Emphasis on Product (Vitrectomy Machines, Photocoagulation Lasers, Illumination Devices, and Others); Application (Diabetic Retinopathy, Retinal Detachment, Macular Hole, Vitreous Hemorrhage, and Others); End-User (Hospitals, Ophthalmic Centers, and Others); and Region/Country
The vitrectomy devices market has captured significant market demand and is expected to grow at a CAGR of 6% during the forecast period. A vitrectomy is a surgical procedure undertaken by a specialist where the vitreous humor gel that fills the eye cavity is cleared to provide better access to the retina. This is mainly due to increasing incidences of ocular diseases such as glaucoma, ocular hypertension, and diabetic retinopathy. Furthermore, the rising prevalence of infectious eye diseases is rising the demand for surgical equipment. For instance, as per the WHO, Trachoma is a disease of the eye caused by infection with the bacterium Chlamydia trachomatis and it is responsible for the blindness or visual impairment of about 1.9 million people in 44 countries.
COVID-19 has slowed the growth of the vitrectomy device market, as countries were forced to implement lockdowns during the first half of 2020. The healthcare facilities were only treating emergency cases and postpended the inessential appointments including eye care centers. Furthermore, the COVID-19 pandemic also halted the supply chain which results in a shortage of the raw material required for the manufacturing of the devices.
include Alcon Inc., Bausch & Lomb Incorporated, BVI, NIDEK CO. LTD., Johnson & Johnson Vision Care Inc., Blink Medical, Topcon Corporation, Carl Zeiss Meditec AG, Hoya Surgical Optics, and Optos Plc. are some of the key players in the market. Several strategic measures have been undertaken by these players to facilitate customers with hi-tech and innovative products/technologies.
Insights Presented in the Report
“Amongst product, vitrectomy machines segment is expected to witness considerable growth during the forecast period”
Based on the product, the market has been categorized into vitrectomy machines, photocoagulation lasers, illumination devices, and others. Amongst these, the vitrectomy machines segment is expected to the significant growth in the vitrectomy device market. The rising chronic disorders and ophthalmic surgeries are the factors that drive the market growth of vitrectomy machines. Furthermore, the frequent product launches in the category also contribute to the segmental growth of machines. For instance, in February 2019, Dutch Ophthalmic Research Center (International) B.V. announced the launch of an EVA surgical system. it delivers both OR efficiency and surgical performance enhancements.
“Amongst application, retinal detachment category held a significant share in 2020”
Based on the application, the market has been categorized into diabetic retinopathy, retinal detachment, macular hole, vitreous hemorrhage, and others. Amongst these, the retinal detachment category is expected to witness significant growth during the forecast period. This mainly owing to the increasing number of retinal detachment cases. For instance, as per a CDC report, retinal detachment (RD) is a potentially blinding pathology with an incidence of 5 to 20 cases per 100,000 people-year. Furthermore, the rising geriatric population in the world is also responsible for the rise of retinal detachment cases
“Amongst end-users, hospital to lead growth in the global vitrectomy devices market”
Based on end-users, the market is classified into the market is segmented into hospitals, ophthalmic centers, and others. The hospitals are predicted to have considerable market growth during the forecast period. This is mainly due to the availability of the treatment of the different diseases and the surging geriatric population is the important factor that drives the segmental growth. As per the United Nations, there were 703 million people aged 65 years or over in the world in 2019. The number of older persons is projected to double to 1.5 billion in 2050.
“North America to witness significant growth during the forecast period”
North America holds a lucrative market share owing to favorable government policies and rising healthcare expenditure are some of the prominent factors driving the region’s market. Furthermore, the awareness among the population related to eye health and the increasing number of health insurances in the region are also important factors that drive the market size of vitrectomy devices in the region. For example, as per census.gov, In 2020, 8.6 percent of people, or 28.0 million, did not have health insurance at any point during the year and the percentage of people with health insurance coverage for all or part of 2020 was 91.4.
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1. Market Introduction
2. Research Methodology Or Assumption
3. Market Synopsis
4. Executive Summary
5. Impact Of Covid-19 On The Vitrectomy Devices Market
6. Vitrectomy Devices Market Revenue (usd Bn), 2019-2027f
7. Market Insights By Product
8. Market Insights By Application
9. Market Insights By End-users
10. Market Insights By Region
11. Vitrectomy Devices Market Dynamics
12. Vitrectomy Devices Market Opportunities
13. Vitrectomy Devices Market Trends
14. Demand And Supply-side Analysis
15. Competitive Scenario
16. Company Profiled
17. Disclaimer
Research Methodology for the Global Vitrectomy Devices Market Analysis (2021-2027)
Analyzing the historical market, estimating of the current market, and forecasting the future market of the global vitrectomy devices market were the three major steps undertaken to create and analyze the adoption of vitrectomy devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global vitrectomy devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments of the industry pertains to. Detailed methodology is explained below:
Analysis of Historical Market Size
Step 1: In-Depth Study of Secondary Sources:
Detail secondary study was conducted to obtain the historical market size of the vitrectomy devices market through company internal sources such as annual reports & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.
Step 2: Market Segmentation:
After obtaining the historical market size of the vitrectomy devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product, application, and end-users. Further country-level analyses were conducted to evaluate the overall adoption of testing models in that region.
Step 3: Factor Analysis:
After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the vitrectomy devices market. Further, we conducted factor analysis using dependent and independent variables such as various product, application, and end-users of vitrectomy devices equipment. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, mergers and acquisitions, business expansion, and product launches in the Vitrectomy Devices market sector across the globe.
Current Market Size Estimate & Forecast
Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the global vitrectomy devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.
Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., the top-down/bottom-up approach were applied to arrive at the market forecast about 2027 for different segments and sub-segments across the major markets globally. The research methodology adopted to estimate the market size encompasses:
Market Size and Share Validation
Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.
Split of Primary Participants in Different Regions
Market Engineering
Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the global vitrectomy devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product, application, and end-users in the global vitrectomy devices market.
The main objective of the global vitrectomy devices Market Study
The current & future market trends of global vitrectomy devices market were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:
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