Vitreoretinal Surgery Devices Market Size

Vitreoretinal Surgery Devices Market Size

Vitreoretinal Surgery Devices Market size valued at over USD 1.8 billion in 2021 and is expected to witness more than 2.9% CAGR from 2022 to 2028. The growing incidence eye related disorders like retinal detachment, macular degeneration, uveitis, and vitreous haemorrhage among other complications related to diabetic retinopathy are stimulating the market growth.

TAs per the Springer, in 2021, the prevalence of self-reported eye conditions was approximately 2.7% for glaucoma, 11.4% for cataract, and 3.8% for retinal degeneration respectively. This development will propel the number of vitreoretinal surgeries thereby driving the adoption of vitreoretinal surgery devices that would promote the industry growth. In addition to this, the growing geriatric population along with supportive government initiatives for augmenting awareness regarding eye-related disorders is further poised to render significant impact, influencing the product acceptance and vitreoretinal surgery devices market expansion.
 

However, uncertain reimbursement scenario and high cost associated with the vitreoretinal surgery devices may negatively impact the market progression. The cost pertaining to the acquisition of vitreoretinal surgery devices may range from USD 5,000 to USD 15,000. The high cost associated with vitreoretinal surgery devices may limit the acceptance rate, thereby limiting the industry expansion. Owing to cost intensive nature of vitreoretinal surgeries, these medical procedures are reimbursed by the Medicare services. Despite of this reimbursement for the procedures, the reimbursement concerning vitreoretinal surgery devices is fairly uncertain that might restrict the industry demand.
 

The COVID-19 pandemic has emerged as an unprecedented health concern that has rendered significant impact on the vitreoretinal surgery devices market value. The coronavirus outbreak has affected the global economy and several industrial structures including the healthcare sector. In order to minimize the further transmission of SARS-CoV-2 virus, national lockdowns were imposed, and emergencies were declared in several countries. Hospital admissions and services were offered to the COVID-19 affected patients on priority basis, with majority of the other medical procedures on halt. The U.S. declared a national emergency and postponed majority of the non-emergency surgical procedures in outpatient and inpatient settings. This has led to the delay in multiple medical procedures including vitreoretinal surgeries across various countries that has affected the market.