Global Retinal Surgery Devices Market to Expand at 7.30% CAGR 2014-2020 thanks to Rising R&D
The global retinal surgery devices market will expand at a 7.30% CAGR during the forecast period from 2014 to 2020. In 2013, the global retinal surgery devices market was worth more than US$1.2 bn and by 2020, the market is projected to be worth over US$2.0 bn.
The global retinal surgery devices market is dynamic in nature and is characterized by a high degree of competition among players in this market, as per the findings of a new report by Transparency Market Research (TMR). This is mainly due to the high demand for differentiator products that are technologically advanced, cost competent and easy to use as well. Some of the leading players in the global retinal surgery devices market are Synergetics Inc., Bausch + Lomb Incorporated, Optos plc, and IRIDEX Corporation.
A TMR analyst points out, “New product and technology launch is on top of the growth charts of top players in the global retinal surgery devices market.” Top players in this market are contending for commercialization and to receive positive recommendations for newly launched products and technologies. A case in point is Alcon Inc. In January 2015, the company announced that it received approval for using Jetrea as a pharmacological treatment agent and also received a positive feedback for reimbursement of the same.
Business expansion by means of acquisition is also what key players in this market are focused on. This augments the surgical portfolio and technological capabilities of the acquiring company to sustain intense competitive rivalry in this market.
Business alliances for the purpose of distribution agreement is also a key growth strategy that top players in this market are adopting. This arrangement is a win-win for both the parties to leverage the expertise of each other.
High Susceptibility of Geriatric Population to Ocular Diseases Favors Market Growth
An ever-increasing geriatric population, combined with higher life expectancy, is one of the primary factors driving the growth of the global retinal surgery devices market. This is because age is a major factor that increases the chances of ocular diseases, of which, diabetic retinopathy, macular pucker, and retinal detachment are most common. As per estimates of the World Health Organization (WHO), the global geriatric population is expected to reach 2 billion by 2050 increasing from 524 million in 2010. It is expected that developed countries would display the fastest rise in geriatric population; however, the availability of advanced healthcare in these regions has increased the life expectancy of this population. This population, however, is at a higher risk for developing ocular diseases to fuel demand for retinal surgery devices.
Technological advancement in ophthalmic surgery is also a key factor propelling the growth of this market. The periodic introduction of novel technologies is meant for enhanced treatment reliability, safety, accuracy, and for faster recovery after surgery. To cater to this, companies in this market are under constant pressure to introduce innovative products.
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High Price Factor of Retinal Surgery Devices Burdens Patients for Increased Surgical Costs
“The high cost of retinal surgery devices is detrimental to the market’s growth,” says a TMR analyst. Though novel technologies and newer equipment are available for the treatment of retinal conditions, their high price factor is restricting the use of these devices. Moreover, delay in regulatory approvals reduces returns for large companies due to the buildup of inventory. With the increase in prices of drugs and medical devices at about 4% each year, hospital charges have increased as well. These factors that are pertaining to the high price of surgical equipment are restraining the market’s growth.
The global retinal surgery devices market is expected to reach a valuation of more than US$2.0 bn by 2020. In 2013, diabetic retinopathy stood as the leading application segment due to the increasing prevalence of diabetes and its associated eye disorders. Vitrectomy packs led the equipment type segment in 2013 and is expected to register the highest CAGR in the coming years. North America is a leading market for retinal surgery devices due to increased awareness about technologically advanced treatments for retinal conditions.
The information presented in this review is based on a Transparency Market Research report, titled “Retinal Surgery Devices Market - Global Industry Analysis, Size, Share, Growth, Trends and Forecast 2014-2020.”
The global retinal surgery devices market is segmented as follows:
Retinal Surgery Devices Market, by Equipment Type
Retinal Surgery Devices Market, by Applications
Retinal Surgery Devices Market, by Geography
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Transparency Market Research (TMR) is a U.S.-based provider of syndicated research, customized research, and consulting services. TMR’s global and regional market intelligence coverage includes industries such as pharmaceutical, chemicals and materials, technology and media, food and beverages, and consumer goods, among others. Each TMR research report provides clients with a 360-degree view of the market with statistical forecasts, competitive landscape, detailed segmentation, key trends, and strategic recommendations.