Market Trends of Glaucoma Surgery Devices Industry
This section covers the major market trends shaping the Glaucoma Surgery Devices Market according to our research experts:
Minimal Invasive Glaucoma Surgery is Expected to Witness Growth Over The Forecast Period
Minimally invasive glaucoma surgery is also known as micro-invasive glaucoma surgery (MIGS). The segment is expected to grow owing to the increasing number of glaucoma patients globally, the rise in the geriatric population, and technological advancements in devices.
According to a StatPearls article updated in August 2022, glaucoma accounts for a total of 8% of blindness worldwide. Treatments for mild to moderate glaucoma using micro-invasive glaucoma surgery (MIGS) are intended to reduce the burden of pre- and post-operative care while providing an acceptable intraocular pressure (IOP) decrease for patients. With the help of minimally invasive surgery, surgeons and patients are both at ease, and it offers good postoperative recovery with minimal bedtime for patients. The advantages of minimally invasive glaucoma surgery over traditional surgical procedures are majorly impacting the growth of the segment.
Moreover, the strategic initiatives adopted by key players, like technological advancements, product approvals, and launches related to the devices used in minimally invasive glaucoma surgeries, are also expected to boost segment growth. For instance, in August 2022, Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, received 510(k) clearance from the United States FDA for the iStent infinite trabecular micro-bypass system. The device is indicated for reducing elevated intraocular pressure (IOP) in patients with primary open-angle glaucoma uncontrolled by prior medical and surgical therapy. The device is efficient in glaucoma surgeries. Such launches of technologically advanced products are estimated to propel segment growth over the forecast period.
North America is Expected to Expected to Hold a Major Share in The Glaucoma Surgery Devices Market Over The Forecast Period.
North America is expected to dominate the market owing to factors such as the rising incidence of glaucoma, the growing geriatric population, better healthcare infrastructure, awareness among people and healthcare industry stakeholders about available technologies, and the strong presence of industry players in the region.
According to the 2022 update from the World Glaucoma Association (WGA), after heart attacks and cancer, glaucoma-associated blindness will be the third-most feared medical condition in the United States in 2022. Thus, the fear and increasing prevalence of glaucoma in the country are estimated to propel glaucoma surgical procedures, which in turn will propel market growth in the region.
Also, the United Health Foundation 2021 report stated that more than 54 million adults aged 65 and older live in the United States, which accounts for about 16.5% of the nation's population. The total number of adults aged 65 and older is projected to reach 85.7 million by 2050, or roughly 20% of the overall country's population. Since the geriatric population is prone to diseases like glaucoma and cataracts, the demand for glaucoma surgery is likely to excel in the region, which is projected to boost the growth of the glaucoma surgery devices market in the region.
Furthermore, increasing healthcare expenditure and the presence of well-established healthcare infrastructure are also fueling the growth of the overall regional market to a large extent. For instance, according to Fighting Blindness Canada's May 2021 article, the emerging crisis of preventable blindness in Canada costs almost USD 33 billion annually. The high burden of the country on disease treatment indicates the high demand for glaucoma surgery, which is projected to propel market growth in the region.
Therefore, owing to the above-mentioned factors, the growth of the studied market is anticipated in the North American region.
