Glaucoma Drainage Devices Market: Current Analysis and Forecast (2021-2027)

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Global Glaucoma drainage devices Market is anticipated to grow with an elevated CAGR of around 5% over 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.

With the rapid advancement in technology and rising awareness regarding the glaucoma prevalence and treatment among the population, many industry players are focusing on expanding their product portfolio by launching new products in the market due to which the glaucoma drainage devices market is witnessing an uptick all over the globe. For instance, in August 2019, New World Medical, Inc., a privately held ophthalmic company dedicated to developing innovative medical devices for the treatment of glaucoma, launched the Ahmed ClearPath glaucoma drainage device. The device is developed in close partnership with glaucoma and is available in two sizes, 350 mm², and 250 mm².

Additionally, the demand for glaucoma drainage devices is increasing on account of the growing number of people having diabetes as it is one of the major risk factors that may lead to glaucoma development. For instance, according to the World Health Organization, nearly 422 million people globally have diabetes, the majority living in low-and middle-income countries. Also, around 1.5 million deaths are directly attributed to diabetes every year. Further, it has also been estimated by the International Diabetes Federation that by 2045 nearly 700 million adults worldwide will have diabetes. This rise in the diabetic population will lead to an increase in the glaucoma patient population which may, in turn, foster the demand for glaucoma drainage devices in the upcoming years.

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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 prominent players operating in the glaucoma drainage devices market. Several M&As along with partnerships have been undertaken by these players to facilitate customers with new varieties of glaucoma drainage devices.

Insights Presented in the Report

“Amongst Product Type, conventional glaucoma drainage devices segment holds the major share”

Based on product type, the glaucoma drainage devices market is segmented into conventional glaucoma drainage devices, minimally invasive glaucoma surgery devices, and others. The conventional glaucoma drainage devices segment accounted for a significant market share in 2020 and it is estimated to grow considerably during the forecast period. 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.

“Amongst End-Users, hospital segment holds the major share”

Based on end-users, the glaucoma drainage devices market is divided into hospitals, specialty clinics, ambulatory surgical centers, and others. The hospitals segment is anticipated to grow at a rapid rate in the upcoming years owing to the increasing preference of consumers to get treatment in hospitals mainly due to the well-established healthcare infrastructure, and large patient pool. Furthermore, the presence of several advanced surgical devices in hospitals and the availability of highly skilled healthcare professionals in hospitals are also some of the reasons why patients prefer hospitals for their treatment.

“North America represents one of the largest markets of glaucoma drainage devices market”

For a better understanding of the market dynamics of the glaucoma drainage devices market, a detailed analysis was conducted for different regions across the globe including North America (U.S, Canada, and the Rest of North America), Europe (Germany, France, Spain, United Kingdom, Italy, and Rest of Europe), Asia-Pacific (China, India, Australia, Japan, and Rest of APAC), Rest of World has been conducted. North America constitutes a major market for the glaucoma drainage devices market industry in 2020 owing to the presence of well-established market players in the region and frequent product launches.

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• The study includes market sizing and forecasting analysis validated by authenticated key industry experts
• The report presents a quick review of overall industry performance at one glance
• The report covers an in-depth analysis of prominent industry peers with a primary focus on key business financials, product portfolio, expansion strategies, and recent developments
• Detailed examination of drivers, restraints, key trends, and opportunities prevailing in the industry
• The study comprehensively covers the market across different segments
• Deep dive regional level analysis of the industry

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Research Methodology

Analyzing the historical market, estimation of the current market, and forecasting the future market of the global glaucoma drainage devices market were the three major steps undertaken to create and analyze the adoption of glaucoma drainage devices in major regions globally. Exhaustive secondary research was conducted to collect the historical market numbers and estimate the current market size. Secondly, to validate these insights, numerous findings and assumptions were taken into consideration. Moreover, exhaustive primary interviews were also conducted, with industry experts across the value chain of the global glaucoma drainage devices market. Post assumption and validation of market numbers through primary interviews, we employed a top-down/bottom-up approach to forecasting the complete market size. Thereafter, market breakdown and data triangulation methods were adopted to estimate and analyze the market size of segments and sub-segments the industry pertains to. Detailed methodology is explained below:

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Analysis of Historical Market Size

Step 1: In-Depth Study of Secondary Sources:

Detail secondary study was conducted to obtain the historical market size of the glaucoma drainage devices through company internal sources such as annual report & financial statements, performance presentations, press releases, etc., and external sources including journals, news & articles, government publications, competitor publications, sector reports, third-party database, and other credible publications.

