Glaucoma Surgery Devices Market to Reach $6.51 Billion, Globally, by 2030 at 24.6% CAGR
Increase in prevalence of glaucoma, rise in demand for minimally invasive glaucoma surgery (MIGS) procedures, and technological advancements drive the growth of the global glaucoma surgery devices market.
PORTLAND, Ore., Jan. 10, 2022 /PRNewswire/ -- Allied Market Research published a report, titled, "Glaucoma Surgery Devices Market by Surgery Type (Conventional Glaucoma Surgeries and Minimally Invasive Glaucoma Surgeries), Product (Implants & Stents, Glaucoma Drainage Devices, and Glaucoma Laser Devices), and End User (Eye Hospital & Ophthalmology Clinic, Ambulatory Surgical Centers (ASCS), and Outpatient Surgical Centers): Global Opportunity Analysis and Industry Forecast, 2021–2030." According to the report, the global glaucoma surgery devices industry generated $818.46 million in 2020, and is estimated to reach $6.51 billion by 2030, witnessing a CAGR of 24.6% from 2021 to 2030.
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Drivers, restraints, and opportunities
Increase in prevalence of glaucoma, rise in demand for minimally invasive glaucoma surgery (MIGS) procedures, and technological advancements drive the growth of the global glaucoma surgery devices market. However, reimbursement issues regarding MIGS devices, risks related to post-operative complications, and lack of adequate skilled professionals hinder the market growth. On the other hand, supportive programs and initiatives to reduce burden of glaucoma present new opportunities in the coming years.
Covid-19 Scenario
- There has been postponement of elective surgeries and specific medical procedures to avoid possibility of cross-contamination and shift in resources in hospitals to take care of Covid-infected patients.
- According to a study released in the British Journal of Surgery in May 2020, it was found that around 28.4 million elective surgeries across the world are expected to be canceled or postponed in 2020.
- Moreover, disruptions in manufacturing activities and supply chain hampered the glaucoma surgery devices market growth during the pandemic.
The conventional glaucoma surgeries segment to continue its leadership position during the forecast period
Based on surgery type, the conventional glaucoma surgeries segment accounted for the highest share in 2020, holding more than half of the global glaucoma surgery devices market, and is expected to continue its leadership position during the forecast period. This is due to increase in success rate in intraocular pressure reduction and low treatment cost of conventional glaucoma surgery. However, the minimally invasive glaucoma surgeries segment is expected to register the largest CAGR of 25.2% from 2021 to 2030, owing to benefits such as reduced surgery time, rapid recovery, affordability, and low risk of complications.
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The implants & stents segment to maintain its lead in terms of revenue during the forecast period
Based on product, the implants & stents segment held the highest share in 2020, accounting for more than half of the global glaucoma surgery devices market, and is estimated to maintain its lead in terms of revenue during the forecast period. This is due to increase in demand for implants & stents in glaucoma surgeries as its application reduces the intraocular pressure and increases the outflow of intraocular fluid. However, the glaucoma laser devices segment is expected to portray the fastest CAGR of 25.0% from 2021 to 2030. This is attributed to surge in application of lasers for the treatment of glaucoma.
North America to maintain its dominant share by 2030
Based on region, North America contributed to the highest market share in 2020, accounting for more than two-fifths of the global glaucoma surgery devices market, and is expected to maintain its dominant share by 2030. This is due to presence of major market players in the region and increase in prevalence of glaucoma. However, Asia-Pacific is expected to manifest the highest CAGR of 25.1% during the forecast period, owing to improvements in healthcare infrastructure, surge in incidences of glaucoma, and ease in availability of glaucoma surgery devices.
Leading market players
- Abbvie Inc. (Allergan)
- Alcon Inc.
- Glaukos Corporation
- Johnson & Johnson (Abbott Medical Optics)
- iStar Medical SA
- Lumibird Medical (Ellex Medical Lasers Ltd.)
- Lumenis Ltd.
- New World Medical, Inc.
- Santen Pharmaceutical Co. Ltd.
- Topcon Corporation
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