Market Scope expects robust growth in the global retinal device market over the next five years. The market is expected to total nearly $1.9 billion in 2016 and grow to almost $2.7 billion by 2021 at a compounded annual growth rate (CAGR) of 7.7 percent.
Factors contributing to this growth include a rising elderly population segment, an increase in the number of surgeons trained in retinal surgical procedures, and expansion of the number of retinal diseases that can be treated with vitrectomy. Other important factors include significant increases in the incidence of diabetic retinopathy spurred by the global diabetes epidemic, improving health care infrastructure in developing countries and higher quality-of-life expectations, and related demands for vision improvement. We also expect increased use of disposable instruments in vitrectomy surgery and development of new microsurgical instruments in ever smaller gauges.
New technologies will also play a role in market growth, including adoption of targeted laser and radiation therapy to supplement anti-VEGF therapy, reducing treatment burdens; growth in use of telescopic IOLs for AMD patients; and use of retinal implants for patients with retinitis pigmentosa and other blinding retinal conditions, albeit from a very small base.
Today, there are nearly 304 million individuals worldwide affected by retinal diseases of all types and stages. That number is expected to grow to almost 343 million by 2021 at a CAGR of 2.5 percent. The majority of these individuals are affected by wet age-related macular degeneration, diabetic retinopathy, and diabetic macular edema, but there are a number of additional retinal diseases as well. Retinal detachment and holes affect a much smaller number of individuals. The highest rates of retinal disease are in Western Europe, the US, and Japan where there are longer life expectancy rates and higher rates of diabetes. Roughly 25 percent of those with retinal disease have a vision-threatening form.
Market Scope estimates that approximately 50 firms manufacture or develop retinal surgical devices worldwide. The market is dominated by three companies that collectively account for nearly two-thirds of global revenues: Alcon, Bausch + Lomb, and DORC. Combined, their estimated revenues for 2016 are expected to total $1.1 billion.
Market Scope published its 2016 Retinal Surgical Devices Report: A Global Market Analysis for 2015 to 2021 in February 2016. It remains the only source for accurate and relevant information on all aspects of the market. We cover prevalence and forecasts for retinal diseases and conditions. We discuss therapeutic approaches and describe commercialized products and products in the pipeline. We analyze unit demand and revenues and forecast performance over the next five years. We also include market share data and discuss key strategic issues.