The Vitreous Tamponades Market is estimated to be valued at US$ 83.89 Mn in 2023 and is expected to exhibit a CAGR of 2.5% over the forecast period 2023 to 2030, as highlighted in a new report published by Coherent Market Insights.
Market Overview:
Vitreous tamponades are medication substances injected inside the eye during vitrectomy surgery to replace the vitreous gel. They help press retina against the back of the eye and prevent it from detaching after surgery. Common vitreous tamponades include silicone oil, perfluorocarbon liquids, and gases. They provide short-term or long-term tamponade effect during retinal repair procedures.
Market key trends:
The key trend driving growth of the vitreous tamponades market includes rising prevalence of diabetic retinopathy. Diabetes is a major cause of blindness globally, with diabetic retinopathy being a common complication. As per the International Diabetes Federation (IDF), there were around 463 million adults (20-79 years) with diabetes in 2019 and it is projected to rise to 700 million by 2045. Increased cases of diabetes will propel the demand for vitrectomy procedures using tamponades. Other major trends include technological advancements in tamponade agents, growing research on biodegradable tamponades, and increasing healthcare expenditure in developing nations.
Porter’s Analysis
Threat of new entrants: High capital requirements and economy of scale pose entry barriers for new players. The presence of large multinational players make entering difficult.
Bargaining power of buyers: Buyers have moderate bargaining power. Large hospitals and eye care centers have more influence over prices. However a range of product options reduces buyer power.
Bargaining power of suppliers: Suppliers have moderate bargaining power. Raw material suppliers face competition but their technical expertise gives them an edge in negotiations.
Threat of new substitutes: Low threat as vitreous tamponades are highly specialized products and alternatives offer limited benefits.
Competitive rivalry: Intense as major players compete on basis of product quality, new product innovations and pricing.
SWOT Analysis
Strengths: Growing popularity of minimally invasive retinal surgeries increases demand. Established distribution channels of major players.
Weaknesses: Highly specialized nature limits target segment. Stringent regulations increase compliance costs.
Opportunities: Untapped growth potential in developing nations. New product innovations expanding applications.
Threats: Threat from cheaper alternatives. Risk of products liability lawsuits. Reimbursement issues impacts sales.
Key Takeaways
The global vitreous tamponades market is expected to witness high growth at a CAGR of 2.5% over the forecast period, due to increasing cases of diabetic retinopathy and retinal detachment requiring vitrectomy procedures.
Regionally, North America dominates the vitreous tamponades market currently owing to the well-developed healthcare infrastructure and higher awareness. However, Asia Pacific is expected to witness the highest growth rate owing to rising medical tourism, healthcare spending and increasing cases of eye diseases.
Key players operating in the vitreous tamponades market are Alchimia srl, Alcon, Inc., Bausch Health Companies Inc., Carl Zeiss Meditec AG, Croma-Pharma GmbH, Dutch Ophthalmic Research Center (International) B.V., and Fluoron GmbH. Major players are focusing on new product launches with enhanced features to consolidate their market position.
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