Which region has the highest share in the Glaucoma Drainage Devices Market?
What are Glaucoma Drainage Devices?
Glaucoma drainage devices have been designed to divert the aqueous humor from the anterior chamber to the external reservoir. A fibrous capsule is formed in about 4–6 weeks after the surgery and regulates the flow. The devices are extensively used in complicated glaucoma, comprising uveitic glaucoma, neovascular glaucoma, and pediatric and developmental glaucoma.
What is the Global Glaucoma Drainage Devices Market?
The global glaucoma drainage devices market size was valued at USD 640.57 million in 2021, growing at a CAGR of 11.95% during the forecast period from 2022 to 2027, to reach USD 1,184.39 million by 2027. The increase in demand for glaucoma drainage devices is primarily due to the rising prevalence of glaucoma across the globe, increasing lifestyle disorders such as diabetes & hypertension, the growing burden of the old age population, and technical innovation in product development are expected to boost the market for glaucoma drainage devices.
What are the drivers for the Global Glaucoma Drainage Devices?
The major factors driving the demand for glaucoma drainage devices are the rising prevalence of glaucoma across the globe, increasing lifestyle disorders such as diabetes & hypertension, the growing burden of the old age population, and technical innovation in product development.
COVID-19 Impact on the Glaucoma Drainage Devices Market
Additionally, there was a significant reduction in the glaucoma surgical volume procedures and company revenue segments across the globe during the COVID-19 pandemic, which restricted the glaucoma-drainage device market growth for a brief period. However, due to the launch of several products such as the iStent inject W by Glaukos Corporation, a next-generation glaucoma drainage device, in the second half of 2020, the glaucoma drainage devices market potentially redeem itself across the globe in the post-pandemic scenario. Also, the easing of lockdown restrictions and resumed elective surgeries along with more clear precautionary approaches and guidelines lead to the renewed market growth of glaucoma drainage devices. Moreover, owing to the approval and administration of numerous COVID-19 vaccines across the globe in the second half of 2020, there was a significant improvement in the resumption of activities across various domains, including healthcare services, thereby paving the way for a sound period of recovery for the glaucoma drainage devices market.
Get to know more information about the market report @ Glaucoma Drainage Devices Market Forecast
Recent Developmental Activities in the Glaucoma Drainage Devices Market:
· In October 2022, Alcon, the world leader in eye care committed to enabling people to see brilliantly, announced the completion of its previously announced acquisition of Ivantis®, maker of the ground-breaking Hydrus® Microstent, a minimally invasive glaucoma surgery (MIGS) tool intended to reduce eye pressure for open-angle glaucoma patients in conjunction with cataract surgery.
· In November 2021, iSTAR Medical a MedTech company committed to delivering breakthrough eye care solutions through minimally-invasive implants designed for bio-integration, received European market approval for glaucoma implant MINIject designed to significantly reduce IOP by enhancing aqueous humor outflow from the anterior chamber to the suprachoroidal space.
· In May 2021, Santen Canada Inc., a subsidiary of Santen Pharmaceutical Co., a global company focused on developing ophthalmology products, received Health Canada approval for PRESERFLOTM MicroShunt. This surgical device helps drain eye fluid and reduce intraocular pressure (IOP) in patients with POAG.
What are the Global Glaucoma Drainage Devices Market Companies?
Some of the key market players operating in the glaucoma drainage devices market include Johnson & Johnson, AbbVie Inc, Alcon Inc, Glaukos Corporation, Santen Pharmaceutical Co., Ltd, NovaEye Medical Limited, iSTAR Medical SA, Rheon Medical SA, Advanced Ophthalmic Innovations Pte Ltd, New World Medical Inc, Aurolab, and others.
Which region has the highest Glaucoma Drainage Devices Market Share?
Among all the regions, North America is expected to occupy a major share in the overall glaucoma drainage devices market during the forecasted years 2022-2027. This domination can be primarily attributed to the rising cases of lifestyle-related disorders such as diabetes and the rising geriatric population.
What is the Glaucoma Drainage Device Market Segmentation?
Glaucoma Drainage Devices Market By Product Type (Conventional Glaucoma Drainage Devices [Valveless Glaucoma Drainage Devices And Valved Glaucoma Drainage Devices], Minimally Invasive Glaucoma Surgery (Migs) Devices [Schlemm’s Canal Migs Devices, Suprachoroidal Migs Devices, And Subconjunctival Migs Devices]), By End-User (Hospitals, Ambulatory Surgical Centers, And Specialty Clinics), by geography, is anticipated to grow at a significant CAGR forecast till 2027 due to rising prevalence of glaucoma and increasing prevalence of diabetes & hypertension.
What is the Glaucoma Drainage Devices Market Dynamics?
The key factor responsible for the increasing demand for glaucoma drainage devices is the rising prevalence of glaucoma conditions worldwide. For instance, as per the data provided by the Delhi Ophthalmological Society in 2021, glaucoma is the leading cause of irreversible blindness across the world. As per the same source, in 2020, the global burden of glaucoma was estimated to be 79.6 million. Also, according to the aforementioned source, India is expected to be the second-largest home of glaucoma patients, and the estimated prevalence of glaucoma cases in India was estimated to be 11.9 million in 2020. Therefore, the increasing prevalence of glaucoma could boost the glaucoma devices market during the forecast period (2022-2027). Further, another key factor that is responsible for the growth of the glaucoma drainage devices market could be the increasing prevalence of diabetes & hypertension. For instance, as per the World Health Organization data published in the year 2021, in 2020, about 422 million people worldwide had diabetes, and about 1.5 million people suffer from diabetes every year. Thus, diabetes doubles the chances of having glaucoma, which can lead to vision loss and blindness if not treated early, which can increase the glaucoma devices market demand during the forecast period (2022-2027).
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