The Global Glaucoma Drainage Devices Market is estimated to reach over USD 2.12 billion by 2030, exhibiting a CAGR of 8.1% during the forecast period.
Glaucoma drainage devices are used to drain and divert humor that is caused in the glaucoma condition which could lead to serious damage to the eye if not treated properly. Ill-treated glaucoma could also lead to blindness. The increasing prevalence of lifestyle disorders and the rising geriatric population are the prime factors driving the glaucoma drainage devices market potential over the forecast period. Increasing incidence of diabetes is also expected to further increase glaucoma and this will eventually favor the glaucoma drainage devices market potential over the coming years. Technological innovations in glaucoma treatment and rising healthcare spending potential across the world are also expected to boost glaucoma drainage devices’ market growth across the forecast period. Hypertension is also responsible for the increasing incidence of glaucoma and could further propel the demand for glaucoma drainage devices through 2031.
The emergence of the COVID-19 pandemic in 2020 led to a downward trend in the global glaucoma drainage devices market owing to a heightened focus on coronavirus infections to control the pandemic situation. The glaucoma drainage devices market is anticipated to rise at a steady pace over the forecast period as the restrictions are lifted and the world returns to normal. However, complications related to glaucoma procedures are expected to have a hampering effect on the global glaucoma drainage devices demand through 2031.
The glaucoma drainage devices market is segmented on the basis of product and end-users. Based on the product, the market is segmented as valved implants and non-valved implants. By end-users, the market is segmented into hospitals, ophthalmic clinics, and other end-users.
Based on product, the valved implants segment to see high demand
Valved implants are anticipated to see high demand over the forecast period and are anticipated to witness growth faster than the non-valved implants segment. Increasing preference for valved implants and rising recommendations for the same from healthcare professionals are expected to drive the growth of the segment over the forecast period.
Opthalmic Clinics to see high demand
The hospitals segment is anticipated to account for a major market share over the forecast period owing to a rising number of glaucoma surgeries being performed. The presence of key glaucoma treatments and the availability of novel technologies are factors that could drive demand for glaucoma drainage devices in hospitals.
In the region, the North America glaucoma drainage devices market Drives global growth.
The North America glaucoma drainage devices market is anticipated to emerge as the most lucrative one in the global glaucoma drainage devices industry landscape owing to the rising prevalence of glaucoma in the growing geriatric population. The increasing prevalence of diabetes is also a factor that propels glaucoma drainage devices demand in this region. Favorable reimbursement policies, developed healthcare infrastructure, high spending potential, and the presence of key healthcare providers are other factors that positively influence the glaucoma drainage devices market growth through 2031. The United States and Canada are projected to emerge as the most lucrative markets in the North America region over the years to come.
The key players in the glaucoma drainage devices market have shifted their focus towards bio-based components for product manufacturing and are initiating significant strategies such as mergers, acquisitions, and joint ventures of major and domestic players to enhance product portfolio and strengthen their market footprint across the globe. Some of the major key players in the glaucoma drainage devices market are Alcon, Henan Universe IOL R&M Co., Ltd., Alievio Inc, Avisi Technologies LLC, Geuder AG, InnFocus Inc, iVeena Delivery Systems Inc, Merz Anteis SA, MicroOptx, Inc., OPKO Health Inc, Nova Eye Medical, New World Medical, Inc., Santen SA, Ivantis, Inc., Advanced Ophthalmic Innovations Pte Ltd, iSTAR Medical, Rheon Medical SA, and other players.