The global vitreoretinal surgery devices market is anticipated to grow at a significant CAGR of 5.2% during the forecast period. The rising incidences of eye disorders such as macular degeneration, uveitis, vitreous hemorrhage, macular hole, epiretinal membrane, and glaucoma is the major factor boosting the market growth. According to the Centers for Disease Control and Prevention, in 2020, around3 million Americans were diagnosed with glaucoma, and 2.7 million aged 40 and older are affected by its most common form, open-angle glaucoma.  Moreover, as per Brightfocus.org, in 2020, nearly 80 million people having glaucoma globally, and the number is expected to increase to over 11 millon by 2040.  

African Americans are 6 to 8 times more likely to get glaucoma than whites. People with diabetes are 2 times more likely to get glaucoma than people without diabetes. Hence, the rising prevalence of eye-related disorders, and diabetic patients, is expected to provide higher growth in the global vitreoretinal surgery devices market.

Moreover, technological advancements and innovation in the surgery devices fields by the key players, fuelled the growth of the market.  in the field of surgery devices, by the key market players, fuelled the growth of the market. For instance, in December 2021, Ophthalmic Sciences introduced a new device IO Perfect for treating glaucoma, which uses artificial intelligence (AI)-based virtual reality (VR) type headset. The product allows tele diagnosis and remote monitoring. Ophthalmic Sciences technology is applied to various medical applications, such as early detection of cataracts and identification of central/branch vascular occlusions.   

Impact of COVID-19 Pandemic on Global Vitreoretinal Surgery Devices Market 

The COVID-19 pandemic had a moderate effect on the global vitreoretinal surgery devices market. Prolonged lockdowns, stay-at-home policy, and school and office closures have expectedly increased the digital screens and video game timing among all age groups.  As per, American Academy of Child and Adolescent Psychiatry, kids ages 8 to 12 spend four to six hours per day screens, and children’s screen timing has surged up by 60% during the COVID-19 pandemic.  Altogether, the increased time spent on digital screens, and restricted outdoor activities, especially among the geriatric population, leads to a higher incidence of myopia, color blindness eye diseases, and other eye-related issues, which give boosts the market growth during the COVID-19 pandemic. Moreover, healthcare care centers and hospitals witness an increased demand for refractive surgery and a greater need for vitreoretinal treatment for myopia complications. 

Segmental Outlook 

The global vitreoretinal surgery devices market is segmented based on product type, and surgery type. Based onproduct type, the market is bifurcated into perfluorocarbon liquids, endoillumination instruments, vitreoretinal prefilled silicone oil syringes, and others. Based on surgery type, the market is sub-segmented into anterior vitreoretinal surgery and posterior vitreoretinal surgery.

Global Vitreoretinal Surgery Devices Market Share by Technology, 2021 (%)

Text Analytics and Natural Language Processing are Projected to Grow at the Fastest Rate during the Forecast Period 

The text analytics and natural language processing segment are expected to boom at the fastest rate during the forecast period. Natural language processing is communication that bridges a gap between technology and humans. The demand for natural language processing is increased due to rising adoption among various industry verticals such as manufacturing, healthcare, BFSI, advertising, and automotive.  In addition, the machine learning approaches show a systematic understanding of the input data provided in human language, thus the adoption of natural language rises in the coming years.  Healthcare and research companies are largely using natural language processing and services to analyze and arrange large databases. For instance, in October 2020, the Journal of Medical Internet Research collected 204,597 Instagram posts, and 6,029,323 tweets to filter terms associated with the sales and marketing of COVID-19-related healthcare products. Hence, owing to its numerous advantages and application among end-user segments, the demand for text analytics and natural language processing vitreoretinal surgery devices stagnant throughout the year.

Regional Outlooks

The global vitreoretinal surgery devices market is further segmented based on geography including North America (The US, and Canada Europe (Italy, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The Asia-Pacific region s expected to cater to significant growth in the Asia-Pacific region, owing to the increasing number of eye-related diseases in the geriatric population along with the rising internet penetration and screen timing.

Global Vitreoretinal Surgery Devices Market Growth, by Region 2021-2028

North America is Expected to Hold Largest Share of accounted for the Major the Global Vitreoretinal Surgery Devices Market

The North American region dominated the global vitreoretinal surgery devices market during the forecast period. The growth is mainly driven due to the presence of major key playerscoupled with a well-established healthcare infrastructure, which provides quality treatment to the people suffering from vision impairment in the North Amercian region.   helps As per nei.nih.gov, blindness or low vision affects 5.5 million Americans aged 40 and over in 2020.  The leading cause of blindness among Americans is age-related macular degeneration (AMD) which accounted for 54% of all blindness. 

A 70 million Americans will be over 70 years of age.The loss of vision is a common problem in the elder people, and one in three elderly persons has some form of vision-reducing eye disease by the age of 65.

Market Players Outlook

The major companies serving the global vitreoretinal surgery devices market are Bausch + Lomb Corp., Glaukos Corp., Hoya Corp., Johnson & Johnson Vision Care Inc., STAAR Surgical Co. , Designs for Vision, Inc., Ellex Medical, Inami Co. Ltd., and others.  Amazon.com, Inc., Apple, Inc., Bizzabo, DeepMind Technologies Ltd., Facebook, Inc., Google, Inc., Microsoft Corp., IBM Corp., andothers. The market players are considerably contributing to the market growth by the adoption of various strategies including mergers and acquisitions, collaborations, funding, and new product launches, to stay competitive in the market. For instance, in February 2022, Minnetronix Medical and INO Innovation Center announced a strategic partnership to innovate and accelerate the optical medical devices to the market.  The collaboration results in providing optics-based medical devices for the customers. 

in April 2022, Vitreoretinal surgery devices Advertising, Inc. entered into a license and development agreement with Genus VITREORETINAL SURGERY DEVICES.Vitreoretinal surgery devices Advertising and Genus VITREORETINAL SURGERY DEVICESwill develop the automation of predictive video image generation leveraging user-generated content from influencers. This will be activated on TikTok and YouTube, which are currently the fastest-growing channels of digital media ad spend. This co-development will include the application of new deep learning models optimized for handling user-generated content.

The Report Covers

• Market value data analysis of 2021 and forecast to 2028.
• Annualized market revenues ($ million) for each market segment.
• Country-wise analysis of major geographical regions.
• Key companies operating in the global vitreoretinal surgery devices market. Based on the availability of data, information related to new product launches, and relevant news is also available in the report.
• Analysis of business strategies by identifying the key market segments positioned for strong growth in the future.
• Analysis of market-entry and market expansion strategies.
• Competitive strategies by identifying ‘who-stands-where’ in the market.