Glaucoma Surgery Devices Market Set to Reach USD 8 Billion by 2030, Driven by Rising Prevalence of Glaucoma and Technological Advancements
According to Next Move Strategy Consulting, the global Glaucoma Surgery Devices Market is expected to experience remarkable growth, reaching an estimated USD 8 billion by 2030. This growth is primarily driven by the increasing prevalence of glaucoma, the rising geriatric population, and advancements in minimally invasive surgical techniques. The market is forecast to grow at a compound annual growth rate (CAGR) of 24% by 2030.
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Glaucoma: A Growing Global Health Concern
Glaucoma is one of the leading causes of blindness, particularly among individuals aged 60 and older, as per the World Health Organization (WHO). The condition is characterized by increased intraocular pressure, which can result in optic nerve damage and vision loss if left untreated. As the global population ages and the incidence of glaucoma rises, the demand for effective glaucoma surgery devices has surged.
The market for these devices includes a range of innovative products such as glaucoma drainage devices, laser devices, and implants and stents that are essential for managing the condition. These devices help in reducing intraocular pressure, a critical factor in preventing further damage to the optic nerve.
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Market Dynamics and Key Drivers
Several factors are contributing to the growth of the glaucoma surgery devices market:
- Rising Prevalence of Glaucoma: An estimated 2.7 million Americans over the age of 40 suffer from open-angle glaucoma, with the global incidence of the disease on the rise due to aging populations and lifestyle factors.
- Technological Advancements: The development of advanced surgical techniques, including minimally invasive procedures, has made glaucoma surgeries safer, more effective, and less traumatic for patients, increasing the adoption of these devices.
- Increased Awareness and Better Healthcare Infrastructure: Growing awareness about glaucoma treatment options, coupled with improvements in healthcare facilities and surgical technologies, are key factors contributing to market growth, particularly in emerging economies.
However, the market is not without challenges. Limited awareness of glaucoma treatment in developing regions, a shortage of skilled medical professionals, and post-surgical complications remain barriers to growth in certain markets.
Opportunities in Emerging Markets
Emerging markets in Asia-Pacific, Latin America, and the Middle East are expected to offer lucrative opportunities for market expansion. Improvements in healthcare access and an increasing focus on glaucoma awareness are driving the demand for glaucoma surgery devices in these regions.
Geographic Outlook
- North America is anticipated to maintain the largest share of the glaucoma surgery devices market due to the high prevalence of glaucoma and the presence of well-established healthcare infrastructure. The adoption of advanced technologies and favorable reimbursement policies further contribute to North America’s market dominance.
- Asia-Pacific is poised to witness substantial growth, driven by rising healthcare investments, increasing healthcare awareness, and the growing aging population in countries like China, India, and Japan.
Competitive Landscape
The global glaucoma surgery devices market is highly competitive, with key players focusing on innovation, strategic partnerships, and expanding their product portfolios. Leading companies in the market include:
- Abbott Laboratories Inc.
- Alcon
- Glaukos Corporation
- Lumenis
- Johnson & Johnson
- Ziemer Ophthalmic Systems
- Carl Zeiss Meditec
- Allergan (now part of AbbVie Inc.)
- Katalyst Surgical LLC
- Nova Eye Medical
Recent Developments:
- In November 2019, Glaukos Corporation completed the acquisition of Avedro, Inc., enhancing its capabilities in the development of novel therapies for corneal disorders and glaucoma treatment. This strategic move aims to strengthen Glaukos’ position in the global market through expanded clinical and regulatory infrastructure.
- In March 2020, Allergan received FDA approval for DURYSTA, a biodegradable sustained-release implant for lowering intraocular pressure in patients with open-angle glaucoma and ocular hypertension. This implant provides an alternative to traditional topical eye drops and promises significant benefits for patients with glaucoma.
Conclusion
The global glaucoma surgery devices market is set for strong growth over the next decade, driven by increasing glaucoma prevalence, technological advancements, and a rising demand for minimally invasive surgeries. With continued innovation and greater awareness of glaucoma treatments, the market is expected to reach a value of USD 7.97 billion by 2030, creating new opportunities for both established and emerging market players.
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