The Glaucoma Surgery Devices Market is expected to register a CAGR of 6.5% during the forecast period. This is attributing to the rising prevalence of glaucoma, increasing geriatric population, growing adoption of surgical treatments for glaucoma. In addition, the rising demand for minimally invasive procedures associated with glaucoma is also expected to trigger the growth of the market. These procedures give benefits like reduced surgery time, faster recovery, affordability, and low risk of complications, thus driving the market. As per the report published by the American Academy of Ophthalmology (AAO), the global prevalence of glaucoma was estimated to 64.3 in 2013 and expected to reach 76 million by 2020. Furthermore, favorable reimbursements policies, rising government initiatives, and improvement in healthcare around developing countries are also expected to boost the glaucoma surgery devices market.
Key Market Trends
Minimal Invasive Glaucoma Surgery by Surgery Type is Estimated to Witness a Healthy Growth in Future.
The minimal invasive glaucoma surgery is expected to witness healthy growth in the future, which is attributed to an increasing number of cataract surgeries and glaucoma surgeries. These devices are extensively used in the surgeries due to their long procedural volume. Moreover, product approvals associated with glaucoma surgery devices are also expected to boost the segment growth. Glaukos Corporation received FDA approval for iStent, a type of minimally invasive glaucoma surgery drainage device used in cataract surgeries. In addition, another company Ivantis also received approval for Hydrus Microstent (MIGS device) I 2018. These devices are efficient in glaucoma surgeries thus results in propelling the segment growth
In addition, the increasing number of glaucoma patients across the world is leading to a high demand for glaucoma surgery devices and thus propelling the overall market.
North America is Expected to Hold a Significant Share in the Market and Expected to do Same in the Forecast Period
North America expected to hold a significant market share in the global Glaucoma Surgery Devices Market due to the increasing prevalence of glaucoma, rising geriatric population, increasing awareness, favorable reimbursements policies, and the presence of several major players. As per a report published by Glaucoma Research Foundation in 2018, an estimate of 3 million people has glaucoma, and the number will be going to increase in the coming years. Moreover, the growing number of geriatric populations in the United States is more prone to have glaucoma. Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure is also fueling the growth of the overall regional market to a large extent.
The Glaucoma Surgery Devices Market is moderately competitive and consists of several major players. Some of the companies that are currently dominating the market are Abbott Laboratories Inc, Lumenis, Alcon, Glaukos Corporation, ASICO, LLC., Katalyst Surgical LLC, Allergan, Ziemer Ophthalmic Systems, and Carl Zeiss Meditec.
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