With improvements in allied healthcare, the 134 million people worldwide diagnosed with glaucoma is likely to increase with better diagnostics, but also ensure earlier detection which can be treated sooner as evidenced by medtech company Nova Eye Medical (ASX: EYE) and rising sales of their advanced ophthalmic treatment technologies and devices. 

As the developers and manufacturers of the canaloplasty device, iTrack Advance surgical device, Nova Eye Medical has seen an increase in sales across the glaucoma surgical devices segment. 

For the year ended 30 June 2022, the Company generated approximately $13.1 million in sales from the segment where iTrack Advance is an all-in-one handheld injector that allows the insertion of a microcatheter into a patient’s eye. It is most commonly used by glaucoma surgeons, cataract surgeons and comprehensive ophthalmologists. 

Those sales for FY22 represented a 0.5% increase on the previous year, but were impacted by freight-delayed products that have impacted all manufacturing around the world. 

Europe, where iTrack Advance has received CE Mark approval from medical regulators, emerged as the fastest growing market for Nova Eye Medical where sales in Germany were up 24% which reflects increased sales initiatives in the region. 

“The launch of iTrack™ Advance in Europe during the period was an important milestone for our business. COVID-19 presented various challenges, including production and supply issues, as well as restricting access to surgeons,” said Nova Eye Medical Managing Director, Tom Spurling. 

“We are now starting to yield the benefits of our investment in iTrack™ Advance, however. The early feedback from surgeons has been extremely positive and I am confident that our team will roll out this world-leading technology to immense success. 

“We will continue to focus on introducing iTrack™ Advance to surgeons in Germany and other parts of Europe. We will also prepare for its commercial availability in markets beyond Europe and I look forward to updating shareholders on our progress in the near future.” 

For the half year ended 31 December 2021, Nova Eye Health reported $6.5m in revenue with a net loss after tax of $3.1m. The next-generation iTrack Advance device, however, was only cleared by regulators for commercial sale in Europe and the Asia Pacific in June 2022. 

Nova Eye Medical devices are used by eye surgeons in more than 100 countries around the world which are distributed to from their manufacturing facilities in Fremont, California and Dunedin, New Zealand. 

The global market for glaucoma treatment, including pharmaceuticals, is valued at USD $6.1 billion in sales revenue annually.