According to the latest report published by Credence Research, Inc. “Glaucoma Surgical Devices Market – Growth, Future Prospects and Competitive Analysis, 2017-2025,” the global glaucoma surgical devices market was valued at US$ 246.7 Mn in 2016, and is expected to reach US$ 556.7 Mn by 2025, expanding at a CAGR of 9.3% from 2017 to 2025.
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Glaucoma surgery is currently evolving with introduction of several new devices and those in pipeline have continued to address the focus on safety of glaucoma surgery. There has also been a trend being witnessed demonstrating performing cataract surgery in conjunction with glaucoma surgery with the minimal use of additional anesthesia and lesser scope for refractive error. Historically, glaucoma surgery had lacked innovation as against the other ophthalmic surgical procedures. For the past several years, trabeculectomy has been the gold standard for glaucoma surgery despite the associated risks and outcome unpredictability. However, with the introduction of canaloplasty, the trend of less invasive procedures took pace, thus driving the glaucoma surgical devices market towards growth.
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Growing prevalence of diabetes, eye disorders such as macular degeneration, aging population and growing government initiatives are observed to be the drivers of the global glaucoma surgical devices market. Increasing pool of geriatric population has been a prominent market driver, while corresponding to early disease diagnosis and treatment. As the global aging population and diabetic patient pool is perpetually increasing, it is anticipated that the future of glaucoma surgical devices market is ensured steady growth.
Among the considered device types, glaucoma drainage devices is the largest revenue generating segment and will continue to dominate the market through the forecast period. Extensive use of these devices in glaucoma treatment and easy access are the key factors supporting the dominance of this segment. However, association with some critical post-operative complications and higher preference for pharmacological approach may hold back the growth of this market.
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Geographically, North America and Europe cumulatively dominate the global glaucoma surgical devices market. Highest prevalence of diabetes, corresponding existence of evolved healthcare infrastructure, and better reimbursement setting majorly contribute to the leading position of these regions. Additionally, domicile of market incumbents in the U.S. and Western Europe further facilitates early adoption of novel treatment solutions in the regions. On the other hand, evolution of healthcare infrastructure through government policies and increase in healthcare expenditure, diabetic patient pool and growing awareness makes Asia Pacific the most lucrative and fastest growing regional market for glaucoma surgical devices.
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