Market Size of Vitrectomy Devices Industry
| Study Period | 2019 - 2029 |
| Base Year For Estimation | 2023 |
| CAGR | 7.40 % |
| 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?
Vitrectomy Devices Market Analysis
The Vitrectomy Devices Market is expected to register a CAGR of 7.4% over the forecast period.
The COVID-19 pandemic initially had a significant impact on the market for vitrectomy devices. As a safety response to the pandemic, hospitals worldwide reduced in-person checkups in outpatient departments to maximize the use of resources on the front to manage the pandemic. According to a cross-sectional study of 526,536 procedures across 17 institutions published in JAMA Ophthalmol 2021, there was a significant decrease in the use of lasers and cryotherapy, retinal detachment repairs, and other vitrectomies from mid-March 2020 to at least May 2020. Moreover, ophthalmology has been one of the most severely impacted specialties regarding patient numbers and surgeries, owing to a long waiting time and a fear among patients visiting medical facilities. However, the American Academy of Ophthalmology (AAO) indicated that urgent or emergent vitreoretinal surgical procedures should continue during the COVID-19 pandemic. Thus, the COVID-19 outbreak affected the market's growth adversely in its preliminary phase; however, the market gained traction due to the normalcy in the number of vitrectomy surgeries globally.
Further, the increasing prevalence of diabetic retinopathy and retinal detachment and technological advances in vitrectomy procedures are among the major factors driving the growth of the market studied. According to the International Agency for the Prevention of Blindness (IAPB), approximately 93 million people globally have diabetic retinopathy. In addition, about 1 in 3 people with diabetes have some degree of diabetic retinopathy, and 1 in 10 are anticipated to develop a vision-threatening form of the disease. Such factors will likely boost the demand for vitrectomy devices, thereby contributing to the growth of the market studied.
According to the IDF, in 2021, approximately 537 million adults (20-79 years of age) were living with diabetes. In addition, it is anticipated that the total number of people living with diabetes will rise to 643 million by 2030 and 783 million by 2045. Furthermore, the Vision Loss Expert Group, a part of the IAPB Organization, estimated that in 2020, 1 million people were blind globally due to diabetic retinopathy, and over 3 million had moderate-to-severe vision impairment. Moreover, increasing screening for diabetic retinopathy and an increasing number of campaigns raising awareness of diabetic retinopathy is also driving the market growth. For instance, in November 2022, the All India Ophthalmological Society (AIOS) and Vitreo-Retinal Society of India (VRSI) commemorated World Diabetes Day by organizing a walking marathon to raise awareness for diabetic retinopathy. Thus, the increasing prevalence of diabetic retinopathy and retinal detachment is poised to accelerate the vitrectomy devices market globally and is expected to increase in the future, thereby driving the growth of the studied market over the forecast period.
Therefore, owing to the factors mentioned above, it is anticipated that the market studied will witness growth over the analysis period. However, patient discomfort and risks associated with the vitrectomy procedure are likely to impede the market's growth.
