Ivantis, Maker of the Innovative Hydrus Microstent, was Purchased by Alcon
In January 2022, Ivantis, the company that created the innovative Hydrus Microstent for micro invasive glaucoma surgery (MIGS), was bought by Alcon. Patients with open-angle glaucoma can lower eye pressure with the use of this surgical gadget. The company's portfolio in the eye surgery sector will improve as a result of this acquisition.
Advancement in Technology to Accelerate Market Growth
Glaucoma is a serious eye condition that, if left untreated, can cause vision loss. Although it is treatable with current medicine and there are numerous methods for limiting additional harm, it typically does not result in blindness. The way that glaucoma is treated has undergone a dramatic transformation as a result of greater scientific advancements. There has been a paradigm change in medicine with the introduction of micro-invasive glaucoma surgery since it can assist in the treatment of glaucoma at an early stage and eliminate the dependency on filtration operations like trabeculectomy. Also, this eliminates the dangers related to these incisional surgeries. MIGS has made a number of improvements in the treatment of glaucoma.
Strict Regulations for Micro invasive glaucoma surgery (MIGS) devices Could Impede Growth
Any device manufacturer in the U.S. is required to fully comply with at least 7 regulations, including Establishment Registration & Medical Device Listing, Premarket Notification 510(k), Premarket Approval (PMA) (only for Class 3 devices), Investigational Device Exemption (IDE) for clinical studies, Quality System (QS) regulation, Labeling requirements, and Medical Device Reporting (MDR). To provide reliable proof of safety and efficacy, these devices with the highest risk require a more rigorous premarket application regulatory process. The market for MIGS devices may be limited by lengthy durations since they cause delayed access.
Major Players Develop Acquisition Plans to Boost Brand Image
The leading businesses in the micro invasive glaucoma surgery (MIGS) devices market plan acquisitions to improve their brand recognition globally. For instance, in January 2022, Glaukos announced the enrollment of the first patient in the Phase II clinical trial for dry eye condition using GLK=301. Following the regulatory body's favourable clearance, this medication will aid the corporation in expanding its market.
- In November 2019, a firm that also creates solutions for corneal health, Avedro, Inc., has been acquired by Glaukos Corporation. The product line has expanded as a result of this acquisition. The company's revenue increased as a result.
- ABBVIE INC. (ALLERGAN)
- ASICO LLC
- GLAUKOS CORPORATION
- ISTAR MEDICAL SA
- IVANTIS INC.
- LUMENIS LTD.
- ZIEMER OPHTHALMIC SYSTEMS AG
- NOVARTIS INTERNATIONAL AG (ALCON INC.)
- SANTEN PHARMACEUTICAL CO. LTD.
- CARL ZEISS MEDITEC AG
- The market in North America is expected to gain a huge portion of the global Micro invasive glaucoma surgery (MIGS) devices market share in the coming years. The region's growth can be attributed to an increase in glaucoma cases as well as other eye conditions in the area.
- The United States has dominion over the continent of North America as a result of alliances and purchases of important market participants.
- In the Asia Pacific, the growth in this region is primarily driven by an increase in the number of glaucoma patients, an increase in government spending on health care, and initiatives to end blindness in their respective nations.
|Market Size in 2022
|USD 315.2 Million
|Market Forecast in 2030
|USD 2458.03 Million
|Compound Annual Growth Rate
|Revenue (USD Million) and Volume (Kilo Tons)
|By Surgery, By Target, By Product, By End User and By Geography
|By End User