Health & Safety Industry Today
Glaucoma Surgery Devices Market is expected to exhibit CAGR of 19.1% to hit a worth of US$ 5.63 Billion by year 2032
According to a research report “Glaucoma Surgery Devices Market, by Surgery Type (MIGS, Laser Surgery, Traditional Glaucoma Surgery, Others), Product (Laser Systems, Diamond Knives, Glaucoma Drainage Device, Probes, Others), Treatment (Open-Angle glaucoma, Closed-Angle Glaucoma, Others), End User (Hospitals, Private Ophthalmic Clinics and ASCs, Others), And Region - Global Forecast To 2032" published by MarketDigits, the glaucoma surgery devices market was valued USD 1.23 Billion in 2023 and projected to reach USD 5.63 Billion by 2032, growing at a CAGR of 19.1% during the forecast period of 2024-2032.
The report includes Vendor Assessment (Company Profiles, Market Positioning, Strategies, Recent Developments, Capabilities & Product Offerings / Mapping), Technology Assessment (Developments & Economic Impact), Partner & Customer Ecosystem (Product Services, Proposition & Key Features) Competitive Index & Regional FootPrint by MarketDigits. View detailed Table of Content here - https://marketdigits.com/glaucoma surgery devices market/sample
Market Overview
According to the World Health Organization (WHO), global glaucoma prevalence stands at about 6.9 million people. The increase in visual impairment also presents significant social and economic challenges. Eye disorders, including cataracts and glaucoma, affect people in China, India, and sub-Saharan Africa. Others are affected by diseases such as trachoma, glaucoma, onchocerciasis, and other common illnesses in young individuals. VISION 2020: Right to Sight-INDIA, established in 2004, is a partnership between the WHO, the International Agency for the Prevention of Blindness (IAPB), and the Indian government. Over the last few years, the options for surgical devices have more than doubled, and we expect this rapid expansion to continue over the next five years with a lot of new devices in development. Recently, there has been a trend where glaucoma patients are opting for permanent surgical solutions over long-term management using prescription drugs. This is due to the fact that glaucoma patients often need to take multiple medications at different stages of the disease, leading to compliance issues. Undergoing glaucoma surgery significantly reduces the medication burden for these patients. Moreover, challenges with medication such as low bioavailability, drug resistance, and toxicity have boosted the demand for surgical procedures and devices, thus contributing to market growth. Glaucoma surgery devices encompass a range of laser- and non-laser-based implants and other tools utilized to alleviate intraocular pressure by draining excess fluid accumulated in the eye. The glaucoma devices market is categorized into open-angle glaucoma and closed-angle glaucoma based on the type of treatment employed.
Advancements in surgical techniques and technologies
The field of glaucoma surgery is always changing. Minimally invasive glaucoma surgery (MIGS) procedures are becoming more popular because they involve smaller incisions, result in faster recovery times, and carry a lower risk of complications compared to traditional surgeries. Furthermore, advancements in device technology, such as next-generation drainage implants and more precise lasers, are leading to better results and driving growth in the market. In addition, the incorporation of augmented reality (AR) and virtual reality (VR) into surgical training has revolutionized education by offering immersive simulations and enhancing the capabilities of future surgeons. In general, the continual advancement and adoption of these surgical techniques and technologies not only contribute to improved surgical results and patient safety but also pave the way for ongoing innovations in the field of medicine.
Market Dynamics
Drivers:
· Increased awareness and improved healthcare infrastructures
· Rising prevalence of glaucoma among the aging population
· Advancements in surgical techniques and technologies
Opportunities:
· Rise in the geriatric population and increase in healthcare expenditure
· Increasing need for minimally invasive glaucoma surgery (MIGS) treatments
· Increasing expenditure in healthcare sector globally
Increasing need for minimally invasive glaucoma surgery (MIGS) treatments
A significant opportunity in the glaucoma surgery devices market is the advancement of minimally invasive surgical techniques. Traditional glaucoma surgeries often involve more invasive procedures that can result in significant post-operative complications and longer recovery times. However, the development of minimally invasive devices and procedures like micro-incisional glaucoma surgery (MIGS) is leading to safer, quicker, and more effective treatment options. These devices typically require smaller incisions, cause less trauma to the eye, and lead to faster recovery times for patients. As healthcare providers and patients increasingly prioritize outcomes that reduce risk and enhance quality of life, the demand for these advanced glaucoma surgery devices is expected to increase. This creates an opportunity for companies innovating in this field to benefit from the trend towards less invasive yet highly effective treatment options for glaucoma patients worldwide.
The market for glaucoma surgery devices is dominated by North America.
North America dominated the market in 2023 capturing a significant share of total revenue. This region is projected to sustain its leading position in the upcoming forecast period. Key factors fueling growth in North America include the rising elderly population, the increasing diabetes prevalence due to lifestyle shifts, the growing obesity rates, and the high treatment costs. The American Diabetes Association reported that in 2021, North America and the Caribbean region recorded the highest diabetes expenditure at approximately USD 415 billion, representing 43% of the global spending. Furthermore, the market is being propelled by the adoption of innovative diabetes devices and advanced technologies like Artificial Intelligence (AI) and data analytics.
