Minimally Invasive Glaucoma Surgery (MIGS) Devices Market Size, Share, Growth, and Industry Analysis, By Type (Glaucoma Combined with Cataract, Independent Glaucoma), By Downstream Industry (Hospital, Eye Clinic, Outpatient Surgery Center (ASCS)) and Regional Forecast to 2032

Updated On: 02 September 2024

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MINIMALLY INVASIVE GLAUCOMA SURGERY (MIGS) DEVICES MARKET REPORT OVERVIEW

The global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market size was USD 341.88 million in 2023 and the market is projected to touch USD 2426.86 million by 2032, exhibiting a CAGR of 21.65% during the forecast period.

Currently, the market for Minimally Invasive Glaucoma Surgery (MIGS) gadgets is growing sharply, driven by the higher rates of glaucoma and a preference for minimally invasive techniques. MIGS gadgets are one much less invasive option to standard glaucoma surgeries as they decrease restoration instances and problems. Similarly, advancements in progressive MIGS devices have also driven market expansion of such devices. Out of these markets, North America is viewed to have the most critical market percentage owing to the excessive propagation of enhanced medical technology, well-developed healthcare structures, and the presence of essential market members.

The COVID-19 cases had a terrible impact on the MIGS gadgets market; they drastically raised the quality of misery. On the unbelievable side, the pandemic has contributed to concentrating on the healthcare infrastructure system along with the significance of proper medical cures, which, in turn, escalated the demand for enhanced surgical instruments. However, the destructive impacts speeded up delays in surgical procedures, and these kinds of interruptions in the supply chain are behind the quick reformation of the market. MIGS marketplace sweethearts, core-dedicated avid gamers inside the marketplace enhanced the consciousness of necessary research & development to present brand-new & enhanced MIGS devices to carry their competition throughout the up-pandemic climate.

COVID-19 Impact: Market Growth Restrained by Pandemic due to Supply Chain Disruptions

The global COVID-19 pandemic has been unprecedented and staggering, with the market experiencing lower-than-anticipated demand across all regions compared to pre-pandemic levels. The sudden market growth reflected by the rise in CAGR is attributable to market’s growth and demand returning to pre-pandemic levels.

Demand for many optional surgeries, including MIGS tactics, has been affected by surgery postponement or cancellation, which is constraining the market's growth. Disruptions were observed externally at the level of the delivery chain but also inside the delivery chain; the pandemic led to delays in the production and distribution of the MIGS devices. Funds have been changed to serve the present-day needs of COVID-19 patients, reducing the focus on other medical occurrences.

The pandemic heightened attention to the need for solid healthcare systems, central to investments in superior surgical gadgets, including MIGS. The upward push of telemedicine facilitated persistent patient care and consultations, taking into account ongoing glaucoma control and the scheduling of necessary surgical approaches.

LATEST TRENDS

"Enhanced Efficiency in MIGS Devices to Drive Market Growth"

Look for an upward thrust in MIGS gadgets that work synergistically with conventional glaucoma medicinal drugs. This blended approach can enhance treatment consequences and decrease reliance on medication alone. The improvement of MIGS devices able to address more than one factor of glaucoma is gaining traction. Imagine a single tool that could enhance drainage and reduce intraocular strain (IOP) through numerous mechanisms. Advancements in the MIGS era are leading to shorter tactics and quicker patient healing instances, minimizing pain and clinic stays.

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MINIMALLY INVASIVE GLAUCOMA SURGERY (MIGS) DEVICES MARKET SEGMENTATION

By Type

Based on type the global market can be categorized into Glaucoma Combined with Cataract, Independent Glaucoma.

• Glaucoma Combined with Cataract: A situation in which patients suffer from each glaucoma and cataract, necessitating simultaneous or mixed surgical interventions.
• Independent Glaucoma: A condition wherein sufferers have glaucoma without the presence of cataracts, requiring focused glaucoma-particular remedies or surgeries.

By Downstream Industry

Based on downstream industry the global market can be categorized into Hospital, Eye Clinic, Outpatient Surgery Center (ASCS).

• Hospital: Large clinical facilities imparting comprehensive surgical and postoperative care for glaucoma sufferers.
• Eye Clinic: Specialized clinics targeted at diagnosing and treating numerous eye situations and glaucoma.
• Outpatient Surgery Center (ASCS): Facilities designed for identical-day surgical tactics, including minimally invasive glaucoma surgeries, allow patients to return home shortly after the operation.

