Canaloplasty Market Research on Future Trends and Demands with Projected Industry Growth 2030
The global Canaloplasty Market experienced significant growth in 2021 and is projected to continue expanding at a rapid pace throughout the forecast period. The driving force behind the revenue growth in the canaloplasty market is primarily attributed to the increasing prevalence of glaucoma and the rising global geriatric population, which is more susceptible to eye diseases.
United States, 19th Jun 2023, King NewsWire – The global Canaloplasty Market experienced significant growth in 2021 and is projected to continue expanding at a rapid pace throughout the forecast period. The driving force behind the revenue growth in the canaloplasty market is primarily attributed to the increasing prevalence of glaucoma and the rising global geriatric population, which is more susceptible to eye diseases.
Canaloplasty is a surgical treatment for glaucoma that aims to restore the function of the conventional outflow pathway in the eye, which is responsible for regulating the outflow of aqueous fluid. This relatively new non-penetrating surgery utilizes a microcatheter to perform a 360-degree cannulation of Schlemm’s canal and leaves a tension suture in place to create inward distension. It is typically indicated for patients with mild to moderate open-angle glaucoma, and when combined with cataract phacoemulsification, it may provide additional reduction in intraocular pressure. The two main surgical techniques employed in canaloplasty are Ab-externo canaloplasty and Ab-interno canaloplasty.
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Ab-externo canaloplasty is a surgical technique used to reduce intraocular pressure by improving the drainage of aqueous fluid from the eye. It can be performed under local or general anesthesia. On the other hand, Ab-interno canaloplasty (ABiC) is a Minimally Invasive Glaucoma Surgery (MIGS) technique that is less time-consuming and less challenging compared to traditional canaloplasty. ABiC can be performed by skilled cataract surgeons.
Market Growth Drivers: The increasing number of glaucoma cases is a major driver for the growth of the global canaloplasty market. Glaucoma is a painless eye disorder with no noticeable symptoms until there is significant vision loss, resulting in a growing number of patients seeking treatment. Government initiatives and efforts by non-governmental organizations to improve glaucoma care, provide eye exams, raise awareness, fund surgical procedures and devices, are expected to positively impact the adoption of advanced canaloplasty devices. These factors are anticipated to drive the revenue growth of the global canaloplasty market in the forecast period.
Market Growth Restraints: Factors such as reimbursement challenges for micro-invasive glaucoma surgery devices and concerns about post-operative complications associated with glaucoma procedures are expected to limit the market growth in the coming years. Additionally, the scarcity of qualified glaucoma surgeons and the lack of awareness about eye care, particularly in emerging economies, are further constraints that may hinder the revenue growth of the market in the forecast period.
Market Growth Opportunities: The development of medical technologies for vision care and increased access to health insurance are expected to drive the revenue growth of the market. As innovative approaches to improving vision health and a more health-conscious society emerge, the market is likely to expand. Furthermore, the demand for surgical procedures and devices is increasing due to issues with therapeutic efficiency associated with medication, such as low bioavailability, drug resistance, and toxicity. These factors contribute to the growth potential of the global canaloplasty market in the forecast period.
Geographic Market Analysis: Largest Market Share: North America is expected to hold the largest revenue share in the canaloplasty market over the forecast period. This is attributed to the presence of leading market players, efficient reimbursement policies, and public health programs such as Eye America and Vision USA. According to a Glaucoma Research Foundation report, the number of Americans suffering from glaucoma was over 3 million in 2018, and it is projected to double by 2050. Increased glaucoma awareness and early availability of canaloplasty devices are also expected to drive market growth in the region.
Fastest Growing Region: The Asia Pacific region is anticipated to register significant revenue growth in the canaloplasty market during the forecast period. This can be attributed to improvements in healthcare infrastructure, increased disposable income, and the well-established presence of domestic companies offering glaucoma surgery devices. Healthcare reforms and technological advancements further contribute to the growth potential in the region. Large unmet needs, coupled with a rising incidence of open-angle glaucoma, are expected to drive market growth in countries like Japan, China, and India. Leading manufacturers are focusing on expanding their presence in emerging Asia Pacific countries to capitalize on the growth opportunities in the regional canaloplasty market.
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Key Market Trends and Innovations: Minimally Invasive Glaucoma Surgery (MIGS) has revolutionized glaucoma care in recent years, providing benefits such as minimal disruption to the eye’s structure and physiology, shorter recovery periods, and improved safety profiles. Ongoing studies are comparing the efficacy and safety profiles of gonioscopy-assisted transluminal trabeculotomy and canaloplasty to determine the superior procedure. Both techniques are used for patients with uncontrolled open-angle glaucoma. Canaloplasty, a newly established surgery, has shown promising outcomes without the need for intra- and postoperative antimetabolites. Gonioscopy-assisted transluminal trabeculotomy, another minimally invasive glaucoma surgery technique, aims to achieve the same mechanism of aqueous outflow as transluminal trabeculotomy.
Organic and Inorganic Strategies Adopted: In April 2022, Nova Eye Medical Limited, a medical technology company focused on breakthrough ophthalmic treatment technologies and devices, launched its next-generation canaloplasty device, iTrack Advance, in select European and Asia Pacific regions. Glaukos Corporation, an ophthalmic medical technology and pharmaceutical company, announced the inclusion of its technologies in various scientific programs at the American Society of Cataract and Refractive Surgery (ASCRS) annual meeting in April 2022. In March 2021, Sight Sciences, Inc., a growth-stage medical device company, received USFDA 510(k) clearance for the OMNI Surgical System, which is used for canaloplasty and trabeculotomy to reduce intraocular pressure.
Major Companies in the Market: The major companies operating in the canaloplasty market include Glaukos Corporation, iStar Medical SA, LUMIBIRD, Lumenis Ltd, New World Medical, Inc., Santen Pharmaceutical Co. Ltd, Topcon Corporation, Sight Sciences, Inc., Nova Eye Medical Limited, ASICO, LLC, Carl Zeiss Meditec AG, and Alcon.
Indications Outlook: Glaucoma is the primary indication driving revenue in the canaloplasty market.
Surgical Techniques Outlook: The two main surgical techniques employed in canaloplasty are Ab-interno canaloplasty and Ab-Externo Canaloplasty.
End User Outlook: Hospitals, eye-care clinics, specialty clinics, and others are the main end users of canaloplasty devices.
Regional Outlook: North America, Europe, Asia Pacific, Latin America, and the Middle East & Africa are the key regions analyzed in the canaloplasty market. North America is expected to dominate the market share, while Asia Pacific is projected to witness the highest revenue growth rate during the forecast period.
In summary, the global canaloplasty market is expected to grow rapidly in the forecast period due to factors such as increased glaucoma cases, advancements in medical technology, and rising awareness of eye care. However, challenges related to reimbursement and post-operative complications, as well as a shortage of qualified glaucoma surgeons, may impede market growth. North America is anticipated to hold the largest market share, while the Asia Pacific region is expected to experience the fastest growth. Ongoing innovations and the adoption of organic and inorganic strategies by key market players contribute to the overall development of the canaloplasty market.
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