Glaucoma Surgery Devices Market Expected to Reach $6.51 Billion by 2030

According to a new report published by Allied Market Research, titled, “Glaucoma Surgery Devices Market by Surgery Type, Product, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2030," the global glaucoma surgery devices market size was valued at $0.81 billion in 2020 and is projected to reach $6.51 billion by 2030 registering a CAGR of 24.60% from 2021 to 2030.

Glaucoma is an asymptomatic eye-related disorder that occurs due to the buildup of fluid pressure inside the eye. Glaucoma surgery devices are used to augment normal physiologic aqueous outflow pathways to provide effective intra-ocular pressure. Glaucoma surgery devices are designed to divert aqueous humor from the anterior chamber to an external reservoir, where a fibrous capsule forms about 4-6 weeks after surgery and regulates flow. Glaucoma surgeries comprise non-invasive devices, invasive, and minimally invasive devices to decrease production of intraocular fluid, which is also known as aqueous humor.

Increase in prevalence of glaucoma, coupled with growth in geriatric population, which is more prone to eye disease, are major driving factors that boost growth of the glaucoma surgery devices market. In addition, growth in demand for minimally invasive glaucoma surgery (MIGS) procedures and technological advancements in glaucoma surgery devices further fuel growth of the glaucoma surgery devices market. However, reimbursement barriers regarding MIGS devices, and risk of post-operative complications associated with the glaucoma surgeries, are some key challenges that hinder growth of the market.

Lack of adequate skilled professionals to perform glaucoma surgeries, coupled with lack of awareness about eye care in low-income economies also hamper growth of the market. On the contrary, programs and initiatives to reduce the burden of glaucoma across the globe and high growth potential in untapped emerging economies creates an opportunity for manufacturers to tap and capitalize on the market.

COVID-19 is a large family of viruses that causes illness ranging from common cold to more severe respiratory diseases. The COVID-19 pandemic has restrained the industry growth significantly, as demand for glaucoma surgery devices is expected to be subdued in the short term. In addition, governments have also issued limitations and bans on medical procedures and elective surgeries. These restrictions have hampered demand for ophthalmic equipment. Thus, the outbreak of COVID-19 has negatively impacted the glaucoma surgical device market.

The glaucoma surgery devices market is segmented on the basis of surgery type, product, end user, and region. By type, it is segmented into conventional glaucoma surgeries and minimally invasive glaucoma surgeries. The conventional glaucoma surgeries was the major shareholder 2020, owing to factors such as increase in success rate in intraocular pressure reduction and low treatment cost of conventional glaucoma surgery as well as adoption of conventional glaucoma surgery as first choice of treatment in underdeveloped economies, owing to low cost compared to MIGS.

By product, the market is segmented into implants & stents, glaucoma drainage devices, and glaucoma laser devices. The implants & stents segment dominated the global glaucoma surgery devices market in 2020, and is anticipated to continue this trend during the forecast period. This is attributed to the increase in demand of implants & stents in glaucoma surgery owing to its application of reduce the intraocular pressure and increase the outflow of intraocular fluid.

Based on end user, it is categorized into eye hospitals & ophthalmology clinic, ambulatory surgical centers (ASCs), and outpatient surgical centers. The eye hospitals & ophthalmology clinic acquired the largest share in 2020, and is expected to remain dominant throughout the forecast period. This is attributed to the increase in adoption of glaucoma surgical device in eye hospitals & ophthalmology clinic, availability of eye surgeons, and rise in focus and expenditure on eye care by eye hospitals and ophthalmology clinic.

Key Findings Of The Study

• Based on surgery type, the conventional glaucoma surgeries segment held largest share in the global market in 2020.
• Based on product, the implants & stents segment held the largest market share in 2020, and is expected to remain dominant throughout the forecast period.
• By end user, the eye hospitals & ophthalmology clinic segment dominated the global glaucoma surgery devices market in 2020, and is anticipated to continue this trend during the forecast period.
• Region wise, North America is expected to experience growth at the highest rate, registering a CAGR of 24.30 % during the forecast period.

North America accounted for the largest share of the global glaucoma surgery devices market in 2020, and is expected to remain dominant throughout the forecast period. This was attributed to presence of major key players in the region, increase in prevalence of glaucoma, coupled with growth in geriatric population in the region. Furthermore, presence of well-established healthcare infrastructure, higher buying power, and higher healthcare expenditure levels are some factors that drives growth of the glaucoma surgery devices market in this region. Moreover, Asia-Pacific registering the fastest growth rate during the forecast period, owing to improvements in healthcare infrastructure, rise in disposable income, surge in incidences of glaucoma, and availability of glaucoma surgery devices.