Vitreous tamponades are fluids or gases that are injected into the eye during vitreoretinal surgery and act as a tamponade to maintain contact between the detached retina and retinal pigment epithelium (RPE). They aid in retinal attachment during and after vitreoretinal surgery and are widely used in various retinal disorders like diabetic retinopathy, retinal detachment, and macular holes. The global vitreous tamponades Market is estimated to be valued at US$ 76.00 Mn in 2024 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 Opportunity
The key market opportunity is rising cases of diabetic retinopathy. Diabetic retinopathy is a common complication of diabetes and a leading cause of blindness among the working-age population globally. Prolonged hyperglycemia can damage the blood vessels in the retina. As per the International Diabetes Federation (IDF), around 463 million adults aged between 20 and 79 years suffered from diabetes in 2019 which is projected to rise to 700 million by 2045. Alarmingly, nearly all type 1 diabetes patients and over 60% of type 2 diabetes patients are likely to develop some degree of diabetic retinopathy over time. The higher prevalence of diabetes and subsequent increase in diabetic retinopathy cases will fuel the demand for vitreous tamponades during retinal surgery, thereby augmenting market growth over the forecast period.
Porter's Analysis
Threat of new entrants: The vitreous tamponades market requires high R&D investments and regulatory approvals which make it difficult for new players to enter. However, the growing demand and need for improved products offer opportunities.
Bargaining power of buyers: The bargaining power of buyers is moderate as the use of vitreous tamponades is crucial for the treatment of various ocular disorders. However, the availability of substitutes provides some bargaining power.
Bargaining power of suppliers: A few players dominate the supply market, giving them higher bargaining power. However, the possibility of forward integration reduces their bargaining power.
Threat of new substitutes: New drug delivery methods and technologies pose threats but require extensive testing before being used commercially.
Competitive rivalry: The market comprises many global and regional players offering customized solutions. Pricing competitiveness is high.
SWOT Analysis
Strengths: Growing ophthalmic diseases prevalence increases demand. Technological advancements help develop tailored solutions.
Weaknesses: High R&D costs and regulatory norms increase entry barriers. Limited patient awareness in developing regions.
Opportunities: Rising healthcare expenditure in emerging nations. Collaborations to develop combination therapies widen portfolios.
Threats: Threat from alternative treatment methods. Reimbursement issues and price control policies in certain areas.
Key Takeaways
The global vitreous tamponades market is expected to witness high growth over the forecast period aided by the rising geriatric population and increasing incidence of eye disorders.
Regional analysis: The Asia Pacific region is expected to grow at the fastest rate during the forecast period driven by rapidly developing economies like India and China. Increasing patient disposable incomes, growing medical tourism, and rising government initiatives to modernize healthcare infrastructure will help boost adoption. India, China, Japan, and South Korea are expected to be the major revenue contributors in the region.
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. Alcon captures a significant share owing to its diversified product portfolio and strong brand presence across major markets. The other suppliers are focusing on launching advanced formulas and value-based offerings to increase penetration.
