LONDON--(BUSINESS WIRE)--The global glaucoma surgical devices market is expected to reach USD 3.11 billion by 2020, growing at a CAGR of close to 41%, according to Technavio’s latest report.
In this report, Technavio covers the market outlook and growth prospects of the global glaucoma surgical devices market for 2016-2020. To calculate the market size, the report considers revenue generated from the sales of glaucoma implants and glaucoma surgical instruments.
Technavio’s research study segments the global glaucoma surgical devices market into the following regions:
- Americas
- EMEA
- APAC
Americas: largest market for glaucoma surgical devices
In 2015, the Americas was the largest market for glaucoma surgical devices with more than 48% market share. Technavio predicts the region to grow at a rapid pace and post a striking CAGR of close to 39% during the forecast period. The US is the leading revenue contributor, followed by Canada. According to WHO, approximately six million people in the region had glaucoma in 2012. With age, the risk of developing glaucoma increases. Individuals aged above 70 are at three- to fourfold higher risk of developing the disease. In 2015, WHO also estimated that about 16 million people in the US aged 12 and above were visually impaired due to this disease. This high prevalence of glaucoma will increase the demand for glaucoma surgical devices in the market. The evolution of microinvasive glaucoma surgeries will also increase the sales of these devices.
According to Brahadeesh Chandrasekaran, a lead analyst at Technavio for medical devices, “The Americas, particularly the US, has a strong presence of many vendors and their distribution networks. Abbott Medical Optics, Alcon, Ellex Medical Lasers, IRIDEX, and Nidek are the major vendors in the region. These companies offer various glaucoma surgical products and are developing a wide range of innovative products. Some of these devices are under review and will be introduced in the market over the next four years.”
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Glaucoma surgical devices market in EMEA to grow at a CAGR of over 41% and reach USD 1.08 billion in revenue by 2020
EMEA was the second largest market for glaucoma surgical devices in 2015. However, the report states that the market in EMEA will likely grow at a slow pace during the forecast period, with the UK, Germany, Italy, Spain, and France being the major revenue contributors.
The growing population of people aged 40 and above will lead to a rise in the cases of glaucoma. In 2014, the European Medicines Agency estimated that about one of 18,500 people had primary or secondary glaucoma. The disease worsens with age, increasing the need for glaucoma surgeries. “Various organizations and companies are involved in creating awareness about the disease and associated treatment options. This will lead to a rise in demand for glaucoma surgeries and related surgical devices in the market,” adds Brahadeesh.
With advances in technology, manufacturers are investing in R&D to develop innovative products. Many of these devices are under review, a few have obtained approval from European Union regulatory bodies. These include iStent trabecular microbypass devices by Glaukos and CyPass microstents by Transcend Medical.
India and China the major revenue contributors for the glaucoma surgical devices market in APAC
APAC was the smallest market for glaucoma surgical devices in 2015, however, the market will likely grow at a rapid pace during the forecast period, posting a CAGR of close to 44%. This region, particularly India and China, has a large base of untreated and undiagnosed individuals. In China, the number of people with glaucoma is estimated to increase from 17 million in 2014 to 22 million in 2020. In India, the number of people with glaucoma may increase from 12 million in 2014 to 16 million in 2020.
Government bodies are investing in the healthcare sector to improve medical infrastructure and raise awareness of the disease. This factor along with advances in ophthalmology has led manufacturers to develop innovative glaucoma surgical devices. “The demand for these devices is increasing as hospitals in APAC are performing a high volume of glaucoma surgeries, particularly canaloplasty, to treat glaucoma. In India and China, microinvasive glaucoma surgery is fast gaining popularity,” adds Brahadeesh.
Some of the top vendors in the global glaucoma surgical devices market highlighted in the report are:
- Alcon
- Abbott Medical Optics
- Carl Zeiss Meditec
- Ellex Medical Lasers
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