DRIVING FACTORS

"Increasing Glaucoma and Technological Advancements to Boost the Market"

One of the key driving factors in the global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market growth is the increasing glaucoma and technological advancements in urban areas. Thus, the expanding incidence of glaucoma worldwide necessitates practical yet less invasive, procedures such as MIGS devices. Subsequent developments in MIGS generation over enhancement in these gadgets' effectiveness, protection, and affected person outcome increase the marketplace demand.

"Aging Population and Government Support to Expand the Market"

Another driving factor in the global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market is the aging population and government support offered by these products. The growing worldwide population that's extra liable to glaucoma increases the call for powerful surgical interventions. Supportive government guidelines and compensation frameworks for glaucoma treatment encourage the adoption of superior surgical gadgets. Growing patient and medical doctor preference for minimally invasive surgeries because of reduced healing times and headaches boosts the MIGS market.

RESTRAINING FACTOR

"High Costs and Limited Awareness to Potentially Impede Market Growth"

One of the key restraining factors in the global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market is the high costs and limited awareness of these products. The excessive fee for MIGS devices and techniques can restrict their accessibility, mainly in low-earnings areas. Limited recognition among sufferers and healthcare companies about the blessings of MIGS can avoid marketplace adoption. Stringent regulatory necessities for clinical gadgets can postpone the approval and market access of new MIGS products.

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MINIMALLY INVASIVE GLAUCOMA SURGERY (MIGS) DEVICES MARKET REGIONAL INSIGHTS

The market is primarily segregated into Europe, Latin America, Asia Pacific, North America, and Middle East & Africa.

"North America to Dominate the Market due to Presence of a Large Consumer Base"

North America has emerged as the most dominant region in the global Minimally Invasive Glaucoma Surgery (MIGS) Devices Market share due to several factors. North America is a vital shareholder inside the MIGS gadgets marketplace, driven by the high adoption charge of superior medical technologies, well-set healthcare infrastructure, and critical marketplace players. The vicinity's proactive approach to healthcare innovation and good-sized investments in studies and development similarly reinforce its dominant position inside the global market.

KEY INDUSTRY PLAYERS

"Key Industry Players Shaping the Market through Innovation and Market Expansion"

The MIGS devices market is extensively influenced by key industry gamers who power market dynamics and shape technological advancements. These businesses own massive worldwide networks and invest closely in studies and development to introduce progressive MIGS answers. Their sturdy marketplace presence and continuous efforts to beautify product services considerably impact the competitive landscape and destiny boom trajectory of the MIGS gadgets market. During the pandemic, these key players focused on accelerating R&D efforts to develop new and stepped-forward gadgets, making sure they remained aggressive in challenging healthcare surroundings.

List of Market Players Profiled

• SOLX (U.S.)
• Glaukos Corp (U.S.)
• iSTAR Medical (Belgium)
• Ivantis (U.S.)
• Santen Pharmaceutical Co., Ltd. (Japan)
• InnFocus (U.S.)
• SIGHT SCIENCES (U.S.)

INDUSTRIAL DEVELOPMENT

June 2024: Glaukos Corporation (US, founded in San Clemente, California) Receives FDA Approval for New MIGS Implant with Dual Mechanism of Action [1]:  Glaukos, a leading ophthalmic tool employer, acquired FDA popularity of a novel MIGS implant designed with a twin mechanism of motion. This innovative device improves outflow channels for aqueous humor drainage and reduces its production, doubtlessly presenting a more incredible comprehensive approach to managing intraocular stress (IOP) in glaucoma sufferers.

REPORT COVERAGE

The study encompasses a comprehensive SWOT analysis and provides insights into future developments within the market. It examines various factors that contribute to the growth of the market, exploring a wide range of market categories and potential applications that may impact its trajectory in the coming years. The analysis takes into account both current trends and historical turning points, providing a holistic understanding of the market's components and identifying potential areas for growth.

The research report delves into market segmentation, utilizing both qualitative and quantitative research methods to provide a thorough analysis. It also evaluates the impact of financial and strategic perspectives on the market. Furthermore, the report presents national and regional assessments, considering the dominant forces of supply and demand that influence market growth. The competitive landscape is meticulously detailed, including market shares of significant competitors. The report incorporates novel research methodologies and player strategies tailored for the anticipated timeframe. Overall, it offers valuable and comprehensive insights into the market dynamics in a formal and easily understandable manner.