The Asia Pacific region is projected to experience the highest Compound Annual Growth Rate (CAGR) of throughout the forecast period. This market segment is primarily influenced by China and Japan. China held the top position in the regional market largely due to the presence of key market players and the high incidence of diabetes in the country. Furthermore, advancements in glaucoma surgery devices, a rising elderly population, and the increasing prevalence of lifestyle diseases like obesity are expected to drive the growth of the regional market in the future.
The minimal invasive glaucoma surgery segment is anticipated to hold the largest market share during the forecast period
Treatments for mild to moderate glaucoma through micro-invasive glaucoma surgery (MIGS) aim to lessen the need for extensive care before and after surgery, while achieving a satisfactory reduction in intraocular pressure (IOP) for patients. Minimally invasive surgery brings comfort to both surgeons and patients, providing a smooth postoperative recovery with minimal downtime. The benefits of minimally invasive glaucoma surgery compared to traditional surgical methods significantly influence the expansion of this field. In addition, the strategic actions taken by major industry players, such as advancements in technology, approvals of new products, and introductions of devices used in minimally invasive glaucoma surgeries, are poised to drive growth in this sector.
Major key players in the glaucoma surgery devices market are Carl Zeiss Meditec AG, Ziemer Ophthalmic Systems AG, Altomed, Johnson & Johnson Vision, Alcon, Inc., Lumenis Lt., Glaukos Corporation, Iridex Corporation, ASICO, and Others.
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Segmentations Analysis of glaucoma surgery devices market : -
Major Segmentations Are Distributed as follows:
· By Surgery Type:
§ MIGS
§ Laser Surgery
§ Traditional Glaucoma Surgery,
§ Others
· By Products:
§ Laser Systems
§ Diamond Knives
§ Glaucoma Drainage Device
§ Probes
§ Others
· By Treatment:
§ Open-Angle glaucoma
§ Closed-Angle Glaucoma
§ Others
· By End User:
§ Hospitals
§ Private Ophthalmic Clinics and ASCs
§ Others
· By Region:
§ North America
o U.S.
o Canada
§ Latin America
o Brazil
o Mexico
o Argentina
o Colombia
o Chile
o Peru
o Rest of Latin America
§ Europe
o Germany
o France
o Italy
o Spain
o U.K.
o BENELUX
o CIS & Russia
o Nordics
o Austria
o Poland
o Rest of Europe
§ Asia Pacific
o China
o Japan
o South Korea
o India
o Thailand
o Indonesia
o Malaysia
o Vietnam
o Australia & New Zealand
o Rest of Asia Pacific
§ Middle East & Africa
o Saudi Arabia
o UAE
o South Africa
o Nigeria
o Egypt
o Israel
o Turkey
o Rest of MEA
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Recent Development
· Bausch + Lomb Corporation has introduced the U.S. launch of StableVisc cohesive ophthalmic viscosurgical device (OVD) as well as TotalVisc Viscoelastic System in April 2023. These new offerings, StableVisc and TotalVisc, equip eye surgeons with innovative options for dual-action protection during cataract surgery.
· Nova Eye Medical Ltd. unveiled the iTrack Advance in April 2022, its latest canaloplasty device, in specific markets across Asia Pacific and Europe.
· Alcon, a Switzerland-based ophthalmology company, acquired Ivantis Inc. in October 2022 for an undisclosed amount. The motive of the acquisition was to enhance Alcon's global surgical portfolio by incorporating the Hydrus microstent, a minimally invasive device designed to treat patients with mild-to-moderate primary open-angle glaucoma.
Answers to Following Key Questions:
· What will be the glaucoma surgery devices market’s Trends & growth rate? What analysis has been done of the prices, sales, and volume of the top producers in the glaucoma surgery devices market?
· What are the main forces behind worldwide glaucoma surgery devices market? Which companies dominate glaucoma surgery devices market?
· Which companies dominate glaucoma surgery devices market? Which business possibilities, dangers, and tactics did they embrace in the market?
· What are the global Insight Engines industry's suppliers' opportunities and dangers in glaucoma surgery devices market?
· What is the Insight Engines industry's regional sales, income, and pricing analysis? In the glaucoma surgery devices market, who are the distributors, traders, and resellers?
· What are the main geographic areas for various trades that are anticipated to have astounding expansion over the glaucoma surgery devices market?
· What are the main geographical areas for various industries that are anticipated to observe astounding expansion for glaucoma surgery devices market?
· What are the dominant revenue-generating regions for glaucoma surgery devices market, as well as regional growth trends?
· By the end of the forecast period, what will the market size and growth rate be?
· What are the main glaucoma surgery devices market trends that are influencing the market's expansion?
· Which key product categories dominate glaucoma surgery devices market? What is glaucoma surgery devices market ’s main applications?
· In the coming years, which glaucoma surgery devices market technology will dominate the market?
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