The vitreoretinal surgery devices market is expected to grow substantially by 2028 owing to technological advancements in retinal surgery. In addition, surging availability of novel products that make surgeries simpler and more convenient is likely to further support market growth through the forecast timeline.
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Recently, industry players have been adopting lucrative strategies to gain a competitive edge in the business, which has enhanced market dynamics. For instance, in January 2021, DORC, a Dutch ophthalmic research center, reported that it had received approval from Health Canada for the application of TissueBlue 0.025% and will be made available through INNOVAMED, its local distributor partner. TissueBlue would serve as a safe and effective alternative to ICG and other compounded or off-label staining agents formerly used in Canada.
Moreover, during the COVID-19 pandemic, ophthalmologists needed to limit the risk of exposure to COVID-19 during hospital visits and stays without compromising the efficacy of surgical processes, which restricted the number of surgeries performed, thereby hampering the growth of the market. However, widespread vaccination drives all over the world and increased focus on economic recovery have prompted patients to opt for surgeries, which has been favorable for market growth.
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The vitreoretinal surgery devices market has been segmented on the basis of product, end-use, and region. Based on product, the market has been divided into photocoagulation lasers, illumination devices, vitreoretinal packs, vitrectomy probes, vitrectomy machines, and others.
The vitrectomy probes segment accounted for a significant market share in 2021 and is expected to grow at about 3.1% CAGR over the analysis timeline to exceed a valuation of USD 121 million by 2028. Notable technical advances in vitrectomy probes are slated to impel segmental growth in the forthcoming years.
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The recent iterations of ultrasonic vitrectomy probes, known as hypersonic vitrectomy, consistently remove vitreous and shear collagen fibers without the application of a guillotine cutter. 3-D surgery, intraoperative optical coherence tomography, new stains, instrumentation with smaller-gauge, disposable advanced devices, and advanced vitrectomy probes are among the most recent advancements. Surging adoption of advanced technologies and products by specialists is likely to spur segmental growth over the review timespan.
In terms of end-use, the vitreoretinal surgery devices market has been categorized into hospitals, specialty clinics, ambulatory surgery centers, and others. The specialty clinics segment acquired a significant market share in 2021 with a valuation of approximately USD 531 million and is projected to witness robust growth by 2028. Increasing access to outstanding experts and specialized care is set to fuel segmental development through the study timeframe.
From the regional point of view, the Latin America vitreoretinal surgery devices market is estimated to see steady growth to surpass USD 73 million in revenue by 2028. Growing prevalence of eye disorders and rising awareness regarding eye-related disorders in LATAM are poised to foster regional market outlook in the future.
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