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Glaucoma Surgery Devices Market Report 2024 - Glaucoma Surgery Devices Market Size, Share And Trends
Glaucoma Surgery Devices Market
According to The Business Research Company's, The glaucoma surgery devices market size has grown rapidly in recent years. It will grow from $1.73 billion in 2023 to $1.95 billion in 2024 at a compound annual growth rate (CAGR) of 12.8%. The growth in the historic period can be attributed to aging population, rising incidence of glaucoma, increased awareness and screening program, healthcare infrastructure development, insurance coverage and reimbursement policies.
The glaucoma surgery devices market size is expected to see rapid growth in the next few years. It will grow to $3.25 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%. The growth in the forecast period can be attributed to increasing global geriatric population, growing healthcare awareness, collaborative research and development initiatives, global expansion of healthcare services, patient preferences for outpatient procedures. Major trends in the forecast period include decentralization and grid resilience, regulatory environment, technology advancements, integration with renewables, environmental considerations.
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Market Drivers and Trends:
The growth in the prevalence of glaucoma is expected to boost the growth of the glaucoma surgery devices market. Glaucoma is a progressive eye disease that damages the optic nerve and can lead to permanent vision loss if not diagnosed and treated promptly. Glaucoma surgery devices play a major role in executing glaucoma surgery, and they have made glaucoma surgeries safer, more effective, and less invasive, which significantly contributes to the increasing demand. For instance, according to an article shared by the World Glaucoma Association (WGA), a Netherlands-based independent organization for glaucoma science and care, the most recent census and prevalence estimates estimated that glaucoma affected 79.6 million people in 2020. In 2040, there will probably be 111.8 million people in the world. In 2020, more than 11 million people (or 13% of cases) will be bilaterally blind because of glaucoma. Therefore, the growth in the prevalence of glaucoma will drive the glaucoma surgery devices market forward.
Technological advancements are a key trend gaining popularity in the glaucoma surgery devices market. Major companies operating in the glaucoma surgery devices market are focused on the development of new and innovative technologies to sustain their position in the market. For instance, in August 2022, Sight Sciences Inc., a US-based eyecare technology company, launched the SION Surgical Instrument, the first bladeless device used in goniotomy. It is a novel and implant-free Minimally Invasive Glaucoma Surgery (MIGS) device that is designed to provide a consistent and controlled approach to goniotomy, which may lead to better outcomes for patients with glaucoma. This technology uses a flexible catheter to create micro-incisions in the trabecular meshwork without a blade. SION's bladeless technology was created to increase safety and ease of use by removing the need to maneuver sharp instruments around the anatomy of the eye's anterior chamber and iridocorneal angle. The design elements are meant to increase the effectiveness and finish of the excisional tissue removal process.
Key Benefits for Stakeholders:
• Comprehensive Market Insights: Stakeholders gain access to detailed market statistics, trends, and analyses that help them understand the current and future landscape of their industry.
• Informed Decision-Making: The reports provide crucial data that support strategic decisions, reducing risks and enhancing business planning.
• Competitive Advantage: With in-depth competitor analysis and market share information, stakeholders can identify opportunities to outperform their competition.
• Tailored Solutions: The Business Research Company offers customized reports that address specific needs, ensuring stakeholders receive relevant and actionable insights.
• Global Perspective: The reports cover various regions and markets, providing a broad view that helps stakeholders expand and operate successfully on a global scale.
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Major Key Players of the Market:
Alcon; Johnson & Johnson; Abbott Laboratorie; Carl Zeiss Meditec AG; Bausch & Lomb Inc.; Topcon Corporation; HAAG-Streit Holding AG; Essilor International S.A.; Hoya Corporation; Sonomed Escalon; Iridex Corporation Ltd.; Ellex Medical Lasers Ltd.; Ziemer Ophthalmic Systems AG; Katalyst Surgical; Nidek Co. Ltd.; AbbVie Inc.; BVI; Glaukos Corporation; Alievio Inc.; Assenti LLC; Avisi Technologies LLC; Chongqing Migos Medical Technology Co Ltd.; OcuTherix Inc; OPKO Health Inc; OptoLight Vision Technology; Rheon Medical SA; Sight Sciences Inc; Lumenis Ltd.
Glaucoma Surgery Devices Market 2024 Key Insights:
• The glaucoma surgery devices market size will grow to $3.25 billion in 2028 at a compound annual growth rate (CAGR) of 13.7%.
• Rising Prevalence Of Glaucoma Propels Demand For Advanced Glaucoma Surgery Devices
• Advanced Goniotomy In The Glaucoma Surgery Devices Market
• North America was the largest region in the glaucoma surgery devices market in 2023
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Learn More About The Business Research Company
The Business Research Company (www.thebusinessresearchcompany.com) is a leading market intelligence firm renowned for its expertise in company, market, and consumer research. With a global presence, TBRC's consultants specialize in diverse industries such as manufacturing, healthcare, financial services, chemicals, and technology, providing unparalleled insights and strategic guidance to clients worldwide.
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