One of the main growing factors for the market for MIGS devices is the rising incidence of glaucoma. The chronic and progressive eye condition glaucoma causes damage to the optic nerve and vision loss. Glaucoma is thought to afflict 67 million people globally, and the World Health Organization (WHO) predicts that figure will rise to 82 million by the year 2020. Another important aspect influencing MIGS device growth is the technological advancements in those products. Furthermore, during the past several years, due to numerous marketing campaigns carried out by device manufacturers/distributors worldwide, there has been an increase in knowledge regarding the advantages of undergoing MIGS surgery among both patients and healthcare professionals. This is driving the growth of the market over the forecast period.
The recession will have a significant effect on the market for micro invasive glaucoma surgery (MIGS) devices. In a downturn, people and healthcare systems might have less money available to spend on innovative medical technologies, such MIGS devices. Due to the possibility of patients choosing less expensive or conventional glaucoma operations, the market for MIGS devices may decline as a result. A recession may also result in less money being allocated to the provision of healthcare by governments or insurance companies. This may reduce the amount of money available for MIGS procedures and equipment.
Rising Older Population to Drive Market Growth
Vision loss is a serious health concern for elderly people. The American Academy of Family Physicians estimates that by the age of 65, one in three people have an eye condition that impairs their vision. The number of old people is rising quickly. As a result, elderly folks have a greater need for cutting-edge glaucoma treatment methods. Consequently, the market is being driven by an increase in the population of elderly people. There has been an increase in glaucoma prevalence. As a result, there is a demand for MIGS devices, and it is anticipated that this would act as a driving factor for the market.
High Cost of Micro Invasive Glaucoma Surgery (MIGS) Devices to Limit Market Growth
Microinvasive glaucoma surgery (MIGS) equipment's high price can have a substantial negative impact on the market. When compared to common glaucoma surgeries like trabeculectomy or tube shunt treatments, MIGS devices are frequently more expensive. The price of MIGS devices can range from several thousand to tens of thousands of dollars per device, depending on the exact device. Moreover, MIGS procedures frequently necessitate the use of many devices in combination, which raises the entire cost. Since MIGS devices are expensive, many patients might not be able to afford them, especially those who reside in underdeveloped or medically underdeveloped nations. The price of MIGS devices may prevent healthcare practitioners or insurance companies from utilising them, even in nations with developed healthcare systems.
Based on surgery, the micro invasive glaucoma surgery (MIGS) devices market is segmented into glaucoma in conjunction with cataract and stand alone glaucoma. The stand alone glaucoma category dominated the market in 2022. The market for micro invasive glaucoma surgery (MIGS) devices is expected to grow as a result of important factors including the ageing population's increased susceptibility to glaucoma conditions like mild to moderate glaucoma, primary angle-closure glaucoma, and secondary angle-closure glaucoma.
Based on target, the micro invasive glaucoma surgery (MIGS) devices market is segmented into trabecular meshwork, suprachoroidal space and others. The trabecular meshwork category dominated the market in 2022. The switch from medication-based glaucoma treatment to minimally invasive glaucoma surgery (MIGS) devices has been prompted by the inefficient drug delivery seen in glaucoma medications, which has boosted market growth.
Based on product, the micro invasive glaucoma surgery (MIGS) devices market is segmented into MIGS stents, MIGS shunts and others (trabectome/micro-impants/micro-catheters). The MIGS stents category dominated the market in 2022. Small, flexible, and thin medical devices called MIGS stents are used to treat persistent open-angle glaucoma (OAG). To avoid occlusion of the anterior chamber's aqueous fluid outflow, these stents can be placed into the eye. Although their exact method of action is unknown, it is assumed that they stimulate ocular nerve fibres, which lowers intraocular pressure.
By End User
Based on end user, the micro invasive glaucoma surgery (MIGS) devices market is segmented into eye hospitals, ophthalmology clinics and outpatient surgical centers. The eye hospitals category dominated the market in 2022. Surgery is a surgical option for treating the persistent condition of glaucoma. It harms the optic nerve, which causes blindness and vision loss. Those who are unable to visit a doctor or health centre can receive medical care from a hospital. Hospitals can offer more thorough care since they typically have more modern facilities and equipment than clinics.
North America is projected to hold the largest share of the micro invasive glaucoma surgery (MIGS) devices market over the forecast period. Increased cases of glaucoma and other eye problems in the area can be blamed for the region's expansion. Due to partnerships and acquisitions of significant market participants, the U.S. controls the North American region. The market players that are concentrating on strengthening their regional product offerings and their presence in emerging markets through various growth strategies, such as expansions, partnerships, and collaborations among others, are expected to fuel demand in this area. On the other hand, the Asia Pacific micro invasive glaucoma surgery (MIGS) devices market is anticipated to grow significantly. Developing healthcare infrastructure and facilities, as well as an increase in medical tourism; availability and accessibility of quality healthcare services; rise in ophthalmic care expenditure by governments; and demand for minimally invasive surgeries due to increasing population, particularly from China and India, are some of the drivers expected to fuel regional growth during the forecast period.
LIST OF KEY COMPANIES PROFILED:
- 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
- In June 2022, a micro invasive glaucoma implanted surgery device is being developed by iSTAR Medical, a Belgian startup, and AbbVie recently announced it would pay USD 60 million for the rights to purchase iSTAR Medical. iSTAR is now registering for a premarket approval study in order to market the device in the US. Until this trial is finished, AbbVie is helping to create and market the MINIject device.
|Market Size in 2022||USD 315.2 Million|
|Market Forecast in 2030||USD 2458.03 Million|
|Compound Annual Growth Rate||34.10 %|
|Unit||Revenue (USD Million) and Volume (Kilo Tons)|
|Segmentation||By Surgery, By Target, By Product, By End User and By Geography|
|By End User||