Glaucoma Drainage Devices Market Insights, Competitive Landscape and Market Forecast–2026
Glaucoma Drainage Devices Market By Product Type (Conventional Glaucoma Drainage Devices [Valveless And Valved], Minimally Invasive Glaucoma Surgery Devices [Schlemm’s Canal Migs Devices, Suprachoroidal Migs Devices, Subconjunctival Migs Devices], And Others), By End User (Hospitals, Specialty Clinics, And Ambulatory Surgical Centers), And By Geography is expected to grow at a steady CAGR (forecast period - 2021-2026) owing to the rising prevalence of hypertension and growing geriatric population base resulting in rising prevalence of glaucoma
Global Glaucoma Drainage Devices Market was valued is expected to grow at a CAGR of 5.39% during the forecast period from 2021 to 2026. The demand for glaucoma drainage devices is primarily being boosted by rising geriatric population base, growing prevalence of lifestyle disorders such as hypertension and diabetes, increasing prevalence of glaucoma, and technical innovation in product development which are expected drive the product demand thereby contributing in the growth of the glaucoma drainage devices market in the forecast period.
Glaucoma Drainage Devices Market Dynamics:
The glaucoma drainage devices market is witnessing a growth in product demand owing to various reasons, one of them being the increasing geriatric population base across the globe. According to the data provided by the World Health Organization, in 2020, about one billion people across the world were over the age of 60. The source further stated that by 2050, the elderly population in the 60 and above age group is expected to double in number representing about 2.1 billion people and people in the age group of 80 and above is estimated to triple between 2020 and 2050 to reach 426 million. Age is considered as one of the key risk factors associated with the development of glaucoma, therefore, the rising elderly population is expected to lead to the rise in the patient population of glaucoma across the world, which in turn would lead to the increase in demand for glaucoma drainage devices in the forecast period (2021-2026), which will drive the glaucoma drainage devices market growth.
Moreover, hypertension is another key factor that is considered as a major risk factor in the development of glaucoma. As per the latest data provided by the WHO, 2021, approximately 1.28 billion adults in the 30-79 year age-group are currently living with hypertension globally with majority of the patient population (two-thirds) present in the low and middle-income countries. It has been established that increased blood pressure results in increased eye pressure which in turn has been associated with the increase in the amount of fluid in the eye. This ultimately affects the drainage system of the eye and contributes in glaucoma development and progression over time.
Therefore, the factors mentioned above along with other key contributing factors such as diabetes and belonging to certain ethnicities also increase the risk of developing glaucoma. Therefore, the market for glaucoma devices is estimated to witness an increase in product demand with the increase in the diabetic, hypertensive, and elderly population.
However, postoperative complications associated with glaucoma drainage devices and the efficacy of these devices for limited timeframe may be certain impeding factors to glaucoma drainage devices market growth.
Glaucoma Drainage Devices Market Segment Analysis:
Glaucoma Drainage Devices Market by Product Type (Conventional Glaucoma Drainage Devices [Valveless and Valved], Minimally Invasive Glaucoma Surgery Devices [Schlemm’s Canal MIGS Devices, Suprachoroidal MIGS Devices, Subconjunctival MIGS Devices], and Others), by End User (Hospitals, Specialty Clinics, And Others), and by Geography (North America, Europe, Asia-Pacific, and Rest of the World).
In the product segment of the Glaucoma Drainage Devices Market, the minimally invasive glaucoma surgery (MIGS) devices are expected to hold a significant share in the forecast period. This can be ascribed to the fact that MIGS devices are being preferred by end users over eye drops and conventional glaucoma drainage devices owing to lack of patient compliance with eye drops and the apprehensions regarding repeated surgeries associated with conventional glaucoma drainage devices. Furthermore, MIGS devices come with an added advantage of being used in combination with add-on to cataract surgery, thereby offering surgeons an extended alternative for disease treatment. Therefore, the advantages offered by the MIGS devices are predicted to aid in the growth of the glaucoma drainage devices market during the forecast period.
