreous hemorrhage
- Macular hole
- Diabetic retinopathy
- Retinal detachment
- Other Applications
- Vitrectomy Machines
- Illumination Devices
- Photocoagulation Lasers and
- Vitrectomy Packs
By End Use
- Ophthalmology clinics
- Hospitals and
- Ambulatory Surgical Centers
- Rest of North America
Key Market Players
List of Companies Profiled in the Report:
- Bausch Health Companies, Inc.
- Carl Zeiss AG
- Johnson & Johnson
- Topcon Corporation
- Hoya Corporation
- Alcon, Inc.
- Beaver-Visitec International, Inc. (TPG Capital)
- Blink Medical Ltd. (Katena Products, Inc.)
- Nidek Co., Ltd.
- Lumenis Ltd.
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