PUBLISHER: Acute Market Reports | PRODUCT CODE: 1542373
PUBLISHER: Acute Market Reports | PRODUCT CODE: 1542373
The minimally invasive glaucoma surgery (MIGS) devices market comprises medical devices used in less invasive procedures for treating glaucoma, a group of eye conditions that can cause vision loss and blindness due to damage to the optic nerve, typically resulting from elevated intraocular pressure. MIGS devices offer a safer and less traumatic alternative to traditional glaucoma surgeries, with reduced complications and faster recovery times. These devices include various micro-stents, trabecular meshwork bypass devices, and other microsurgical instruments designed to reduce intraocular pressure by improving aqueous humor outflow from the eye. The minimally invasive glaucoma surgery (MIGS) devices market is estimated to grow at a CAGR of 5.1% from 2024 to 2032. The growing prevalence of glaucoma worldwide, coupled with the need for safer and more effective treatment options, has driven the demand for MIGS devices. This market is experiencing significant growth due to advantages like reduced post-operative care, lower risk of infection, and the ability to be performed in conjunction with other ocular surgeries. MIGS has emerged as a preferred option for patients with mild to moderate glaucoma, marking a shift towards less invasive treatment modalities in ophthalmology. The development and adoption of MIGS devices reflect the broader trend in healthcare towards procedures that enhance patient quality of life and reduce healthcare system burdens.
Driver: Increasing Prevalence of Glaucoma and Demand for Safer Surgical Options
The primary driver of the minimally invasive glaucoma surgery (MIGS) devices market is the increasing global prevalence of glaucoma and the corresponding demand for safer and more effective surgical options. Glaucoma is one of the leading causes of irreversible blindness worldwide, and its prevalence is rising, partly due to the aging population. Traditional glaucoma surgeries, while effective, often come with a higher risk of complications and a longer recovery period. MIGS devices offer a viable alternative, providing a less invasive approach with fewer complications, quicker recovery, and comparable efficacy in reducing intraocular pressure. This shift towards minimally invasive procedures is driven by both patient and practitioner preferences for treatments that lower the risk profile and improve post-operative quality of life. The growing awareness and diagnosis rates of glaucoma also contribute to the expanding patient pool requiring intervention, further driving the market for MIGS devices.
Opportunity: Technological Advancements and Integration with Other Ocular Procedures
A significant opportunity within the MIGS Devices Market lies in the ongoing technological advancements and the potential for integration with other ocular procedures. The development of more advanced MIGS devices, which are easier to implant and offer better efficacy, opens new avenues for treatment. Additionally, the ability to perform MIGS in conjunction with cataract surgery presents an opportunity to treat a broader range of patients. These advancements not only improve patient outcomes but also enhance the efficiency of surgical practices.
Restraint: High Cost and Limited Reimbursement Policies
A major restraint in the MIGS Devices Market is the high cost associated with the devices and procedures, combined with limited reimbursement policies. The advanced technology and materials used in MIGS devices contribute to their high cost, making the procedure less accessible to patients in countries with limited healthcare funding or inadequate insurance coverage. Furthermore, the lack of favorable reimbursement policies in some regions can be a barrier to the adoption of MIGS, as patients and healthcare providers often face financial constraints.
Challenge: Need for Long-Term Efficacy Data and Training for Surgeons
One of the key challenges facing the MIGS Devices Market is the need for more long-term efficacy data and comprehensive training for surgeons. As MIGS is a relatively new field in glaucoma treatment, there is a requirement for more extensive data demonstrating the long-term effectiveness and safety of these procedures. This is crucial for gaining the confidence of both the medical community and patients. Additionally, performing MIGS requires specialized training and skills. Ensuring that ophthalmic surgeons are adequately trained and comfortable with these new techniques is essential for the widespread adoption and success of MIGS procedures. Addressing this challenge involves ongoing clinical studies and the development of robust training programs for surgeons.
Market Segmentation by Product
In the minimally invasive glaucoma surgery (MIGS) devices market, segmentation by Product includes Valves, Glaucoma Drainage Implants, Glaucoma Tube Shunts, Stents, and others. The Stents segment has historically held the highest revenue share, attributed to their widespread adoption due to ease of use, effectiveness in reducing intraocular pressure, and minimal invasiveness. Stents, particularly those used in trabecular meshwork bypass procedures, have become increasingly popular in MIGS owing to their small size, efficacy, and reduced risk of complications compared to more invasive glaucoma surgeries. However, the Glaucoma Drainage Implants segment is experiencing the highest Compound Annual Growth Rate (CAGR). The growth in this segment is driven by technological advancements leading to more efficient and safer implants, and the rising demand for durable and long-term solutions for glaucoma management, especially in cases where traditional surgical methods have failed or are not viable.
Market Segmentation by Surgery Method
Regarding market segmentation by Surgery Method, which includes Trabecular Meshwork Bypass, Suprachoroidal Space Implants, Subconjunctival Space Implants, Schlemm's Canal Implants, Gonioscopy-assisted Transluminal Trabeculectomy, and Endocyclophotocoagulation, different trends are evident in terms of revenue and growth rate. The Trabecular Meshwork Bypass surgery method has traditionally generated the highest revenue. This method, which includes the use of micro-stents to enhance aqueous outflow, is preferred due to its efficacy, safety profile, and minimally invasive nature. However, the Suprachoroidal Space Implants method is expected to show the highest CAGR. This growth is due to ongoing advancements in implant technology and the method's potential in effectively reducing intraocular pressure with a lower risk profile. The increasing adoption of innovative surgical techniques that offer better patient outcomes is fostering growth in this segment.
