Global Glaucoma Drainage Devices Market is Expected to Foresee Significant Growth During the Forecast Period. North America to Witness the Highest Growth
- Vikas Kumar
- June 14, 2022
- HEALTHCARE, NEWS
- Glaucoma Drainage Devices Market, Glaucoma Drainage Devices Market Forecast, Glaucoma Drainage Devices Market Future, Glaucoma Drainage Devices Market Growth, Glaucoma Drainage Devices Market Share, Glaucoma Drainage Devices Market Size, Glaucoma Drainage Devices Market Trend
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Global glaucoma drainage devices market is expected to grow significantly by 2027 expanding at a reasonable CAGR of around 5% during the forecast period (2021-2027). A group of diseases that affects the optic nerve resulting in vision loss and is frequently characterized by raised intraocular pressure (IOP) is known as glaucoma. The devices that are used for glaucoma filtering surgeries even for those at low risk for failure with trabeculectomy are called glaucoma drainage devices.
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The growth of the glaucoma drainage devices market across the globe is witnessing growth on account of the rising global burden of glaucoma and the surge in the number of glaucoma care initiatives by the government and other private organizations. For instance, according to the data estimated by the American Academy of Ophthalmology (AAO), the global prevalence of glaucoma was estimated to reach 76 million by 2020 and further is expected to reach 111.8 million by 2040. Furthermore, favorable reimbursement policies and foreign direct investment provisions are some of the other prominent factors contributing to the growth of the market. Additionally, the growing focus of major industry players to develop new and technologically advanced glaucoma drainage devices has also positively influenced the adoption of these devices across the globe. Thereby, boosting the glaucoma drainage devices market growth.
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Based on product type, the market is segmented into conventional glaucoma drainage devices, minimally invasive glaucoma surgery devices, and others. The conventional glaucoma drainage devices segment grabbed a significant share of the global glaucoma drainage devices market and will witness a considerable CAGR during the forecast period (2021-2027F). The growth of this segment can be attributed to the adoption of conventional glaucoma surgery as the first choice of treatment in underdeveloped nations as the cost of conventional devices are low as compared to minimally invasive glaucoma surgery devices.
Based on the end-users, the global glaucoma drainage devices market is segmented into hospitals, specialty clinics, ambulatory surgical centers, and others. The hospitals segment occupied a substantial share and is expected to grow at a CAGR of XX% during the forecast period 2021-2027 owing to the increasing preference of consumers to get treatment in hospitals mainly due to the well-established healthcare infrastructure, and large patient pool.
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Additionally, the report provides detailed report also provides insights into the global glaucoma drainage devices market according to the regions such as North America (United States, Canada, and the Rest of North America), Europe (Germany, France, Italy, Spain, United Kingdom, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America dominated the market and generated revenue of USD xx billion in 2020 owing to the well-established market players and frequent product launches.
Aurolab, Johnson & Johnson Vision Care, Inc., Rheon Medical SA, Allergan (AbbVie), NovaEye Medical, Novartis AG, Glaukos Corporation, iSTAR Medical, Ivantis Inc., New World Medical, Inc. are some of the key players operating in the global glaucoma drainage devices market. Several M&As along with partnerships have been undertaken by these players to develop various types of glaucoma drainage devices.
Global Glaucoma Drainage Devices Market Segmentation
Market Insight, by Product Type
- Conventional Glaucoma Drainage Devices
- Minimally Invasive Glaucoma Surgery Devices
Market Insight, by End-Users
- Specialty Clinics
- Ambulatory Surgical Centers
Market Insight, by Region
- North America
- United States
- Rest of North America
- United Kingdom
- Rest of Europe
- Rest of Asia-Pacific
- Rest of World
Top Company Profiles
- Johnson & Johnson Vision Care, Inc.
- Rheon Medical SA
- Allergan (AbbVie)
- NovaEye Medical
- Novartis AG
- Glaukos Corporation
- iSTAR Medical
- Ivantis Inc.
- New World Medical, Inc.