North America is expected to dominate the overall Glaucoma Drainage Devices Market:
Among all the regions, North America is expected to account for the largest share in the glaucoma drainage devices market. Owing to significant growth factors such as rising prevalence of geriatric population, increasing prevalence of diabetes, rising government initiatives, and rising government initiatives for creating awareness regarding glaucoma prevalence and treatment are expected to aid in the growth of the North America Glaucoma Drainage Devices Market. Furthermore, high disposable income, sophisticated healthcare infrastructure, new product approvals, and increased awareness also propelled the market growth in this region.
As per the National Diabetics Statistics Report published by the Centers for Disease Control and Prevention (CDC) in 2020, near about 34.2 million Americans were diabetic in 2020. The report further stated that approximately 88 million Americans showed pre-diabetes levels. As per the CDC itself, diabetes is considered as one of the major risk factors that may lead to glaucoma development. With the high presence of diabetic population in the country, it is estimated that there may be an increase in the glaucoma patient population that may in turn drive the demand for glaucoma drainage devices in the forecast period.
Moreover, African Americans are considered to constitute a high risk group for glaucoma and as per the CDC, African Americans are 6 to 8 times more susceptible to get glaucoma than whites.
Along with the factors mentioned above, the conducive environment for product development and launches in the country further motivates the market players to enhance their presence in North America. For instance, in July 2021, the U.S. Food and Drug Administration (FDA) granted the Investigational Device Exemption (IDE) to the MINIject device developed by iStar Medical. This paved the way for the company to start a pivotal trial- The STAR-V study which will investigate the device in over 350 patients with primary open angle glaucoma. Efforts such as the conducting of local clinical trials to establish product safety and efficacy helps in the faster device approval by the concerned local authorities and speed up the market approval process for the devices.
Therefore, the aforementioned factors all will collectively contribute towards the growing regional demand for such devices thereby driving the glaucoma drainage devices market during the forecast period (2021-2026).
Glaucoma Drainage Devices Market Key Players:
Some of the key market players operating in the glaucoma drainage devices market includes Aurolab, Johnson & Johnson Vision Care, Inc. , Rheon Medical SA , Allergan (AbbVie), NovaEye Medical, Novartis, Glaukos Corporation, iSTAR Medical, Advanced Ophthalmic Innovations Pte Ltd, Santen SA, Ivantis Inc, New World Medical, Inc., and others.
Recent Developmental Activities in Glaucoma Drainage Devices Market:
In May 2021, Rheon Medical SA received the Breakthrough Device designation from the US Food and Drug Administration for their eyeWatch technology which is the world’s first adjustable glaucoma shunt for the treatment of refractory glaucoma.
In August 2019, New World Medical Inc. launched the Ahmed ClearPath Glaucoma Drainage Device in the United States which is available in two sizes, 350 mm2 and 250 mm2.
Key Takeaways from the Glaucoma Drainage Devices Market Report Study
Market size analysis for current glaucoma drainage devices market size (2020), and market forecast for 5 years (2021-2026)
The effect of the COVID-19 pandemic on this market is significant. To capture and analyze suitable indicators, our experts are closely watching the glaucoma drainage devices market.
Top key product/services/technology developments, merger, acquisition, partnership, joint venture happened for last 3 years
Key companies dominating the Global Glaucoma Drainage Devices Market.
Various opportunities available for the other competitor in the Glaucoma Drainage Devices Market space.
What are the top performing segments in 2020? How these segments will perform in 2026.
Which is the top-performing regions and countries in the current glaucoma drainage devices market scenario?
Which are the regions and countries where companies should have concentrated on opportunities for glaucoma drainage devices market growth in the coming future?
Target Audience who can be benefited from this Glaucoma Drainage Devices Market Report Study
Glaucoma Drainage Devices products providers
Research organizations and consulting companies
Glaucoma Drainage Devices-related organization, association, forum, and other alliances
Government and corporate offices
Start-up companies, venture capitalists, and private equity firms
Distributors and Traders dealing in glaucoma drainage devices
Various End-users who want to know more about the Glaucoma Drainage Devices market and latest technological developments in the Glaucoma Drainage Devices market.
Frequently Asked Questions for Glaucoma Drainage Devices Market:
Learn how to effectively navigate the market research process to help guide your organization on the journey to success.Download eBook