PORTLAND, Oregon and PUNE, India, February 20, 2018 /PRNewswire/ --
According to a new report published by Allied Market Research, titled, "Minimally Invasive Glaucoma Surgery (MIGS) Devices Market by Surgery, Target, Product, and End User: Global Opportunity Analysis and Industry Forecast, 2017-2023," the global minimally invasive glaucoma surgery (MIGS) devices market was valued at $144 million in 2016, and is projected to reach $912 million by 2023, growing at a CAGR of 30.1% from 2017 to 2023. The glaucoma in conjunction with cataract surgery segment accounted for three-fifths share of the market in 2016.
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Minimally invasive glaucoma surgery (MIGS) devices are employed in the treatment of glaucoma to provide a safer and less invasive means of reducing intraocular pressure (IOP) as compared to conventional glaucoma surgery devices. MIGS devices are anticipated to become a preferred surgical modality in near future for the treatment of glaucoma as it reduces dependency on topical medications as well as gets rid of complications associated to traditional procedures. MIGS devices are most commonly employed in combined cataract surgeries through phacoemulsification. In addition, two prime approaches of IOP reduction by MIGS involve increase in trabecular outflow through bypassing the juxtacanalicular trabecular meshwork (TM), and rise in uveoscleral outflow via suprachoroidal pathways. These two approaches are most commonly used in the treatment of glaucoma as these approaches can reduce the IOP in eyes effectively while reducing post-operative complications.
Increase in focus on developing combination surgeries for treatment of glaucoma, high prevalence of open-angle glaucoma, and rapid rise in geriatric population are anticipated to drive the growth of the minimally invasive glaucoma surgery (MIGS) devices market. In addition, increase in the changing demographics leading to obesity, diabetes, and varied eye disorders supplement the market growth. However, dearth of skilled professionals to perform minimally invasive glaucoma surgeries efficiently and high cost of the MIGS device hamper the market growth. Conversely, surge in investment by manufacturers in the emerging economies and rise in initiatives to reduce the burden of glaucoma globally are anticipated to offer lucrative opportunities for market expansion.
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The trabecular meshwork target dominated the global MIGS devices market accounting for half of the total market share in 2016, and is set to maintain the dominance throughout the forecast period. At present, there are a few MIGS devices used to treat glaucoma by targeting the TM, namely, Trabectome, iStent, Hydrus, gonioscopy-assisted transluminal trabeculotomy (GATT), and excimer laser trabeculotomy (ELT). Extensive use of aforementioned products in the treatment of glaucoma contributed to the dominance of trabecular meshwork segment in the global MIGS devices market. Whereas, suprachoroidal space target is anticipated to grow at the fastest pace, registering a CAGR of 33.7% from 2017-2023.
KEY FINDINGS OF THE STUDY
- The MIGS stents generated the highest revenue in 2016, and is anticipated to do so throughout the forecast period, registering a CAGR of 27.1% from 2017 to 2023.
- Eye hospitals dominated the market, accounting for maximum share in 2016 and is expected to witness a CAGR of 26.3% from 2017 to 2023.
- North America dominated the global minimally invasive glaucoma surgery (MIGS) market, accounting for maximum share in 2016 and is expected to retain the same trend during 2017 to 2023.
- The MIGS shunts product segment is expected to witness the highest growth rate during the forecast period.
- Japan accounted for one-fourth share of the Asia-Pacific minimally invasive glaucoma surgery (MIGS) devices market in 2016.
Asia-Pacific witnessed highest growth rate for the minimally invasive glaucoma surgery (MIGS) devices market throughout the forecast period, owing to high population density and increase in geriatric population. In addition, rise in incidence of conditions such as moderate glaucoma and open-angle glaucoma in India and China boosts the market growth.
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The key players operating in the minimally invasive glaucoma surgery (MIGS) devices market adopted product launch as one of their key developmental strategies. The major companies profiled in the report include Alcon Inc. (Novartis), Ellex Medical Lasers Ltd., Glaukos Corporation, Allergan Plc, Santen Pharmaceutical Co., Ltd., Lumenis, Ivantis, Inc., SOLX, Inc, iSTAR Medical, and InnFocus Inc. Other players (profiles not included in the report) in the value chain analysis include, Bausch & Lomb Inc., Neomedix Corporation, IOPtima, Abbott Medical Optics, Inc., Topcon Corporation, New World Medical, Inc, Carl-Zeiss AG, and Optonol Ltd..
Allied Market Research (AMR) is a full-service market research and business-consulting wing of Allied Analytics LLP based in Portland, Oregon. Allied Market Research provides global enterprises as well as medium and small businesses with unmatched quality of "Market Research Reports" and "Business Intelligence Solutions." AMR has a targeted view to provide business insights and consulting to assist its clients to make strategic business decisions and achieve sustainable growth in their respective market domain.
We are in professional corporate relations with various companies and this helps us in digging out market data that helps us generate accurate research data tables and confirms utmost accuracy in our market forecasting. Each and every data presented in the reports published by us is extracted through primary interviews with top officials from leading companies of domain concerned. Our secondary data procurement methodology includes deep online and offline research and discussion with knowledgeable professionals and analysts in the industry.
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SOURCE Allied Market Research