Eye stents are tiny tubes generally made of plastic, fiber, or metal that are inserted in the eye to keep the internal eye pressure at normal levels by relieving any obstruction in the flow path of fluids.
Eye stents are used in the treatment of glaucoma and NLD (nasolacrimal duct) obstructions in children.
Approximately 2% of the world’s population suffers from glaucoma. It ranges from 2.2% in individuals aged between 40 years and 49 years to 9.5% in people aged above 70 years in developed countries such as the U.S. and Europe.
Glaucoma usually develops after the age of 60 years; however, it is detected after the age of 40 years in African Americans. The growing number of geriatric population is likely to increase the number of glaucoma patients, thus generating growth opportunities for the eye stent manufacturers.
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Key Drivers and Restraints of Global Eye Stent Market
Governments around the world are organizing free health check-up camps for various eye diseases to prevent prevalence and progression of glaucoma.
Additionally, improvements in socio-economic condition of developing countries has increased the spending capacity of individuals. Hence, the number of untreated cases has decreased. In the U.K., patients are tested for glaucoma after 40 years of age, if symptoms such as blurred vision occur, and the initial treatment is dispensed from the hospital without any cost. Moreover, there are various treatments available for glaucoma.
Lifestyle changes have led to an increase in the diabetic population, which has resulted in increased cases of neovascular glaucoma. This is anticipated to drive the global eye stent market in the near future.
Lack of awareness about progressive eye disorders such as glaucoma, adverse effects associated with the use of eye stents, recent product recalls, and alternative therapies are expected to hamper the growth of the eye stent market during the forecast period.
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Glaucoma Indication Segment to Lead the Global Eye Stent Market
In terms of indication, the global eye stent market can be divided into glaucoma and NLD (nasolacrimal duct) obstructions.
Rise in global geriatric and diabetic population is anticipated to offer lucrative opportunities for the eye stent market.
Changing lifestyle and rapid digitization have significantly elevated the use of computers and other screens. Computers and mobile phone screens emit UV radiation and continuous exposure to this increases strain on the eyes, which leads to glaucoma.
Ophthalmic Clinics to Offer High Growth Opportunities
On the basis of end-user, the global eye stent market can be divided into hospitals, ophthalmic clinics, and ambulatory surgical centers.
The hospitals segment is expected to witness high demand for eye stents during the forecast period. The growth of this segment can be ascribed to the rise in incidences of glaucoma, ability of hospitals to provide optimum health care services to patients, and increase in the number of patients opting for treatment at hospitals supported by reimbursement programs, such as Medicare.
Globally, hospitals are the primary body for health care services. In countries, such as the U.S., Canada, the U.K., etc., hospitals provide health care services to all citizens at affordable costs.
Glaucoma cases are expected to rise during the forecast period due to increased incidences of neovascular glaucoma. Hospitals are key centers for diagnosis and treatment of glaucoma in developed as well as emerging regions.
The ophthalmic clinics segment is expected to grow steadily during the forecast period, as individuals generally prefer these clinics for follow-up cases, especially in regions such as Asia Pacific.
Preference for specialty clinics for accurate and speedy treatment is projected to propel the growth of the ophthalmic clinics segment during the forecast period.
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North America to Lead Global Eye Stent Market
In terms of region, the global eye stent market can be divided into: North America, Europe, Asia Pacific, Latin America, and Middle East & Africa.
Asia Pacific is expected to gain market share, owing to the rise in the prevalence of glaucoma and surge in awareness among people. Rise in disposable income is also likely to contribute to the growth of the eye stent market in Asia Pacific.
Major pharmaceutical and biopharmaceutical companies and research setups, including start-ups are based in North America. Additionally, key players in the market, such as the Glaukos Corporation have their headquarters in the U.S. from where they generate maximum sales. Hence, the U.S. is one of the leading countries for eye stents. The U.S. Government provides health care services to all citizens at affordable prices. This enables a higher number of people to avail of these services.