Market Trends of Corneal Pachymetry Industry
This section covers the major market trends shaping the Corneal Pachymetry Market according to our research experts:
Glaucoma Diagnostics Segment Expects to Register a Significant CAGR Over the Forecast Period
The glaucoma diagnostics segment is expected to witness significant growth in the corneal pachymetry market over the forecast period. The factors contributing to segment growth are the rising burden of glaucoma cases among the population and increasing product launches.
The increasing incidence of glaucoma is the key factor driving segment growth. For instance, according to the Glaucoma 2022 Report, about 80 million people worldwide suffered from glaucoma in the last year, and this number is projected to reach 111 million by 2040. Thus, the expected increase in the number of people suffering from glaucoma is expected to increase the demand for effective diagnostic and treatment options. This in turn is anticipated to fuel segment growth over the forecast period.
The growth of the segment is also helped by the fact that the company is doing more to develop new diagnostic and treatment methods for glaucoma and to add to its glaucoma portfolio.For example, Entod Pharmaceuticals, India, launched its GLO division in December 2022, a first-of-its-kind ophthalmic subspecialties division focused on the treatment of glaucoma.This launch assists the company to further expand its business in the country. Also, in August 2022, Sight Science, Inc. launched SION, a manually controlled surgical instrument used to excise trabecular meshwork and the first bladeless device used in goniotomy. The bladeless design, micro-engineered and precision manufactured using specialized lasers, excises tissue without cutting.
Moreover, the rising company focuses on adopting various business strategies such as agreements, partnerships, and others, as well as rising product launches, which are anticipated to fuel segment growth over the forecast period. For instance, in July 2022, AbbVie and iSTAR Medical SA entered a strategic partnership to further develop and commercialize iSTAR Medical's MINIject device. It is a minimally invasive glaucoma surgical (MIGS) device for patients with glaucoma.
Therefore, owing to factors such as the increasing burden of glaucoma, increasing product launches, and growing company activities, the studied segment is expected to grow over the forecast period.
North America is Expected to Have the Significant Market Share Over the Forecast Period
North America is expected to witness significant growth in the corneal pachymetry market over the forecast period owing to factors such as the high prevalence of diabetes-related complications, the rising burden of glaucoma, diabetic retinopathy, and refractory errors in the region, the increasing geriatric population, and the established healthcare infrastructure. For instance, as per the data published by the CDC, in May 2021, diabetic retinopathy will be the most common cause of vision impairment and blindness among working-age adults in the United States, and about 14.6 million Americans are expected to suffer from diabetic retinopathy by 2050.
Additionally, the rising diabetic population is also expected to increase the demand for retinal eye treatment, thereby boosting market growth. For instance, about 32 million and 14 million people living in the United States and Mexico were suffering from diabetes in 2021, and this number is projected to reach 36.2 million and 21.8 million by 2045, respectively. Hence, the expected increase in the population raises the risk of developing diabetic retinopathy, which increases the demand for surgical procedures, hence propelling market growth.
Furthermore, the increasing company initiatives to raise awareness regarding the glaucoma condition among the population will raise the demand for its diagnosis and treatment, which is expected to fuel the market's growth in the region. For instance, in October 2022, AbbVie and Fighting Blindness Canada launched the Glaucoma in Perspective (GiP) app to help Canadians understand the impact of glaucoma and manage disease progression. The app provides users with advice on treatment plans and includes several interactive demonstrations to entice at-risk people to seek early assistance from a healthcare expert by letting them observe how glaucoma affects commonplace scenarios.
Moreover, the rising product approvals and increasing adoption of key strategies such as acquisition, partnership, and others are also expected to boost market growth in the region over the forecast period. For instance, in October 2022, Alcon acquired Ivantis, developer of the Hydrus Microstent, a minimally invasive glaucoma surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery, for USD 475 million upfront, plus additional payments contingent upon regulatory and commercial milestones. Also, in August 2022, Glaukos Corporation received 510(k) clearance from the United States Food and Drug Administration for the iStent Infinite. It is a trabecular micro-bypass system indicated for use in a standalone procedure to reduce elevated intraocular pressure (IOP) in patients with primary open-angle glaucoma uncontrolled by prior medical and surgical therapy.
Due to the high burden of diabetic retinopathy, the growing number of people with diabetes, and the growing number of company activities and product approvals, the studied market is expected to grow over the next few years.
