Stent is a small expandable tube used for the treatment of narrowed arteries. It is used to prevent bursting of arteries and improve blood flow of weak arteries. Soft gelatin is used for the preparation of gel stent. When gel stent is injected, it gets hydrated and drains the aqueous humor in the sub-conjunctival space, which lowers the intraocular pressure. This procedure is minimally invasive.
Gel Stent Market – Dynamics
Rising population above the age of 40 is a major factor driving growth of the market. For instance in 2017, 2.7 million out of 3 million Americans are suffering with glaucoma were aged 40 and older. This is attributed to high chances of people aged 40 and above suffering from miosis, in which excessive contraction of eye increase in the elder population. Glaucoma is one of the leading cause for blindness. Increasing demand for minimally invasive procedures and increasing incidences of glaucoma are other factors that are expected to drive growth of the global gel stent market over the forecast period. According to Glaucoma Research Society in U.S. in 2017, more than 120,000 are blind from glaucoma.
However, high cost of the gel stent, lack of availability of healthcare professionals and lack of awareness regarding the technique are factors that hinder growth of the gel stent market.
Gel Stent Market – Regional Insights
On the basis of geography, the global gel stent market is segmented into North America, Latin America, Europe, Asia Pacific, Middle East, and Africa. North America is expected to hold dominant position in the gel stent market, followed by Europe during the forecast period. The U.S. holds dominant position in the market in this region due to continuous technological advancements and developed healthcare infrastructure.
According to American Glaucoma Society, glaucoma is the second leading cause of blindness in the U.S. and globally. In the U.S, over 3 million people suffer from glaucoma while only 50% are aware of the diagnosis. In 2016, over 120,000 people in the U.S. suffered from blindness due to glaucoma.
According to the World Health Organization (WHO), Asians have more chances of suffering from close angle glaucoma while people from Europe or Africa are more likely to suffer from primary open angle glaucoma. According to WHO, In South India, glaucoma prevalence is 2.6%. In Africa, the prevalence of glaucoma is 1–2%, but can rise to about 10% in the Caribbean.
Gel Stent Market - Competitive Landscape
Key players are focusing on research and development, in order to develop technologically advanced products and enhance their product portfolio. The XEN (Allergan) received approval from the U.S. Food and Drug Administration (FDA) in November 2016 and launched in the U.S. in early 2017. Major players operating in the global gel stent market include Allergan, Alcon, Innfocus and Glaukos Corp.
Gel Stent Market – Taxonomy
On the basis of end user, the global gel stent market is segmented into:
On the basis of geography, the global gel stent market is segmented into:
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