Step 2: Market Segmentation:

After obtaining the historical market size of the glaucoma drainage devices market, we conducted a detailed secondary analysis to gather historical market insights and share for different segments & sub-segments for major regions. Major segments included in the report as product type and end-user. Further country-level analyses were conducted to evaluate the overall adoption of glaucoma drainage devices across the globe.

Step 3: Factor Analysis:

After acquiring the historical market size of different segments and sub-segments, we conducted a detailed factor analysis to estimate the current market size of the glaucoma drainage devices. Further, we conducted factor analysis using dependent and independent variables such as the growing prevalence of glaucoms all over the globe. A thorough analysis was conducted for demand and supply-side scenarios considering top partnerships, merger and acquisition, business expansion, and product launches in the glaucoma drainage devices sector across the globe.

Current Market Size Estimate & Forecast

Current Market Sizing: Based on actionable insights from the above 3 steps, we arrived at the current market size, key players in the glaucoma drainage devices market, and market shares of the segments. All the required percentage shares split, and market breakdowns were determined using the above-mentioned secondary approach and were verified through primary interviews.

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Estimation & Forecasting: For market estimation and forecast, weights were assigned to different factors including drivers & trends, restraints, and opportunities available for the stakeholders. After analyzing these factors, relevant forecasting techniques i.e., top-down/bottom-up approach was applied to arrive at the market forecast about 2027 for different segments and subsegments across the major markets globally. The research methodology adopted to estimate the market size encompasses:

• The industry’s market size, in terms of value (US$) and the adoption rate of glaucoma drainage devices across the major markets domestically
• All percentage shares, splits, and breakdowns of market segments and sub-segments
• Key players in the glaucoma drainage devices market in terms of products offered. Also, the growth strategies adopted by these players to compete in the fast-growing market

Market Size and Share Validation

Primary Research: In-depth interviews were conducted with the Key Opinion Leaders (KOLs) including Top Level Executives (CXO/VPs, Sales Head, Marketing Head, Operational Head, and Regional Head, Country Head, etc.) across major regions. Primary research findings were then summarized, and statistical analysis was performed to prove the stated hypothesis. Inputs from primary research were consolidated with secondary findings, hence turning information into actionable insights.

Split of Primary Participants in Different Regions

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Market Engineering

Data triangulation technique was employed to complete the overall market estimation and to arrive at precise statistical numbers of each segment and sub-segment of the glaucoma drainage devices market. Data was split into several segments & sub-segments post studying various parameters and trends in the areas of product type and end-user of the glaucoma drainage devices market.

The main objective of the Glaucoma drainage devices Market Study

The current & future market trends of glaucoma drainage devices were pinpointed in the study. Investors can gain strategic insights to base their discretion for investments from the qualitative and quantitative analysis performed in the study. Current and future market trends were determined the overall attractiveness of the market at a regional level, providing a platform for the industrial participant to exploit the untapped market to benefit as a first-mover advantage. Other quantitative goals of the studies include:

• Analyze the current and forecast market size of glaucoma drainage devices in terms of value (US$). Also, analyze the current and forecast market size of different segments and sub-segments
• Segments in the study include areas of of product type and end-user
• Define and analysis of the regulatory framework for the glaucoma drainage devices industry
• Analyze the value chain involved with the presence of various intermediaries, along with analyzing customer and competitor behaviors of the industry
• Analyze the current and forecast market size of the glaucoma drainage devices market for the major region
• Major regions studied in the report include North America, Europe, Asia-Pacific and Rest of the world
• Company profiles of the glaucoma drainage devices market and the growth strategies adopted by the market players to sustain in the fast-growing market

Deep dive regional level analysis of the industry

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