A radically arranged report by Transparency Market Research has anticipated the global retinal surgery devices market to stay on a competitive edge, owing to constant commercialization and innovation in the industry. Intense rivalry among top competitors for manufacturing easy to use, technologically sophisticated, and cost-efficient surgery devices could aggravate the market. However, the threat of new players in the market is expected to be moderate as their progress leap could cut short with strict regulatory approval from the U.S. Food and Drug Administration (FDA).
The value chain analysis of the report emphasizes the importance of maintaining the lowest possible operational cost and upgrading process efficiency by incorporating value adding activities. It also marks the significance of delivering maximum value to consumers by converting inputs into valuable outputs. Carl Zeiss Meditec AG, Bausch + Lomb Incorporated, and other top manufacturers, for instance, are striving to capitalize on the retinal surgery devices market as the first movers. Other major players studied in the report are Alcon, Inc., IRIDEX Corporation, Optos, plc, Lumenis, NIDEK CO., LTD., Topcon Medical Systems, Inc., and Synergetics USA, Inc.
With a valuation of US$1.22 bn in 2013, the international retinal surgery devices market is predicted to see growth a CAGR of 7.3% to touch US$2.01 bn by the end of 2020. The Vitrectomy Packs segment by equipment type is foreseen to grow at a healthy CAGR of 8.2% between 2014 and 2020. Amongst the different segments by application, Diabetic Retinopathy could maintain its colossal share in the market between 2014 and 2020. By geography, North America will spearhead the market with a larger share of US$0.73 bn by 2020 while Asia Pacific is poised to grow at a higher CAGR throughout the forecast period.
Growing Geriatric Population with Ocular Disorders to Drive Growth
The persistent swell in geriatric population is reported as one of the chief drivers of the global retinal surgery devices market. WHO has already announced its prediction of approximately 2.0 billion aged people surviving until 2050. Since the geriatric population is more prone to retinal diseases such as retinal detachment, diabetic retinopathy, macular pucker, and macular hole, the demand for surgical devices and services is comparatively less from the younger population. Developed nations such as Japan, the U.K., and the U.S. and few European countries have surged the demand in the market with advanced healthcare facilities and better medical policies.
The increasing need for highly secure, reliable, and minimally invasive treatment has probed the top competitors to create humungous growth opportunities and invent revolutionary technologies, especially in the ophthalmic surgery sector. This has augmented the number of activities in research and development and boosted technological development in the retinal surgery devices industry.
High Price Could Fade Away Demand
Significant investments in research and development to discover innovative products and make available sophisticated technologies have increased the prices of retinal surgery devices. The result to follow the surge in operational costs is expected to be in the form of high healthcare costs and hospital bills. Beside this, a large number of firms are challenged by delayed regulatory approvals. All of these factors could hamper the growth of the worldwide retinal surgery devices market.
Major vendors in the market are seeking for a fertile platform in the developing economies of countries such as India, China, Brazil, South Africa, and Mexico to trigger their success. Rising number of healthcare infrastructures and robust localization of manufacturing activities have made the emerging markets attractive. The analysts have proved their recommendation of investing in developing nations for lucrative opportunities by exemplifying the high market growth and share rate of a leading firm named Alcon, Inc.
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 key segments of the global retinal surgery devices market discussed in the report are:
Global Retinal Surgery Devices Market, by Equipment
- Vitrectomy Packs
- Vitrectomy Machines
- Retinal Laser Equipment
- Microscopic Illumination Equipment
- Surgical Instruments
Global Retinal Surgery Devices Market, by Application
- Diabetic Retinopathy
- Retinal Detachment
- Epiretinal Membrane
- Macular Hole
- Others (Eye Infections and Eye Injuries)
Global Retinal Surgery Devices Market, by Geography
- North America
- Asia Pacific
- Rest of the World
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