Regional Insights
In the geographic segmentation of the minimally invasive glaucoma surgery (MIGS) devices market, various regions show distinct trends and growth potentials. As of 2023, North America had the highest revenue percentage in the market, largely due to the advanced healthcare infrastructure, high prevalence of glaucoma, and the early adoption of innovative medical technologies in the region. The presence of key market players and a well-established healthcare system that supports advanced medical procedures also contributed to this dominance. However, from 2024 to 2032, the Asia-Pacific region is expected to experience the highest Compound Annual Growth Rate (CAGR). This anticipated growth can be attributed to the increasing prevalence of glaucoma, rising healthcare expenditure, and growing awareness of advanced treatment options in countries like China and India. Additionally, improvements in healthcare infrastructure and the expanding presence of international medical device companies in the region are likely to drive market growth.
Competitive Trends
Regarding competitive trends and key players, the MIGS Devices Market in 2023 was characterized by the presence of companies such as Alcon, Inc., Glaukos Corporation, Johnson & Johnson Vision, AbbVie Inc. (Allergan Plc.), Corza Ophthalmology, Carl Zeiss Meditec AG, Katalyst Surgical, Lumenis Ltd, Ziemer Ophthalmic Systems AG, Iridex Corporation. These companies led the market with their innovative product portfolios, strong R&D capabilities, and extensive distribution networks. Their strategies in 2023 focused on technological advancements, clinical trials to demonstrate efficacy and safety, and expanding market reach through strategic collaborations and acquisitions. From 2024 to 2032, the market is expected to witness increased competition, with these players continuing to innovate and explore new surgical techniques and device designs. The emphasis is likely to be on developing products that offer better patient outcomes, are easier to implant, and have longer-lasting effects. Additionally, the period is anticipated to see an increase in partnerships between key players and healthcare providers, as well as efforts to expand into emerging markets where the demand for advanced glaucoma treatments is growing. These strategic initiatives are crucial for maintaining a competitive edge in a dynamic market and addressing the evolving needs of a global patient population.
Historical & Forecast Period
This study report represents an analysis of each segment from 2022 to 2032 considering 2023 as the base year. Compounded Annual Growth Rate (CAGR) for each of the respective segments estimated for the forecast period of 2024 to 2032.
The current report comprises quantitative market estimations for each micro market for every geographical region and qualitative market analysis such as micro and macro environment analysis, market trends, competitive intelligence, segment analysis, porters five force model, top winning strategies, top investment markets, emerging trends & technological analysis, case studies, strategic conclusions and recommendations and other key market insights.
Research Methodology
The complete research study was conducted in three phases, namely: secondary research, primary research, and expert panel review. The key data points that enable the estimation of Minimally Invasive Glaucoma Surgery (MIGS) Devices market are as follows:
Research and development budgets of manufacturers and government spending
Revenues of key companies in the market segment
Number of end users & consumption volume, price, and value.
Geographical revenues generated by countries considered in the report
Micro and macro environment factors that are currently influencing the Minimally Invasive Glaucoma Surgery (MIGS) Devices market and their expected impact during the forecast period.
Market forecast was performed through proprietary software that analyzes various qualitative and quantitative factors. Growth rate and CAGR were estimated through intensive secondary and primary research. Data triangulation across various data points provides accuracy across various analyzed market segments in the report. Application of both top-down and bottom-up approach for validation of market estimation assures logical, methodical, and mathematical consistency of the quantitative data.
Market Segmentation
Product
Surgery Method
End-Use
Region Segment (2022-2032; US$ Million)
North America
U.S.
Canada
Rest of North America
UK and European Union
UK
Germany
Spain
Italy
France
Rest of Europe
Asia Pacific
China
Japan
India
Australia
South Korea
Rest of Asia Pacific
Latin America
Brazil
Mexico
Rest of Latin America
Middle East and Africa
GCC
Africa
Rest of Middle East and Africa
Key questions answered in this report
What are the key micro and macro environmental factors that are impacting the growth of Minimally Invasive Glaucoma Surgery (MIGS) Devices market?
What are the key investment pockets concerning product segments and geographies currently and during the forecast period?
Estimated forecast and market projections up to 2032.
Which segment accounts for the fastest CAGR during the forecast period?
Which market segment holds a larger market share and why?
Are low and middle-income economies investing in the Minimally Invasive Glaucoma Surgery (MIGS) Devices market?
Which is the largest regional market for Minimally Invasive Glaucoma Surgery (MIGS) Devices market?
What are the market trends and dynamics in emerging markets such as Asia Pacific, Latin America, and Middle East & Africa?
Which are the key trends driving Minimally Invasive Glaucoma Surgery (MIGS) Devices market growth?
Who are the key competitors and what are their key strategies to enhance their market presence in the Minimally Invasive Glaucoma Surgery (MIGS) Devices market worldwide?
TABLE 4 Global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 8 North America Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 12 U.S. Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 16 Canada Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 20 Rest of North America Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 24 UK and European Union Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 28 UK Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 32 Germany Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 36 Spain Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 40 Italy Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 44 France Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 48 Rest of Europe Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 52 Asia Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 56 China Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 60 Japan Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 64 India Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 68 Australia Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 72 South Korea Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 76 Latin America Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 80 Brazil Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 84 Mexico Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 88 Rest of Latin America Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 92 Middle East and Africa Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 96 GCC Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 100 Africa Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
TABLE 104 Rest of Middle East and Africa Minimally Invasive Glaucoma Surgery (MIGS) Devices Market By End-Use, 2022-2032, USD (Million)
FIG. 10Market Positioning of Key Minimally Invasive Glaucoma Surgery (MIGS) Devices Market Players, 2023
FIG. 11Global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market - Tier Analysis - Percentage of Revenues by Tier Level, 2023 Versus 2032