Market Size of Retinal Surgery Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.90 % |
| Fastest Growing Market | Asia Pacific |
| Largest Market | North America |
| Market Concentration | Medium |
Major Players
*Disclaimer: Major Players sorted in no particular order |
Need a report that reflects how COVID-19 has impacted this market and its growth?
Retinal Surgery Devices Market Analysis
The retinal surgery devices Market is expected to register a CAGR of 7.9% during the forecast period.
COVID-19 had a slight impact on the retinal surgery devices market as retinal surgery is usually an emergency where an instant operation is needed. With the COVID-19 guidelines, doctors have taken essential procedures on priority across the globe, which also included retinal surgeries. However, a delay in diagnosing the disease has hampered the patient's well-being to some extent during the pandemic. Doctors are performing post-pandemic surgeries regularly, and the market will witness healthy growth over the post-pandemic era.
Retinal surgical devices repair torn or detached retinas through laser surgery, cryotherapy, scleral buckle surgery, etc. Retinal diseases vary widely, but most of them cause visual symptoms. They can affect any part of the retina, a thin layer of tissue on the inside back wall of your eye.
According to the World Health Organization (WHO) 2021 data, by the year 2050, the world's population aged 60 years and older will reach approximately 2 billion, up from 900 million in 2015. Currently, about 125 million people are aged 80 years or older. Growing retinal disorders in the geriatric population, eye injuries, and the rising prevalence of diabetic retinopathy are the key driving factors in the retinal surgery devices market. Further, according to the October 2021 WHO report, about 2.2 billion people worldwide have near or distant vision impairment, of which approximately 1 billion cases could have been prevented. It shows the high burden of cases of vision impairment worldwide and the possibility of treatment. That is why there is a very high demand for ophthalmic drugs, which will positively impact the growth of the market studied during the forecast period of the study.
The Vision Loss Expert Group (VEEG), in 2021, reported that globally 1.1 billion people live with vision loss and 90% of such people live in low and middle-income countries (LMICs). Additionally, PubMed data published in 2021 indicates that the number of blind people will increase from the current 43 million to 61 million (42% increase) by the year 2050 in the Middle East and Africa region. Similarly, those with moderate to severe visual impairment will increase from the current 295 million to 474 million (61% increase). People with mild visual impairment will rise from 258 million to 360 million, and those with near vision difficulties will increase from the recent 510 million to 866 million (70% increase) by 2050. The data shows that ophthalmic diseases are rising, propelling the market's growth over the forecasted period.
However, complications associated with retinal surgery and the high cost are some of the factors that can hinder market growth.
