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LI_172950
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Pages: 150
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Sep 2017 | 3085 Views
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Author(s) :
Tanvi Sapatnekar & Garima Chandra
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Tables: 108
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Charts: 42
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Glaucoma Surgery Devices Market was valued at $353 million in 2016, and is expected to reach $2,143 million by 2023, registering a CAGR of 29.3% from 2017 to 2023. Glaucoma surgery devices play a pivotal role in the treatment of glaucoma, and are anticipated to gain traction in the future globally. The key application of these devices is to achieve stability or reduction in the intraocular pressure (IOP).
The need for development of efficient glaucoma surgery devices is on a continuous rise, owing to the requirement of faster treatment of glaucoma to prevent loss of vision. According to the Center for Disease Control and Prevention (CDC), approximately 2.7 million people in the U.S. were affected by glaucoma in 2016, making glaucoma one of the leading causes of blindness in the country.
The other key factors that boost the market growth include high prevalence of glaucoma worldwide and rise in transition from use of only medication to adoption of glaucoma surgeries. In addition, development of innovative approaches to treat glaucoma, including minimal invasive glaucoma surgery (MIGS) devices, have contributed to the market growth. However, lack of awareness about glaucoma and the devices associated with it in certain developing and underdeveloped economies hampers this market growth.
Global glaucoma surgery devices market segmentation
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Segment review
The glaucoma surgery devices market is segmented based on product, surgery type, end user, and region. Based on product, it is divided into glaucoma drainage devices, glaucoma laser devices, and implants & stents. Based on surgery type, it is bifurcated into conventional and minimally invasive glaucoma surgeries. Based on end user, the market is classified into eye hospitals, ophthalmology clinics, and outpatient surgical centers. Based on region, the market is segmented into North America, Europe, Asia-Pacific, and LAMEA.
Drivers, restraints, and opportunities
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Drivers, restraints, and opportunities
The impact of the driving factors is expected to surpass that of the restraints. Moreover, increase in investment by key players in untapped regions offers lucrative opportunities for expansion of the global glaucoma surgery devices market.
Japan glaucoma surgery devices market, 2016-2023 ($million)
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Japan accounted for the highest share in the Asia-Pacific glaucoma surgery devices market in 2016, and is projected to continue this trend throughout the forecast period. This is attributed to the increase in demand for ophthalmic devices and easily accessibility of glaucoma surgery devices through companies operating in this country, including Topcon Corporation and Hoya Corporation.
The report provides a comprehensive analysis of the key players operating in the global glaucoma surgery devices market such as Alcon, Inc. (Novartis AG), Glaukos Corporation, New World Medical, Inc., Ellex Medical Lasers Ltd., Abbott Medical Optics (Abbott Laboratories), Johnson & Johnson, Bausch & Lomb, Inc. (Valeant Pharmaceuticals International, Inc.), Topcon Corporation, Lumenis Ltd., and Allergan Plc.
The other key players in the value chain include Nidek Co., Ltd., HAAG-Streit Holding AG, Essilor International S.A., Hoya Corporation, Ziemer Ophthalmic Systems AG, Carl Zeiss Meditec AG, Sonomed Escalon, HumanOptics AG, PhysIOL S.A., Calhoun Vision Center.
Key Benefits
Glaucoma surgery devices are gaining traction among other ophthalmic devices, owing to the increase in the incidence of glaucoma globally, and approximately 82 million people get affected by glaucoma worldwide. The glaucoma surgery devices are developed to achieve stable or low intraocular pressure (IOP) in the eye. Several devices are incorporated in glaucoma surgeries including drainage devices, implants, stents, and laser devices. Incisional surgeries that utilize drainage devices and implants are preferred when the laser surgeries as well medication fail to achieve or maintain IOP in the eye. High adoption of conventional surgeries such as trabeculectomy and laser surgeries is observed in the market. However, minimally invasive (MIS) glaucoma surgeries are gaining traction over the years with significant developments such as iStent, excimer laser trabeculectomy, and suprachoroidal shunts.
Glaucoma implants and stents have generated the highest revenue in 2016, and are anticipated to maintain their dominance throughout the forecast period. Glaucoma implants are highly adopted for glaucoma surgeries as these are associated with very few post-operative complications. However, rapid increase in the use of drainage devices has been witnessed in the recent year, owing to high success rates of Ahmed valves in reducing the intraocular pressure in the eye. Eye hospitals segment shows heavy utilization of glaucoma surgery devices, generating the highest revenue in 2016, and is anticipated to do so throughout the forecast period. This is attributed to the large number of filtering or incisional glaucoma surgeries performed in the hospitals.
However, the outpatient surgical centers segment is projected to grow at a high pace as most of the laser surgeries for glaucoma are performed in the outpatient surgical facilities. This is attributed to the increase in preference of patients to outpatient surgical facilities owing to reduced length of stay and cost of surgery.
Increase in the geriatric population across the globe and rise in incidence of glaucoma are the major contributors to market growth. Technological advancements related to the glaucoma surgery devices, including gel stents and gonioscopy-assisted transluminal trabeculectomy, offer profitable opportunities for the expansion of this market.
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