Eye Valve Devices Market: Introduction
- Eye valve device helps to lower intraocular pressure in cases where extreme medical therapy with eye drops and laser treatment is ineffective. These valves are usually made of silicone. Eye valve device comprises a micro-tube connected to a small end-plate or reservoir.
- Public awareness about common eye conditions is increasing in developing countries, leading to early diagnosis and treatment of eye diseases. Moreover, a large number of organizations are dedicated to fighting blindness, restoring vision, and spreading awareness about eye health.
- The National Eye Institute, the National Association for Visually Handicapped, the National Federation of the Blind, and Prevent Blindness are some eye health organizations concerned with prevention of eye diseases
- The global eye valve devices market is anticipated to grow at a rapid pace during the forecast period, owing to rise in prevalence and incidence rates of eye-related disorders and surge in awareness about the diagnosis and treatment of eye disorders.
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Key Drivers of Global Eye Valve Devices Market
- According to the World Health Organization (WHO), 285 million people across the globe are visually impaired, with around 90% of them living in low to middle income countries. Moreover, nearly 95 million people suffer from cataract and 20 million suffer from various eye conditions including glaucoma, muscular degeneration, infections, and childhood-related conditions. Significant increase in incidence of eye-related diseases, especially in the developed countries, is anticipated to drive the eye valve devices market. According to a Prevent Blindness report, the number of people in the U.S. suffering from cataract is expected to increase from 24.4 million in 2010 to 30.5 million by 2020, and the number of people suffering from diabetic retinopathy in the country is projected to increase from 7.7 million in 2010 to 9.2 million by 2020.
Non-compliance with Treatment to Hamper Market Growth
- Lack of knowledge, intolerance, misunderstanding, and denial are a few reasons behind non-compliance. A study published by the American Academy of Ophthalmology revealed that the overall non-compliance rate was around 50% for glaucoma, with lack of knowledge, misunderstanding, and denial accounting for more than 70% of the total non-compliance rate.
- Non-compliance with treatment is not influenced by gender; however, it depends on the understanding of the patient about the drug administration method. Increase in non-compliance due to lack of knowledge is expected to restrain the global eye valve devices market. This factor is likely to hamper market growth during the forecast period.
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Asia Pacific to Hold Major Share of Global Eye Valve Devices Market
- Asia Pacific is a leading market for eye valve devices, followed by North America and Europe. China and India are key markets in the region. The two countries account for over 30% demand for eye valve devices in the region.
- Increase in population, rise in incidence of ophthalmic diseases, and economic growth in China, India, and other countries in Southeast Asia lead to high per capita health care expenditure. This is anticipated to drive the eye valve devices market in the region.
- The eye valve devices market in Middle East & Africa is expected to grow at a rapid pace during the forecast period due to increase in investments in the health care industry
Key Players Operating in Global Eye Valve Devices Market
The global eye valve devices market is highly competitive, with top manufacturers adopting various strategies to capture larger market share. Key players in the global eye valve devices market are:
- Alcon, Inc. (Novartis AG)
- Glaukos Corporation
- New World Medical, Inc.
- Ellex Medical Lasers Ltd.
- Abbott Medical Optics (Abbott Laboratories)
- Johnson & Johnson
- Bausch & Lomb, Inc. (Valeant Pharmaceuticals International, Inc.)
- Topcon Corporation
- Lumenis Ltd.
- Allergan plc
Global Eye Valve Devices Market: Research Scope
Global Eye Valve Devices Market, by End-user
- Eye Hospitals
- Outpatient Surgical Centers
Global Eye Valve Devices Market, by Region
- North America
- Russia & CIS
- Rest of Europe
- Asia Pacific
- Rest of Asia Pacific
- Latin America
- Rest of Latin America
- Middle East & Africa
- GCC Countries
- South Africa
- Rest of Middle East & Africa
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