Market Scope: Surgery Growth Will Drive Retinal Device Market to $2.5 Billion by 2023
Source: Market Scope
Surgeons use more specialized products in retinal surgery than any other ophthalmic surgical subspecialty, and these devices will account for sales of over $1.9 billion in 2018, according to new Market Scope data. Vitrectomy machines, dedicated machine packs, and a wide variety of surgical accessories will account for nearly 78 percent of revenues this year, while lasers and single-use, or disposable, surgical items will account for nearly 21 percent of sales.
Retinal implants are only a tiny contributor today, but they are expected to show significant growth in the coming years.
Market Scope estimates that just over 1.7 million vitrectomies will be performed globally in 2018. This is far fewer than the more than 27 million estimated cataract surgeries for the year. However, vitrectomy requires numerous products, and per-procedure revenues are typically 10 to 15 times greater than those for cataract surgery.
Factors spurring market growth over the next 5 years include an increase in the elderly population and age-related retinal diseases associated with this population group, a dramatic rise in the number of diabetic retinopathy patients, more doctors trained to perform retinal surgery, safer and more effective surgical device technologies, improving health care systems in emerging countries, and higher expectations of patients for vision improvement.
Wealthy markets are expected to show strong sales growth over the next five years, while countries such as China and India are forecast to see growth of more than over 8 percent per year.
Market Scope’s “2018 Retinal Surgical Device Report: A Global Market Analysis for 2017 to 2023” is in its 15th edition, and it is the leading industry source for accurate and relevant information on all aspects of the global retinal surgical device market. For more information, call (314) 835-0600 or visit www.market-scope.com.
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