High incidence of glaucoma worldwide has propelled the manufacturers to focus on the development and commercialization of minimal invasive devices for the treatment of glaucoma. For instance, development of micro-invasive surgical devices such as iStent, and gel micro stent (XEN) has catered to the high growth of minimal invasive glaucoma surgery devices. Increasing government initiatives to increase awareness about prevention of blindness contributes to the market growth in Asia-Pacific.
Portland, OR -- (SBWIRE) -- 09/21/2017 -- According to a new report published by Allied Market Research, titled, Glaucoma Surgery Devices Market by Product, Surgery Type, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023, the global glaucoma surgery devices market was valued at $353 million in 2016, and is projected to reach $2,143 million by 2023, growing at a CAGR of 29.3% from 2017 to 2023. The implants & stents segment accounted for about half of the share of the global glaucoma surgery devices market in 2016.
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Glaucoma is caused by the damage to the optic nerve, and if not treated accurately can eventually lead to loss of vision. It is commonly prevalent in the geriatric population, and the most commonly occurring type of glaucoma is the open-angle glaucoma. In addition to the conventional approaches such as laser surgeries, development of novel drainage devices and stents has propelled the market growth.
Increase in incidence of glaucoma and growth in geriatric population drives the market growth. In addition, the rise in focus of manufacturers on developing micro-invasive glaucoma drainage implants supplements the market growth. However, dearth of skilled professionals and risk of post-operative complications associated with glaucoma surgeries hamper this growth. Moreover, surge in investment by manufacturers in the emerging economies, and rise in initiatives to reduce the burden of glaucoma globally offer profitable opportunities for market expansion.
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The glaucoma drainage devices segment is expected to witness a growth rate of 29.6% from 2017 to 2023, and is anticipated to grow significantly owing to rapid development of advanced drainage devices. The high growth is attributed to increase in preference of drainage devices such as Ahmed valves or aqueous shunts over conventional glaucoma surgeries. The conventional glaucoma surgeries accounted for three-fifths share in 2016, and is set to continue its dominance throughout the forecast period. The conventional glaucoma surgeries are associated with fewer complications, making them the first choice of the surgeons for the treatment of certain types of glaucoma.
Among end user, eye hospitals generated the highest revenue in 2016, accounting for four-ninths of the total market share and is set to continue its dominance throughout the forecast period. Moreover, outpatient surgical centers segment is expected to witness a high growth rate of 29.5%, attributable to the increase in number of glaucoma laser surgeries being carried out in outpatient surgical facilities and large-scale utilization of glaucoma drainage devices such as tube shunts in these facilities.
Key Findings of the Glaucoma Surgery Devices Market:
The glaucoma laser devices segment holds the second position in the global glaucoma surgery devices market, accounting for one-fourth share in 2016.
The ophthalmology clinics segment has registered significant growth rate among end users and is expected to register a CAGR of 29.4% from 2017 to 2023.
North America dominated the market, accounting for maximum share of in 2016 and is expected to witness a CAGR of 28.9%.
India is the fastest growing country in the Asia-Pacific glaucoma surgery devices market, growing at a CAGR of 30.4%.
The minimally invasive glaucoma surgeries segment has registered highest CAGR of 30.1%.
Asia-Pacific witnessed highest growth rate for glaucoma surgery devices market, and is expected to continue this trend throughout the forecast period. This region serves to be an emerging market with a high population density and increase in geriatric population. In addition, rise in incidence of congenital glaucoma in India and China boosts the market growth.
The key players operating in the glaucoma surgery devices market have adopted product launch as one of their key developmental strategy, among many others such as business expansion, product development, and business acquisition. The major companies profiled in the report include Alcon, Inc. (Novartis AG), Glaukos Corporation, New World Medical, Inc., Ellex Medical Lasers Ltd., Abbott Medical Optics (Abbott Laboratories), Johnson & Johnson, Bausch & Lomb, Inc. (Valeant Pharmaceuticals International, Inc.), Topcon Corporation, Lumenis Ltd., and Allergan Plc.
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