Corneal Implant - Market Insights, Competitive Landscape, and Market Forecast - 2030

Corneal Implant - Market Insights, Competitive Landscape, and Market Forecast - 2030

Corneal Implants Market By Procedure (Endothelial Keratoplasty, Penetrating Keratoplasty, And Others), Disease (Keratoconus, Fuchs Dystrophy, Infectious Keratitis, Corneal Ulcers, And Others), End-User (Hospitals, Eye Clinics, And Ambulatory Surgical Centers) and geography is expected to grow at a steady CAGR forecast till 2030 owing to the increasing incidence of corneal blindness, eye injury, and other ophthalmic disorders and rising partnership activities for the development of corneal implants combined with increasing technological advancements in product design

The global Corneal Implants Market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 6.43% during the forecast period from 2024 to 2030. The demand for corneal implants is primarily being boosted by the increasing cases of corneal blindness, eye injuries, ocular hypertension (glaucoma), and among others. Additionally, the rising partnership activities among various industry players for the development of corneal implants and the scarce number of cornea donors are expected to contribute to the overall growth of the corneal implants market during the forecast period from 2024-2030.

Corneal Implants Market Dynamics:

According to data provided by BrightFocus Foundation 2022, globally 80 million people are suffering from glaucoma and this number is expected to increase to over 111 million by the year 2040. As per the same source, blindness or low vision affects 3.3 million Americans after the age of 40 years. Additionally, as per the data published by the World Health Organization (WHO) in the latest study, it was concluded that corneal blindness is the third-leading cause of blindness after glaucoma and cataracts affecting around 10 million people globally.

Thus the rising prevalence of ophthalmic disorders such as glaucoma, corneal blindness, and other disorders, will create a need for corneal implants, thus resulting in the positive growth of the Corneal Implants market.

The presence of only a minimal number of corneal donors is another driver for the Corneal Implants market. For instance, according to the American Academy of Ophthalmology 2021, there is a high demand for corneal donors around the world as nearly 10 million people need corneal transplants. Thus, the presence of a low or scarce number of cornea donors will play a pivotal role in driving the Corneal Implants Market.

However, the rejection of artificial corneas and, the high costs associated with the device, are some of the market barriers that may restrict the growth of the corneal implants market.

Corneal Implants Market Segment Analysis:

Corneal Implants Market by Procedure (Endothelial Kertoplasty, Penetrating Keratoplasty, and Others), Disease (Keratoconus, Fuchs Dystrophy, Infectious Keratitis, Corneal Ulcers, and Others), End-User (Hospitals, Eye Clinics, and Ambulatory Surgical Centers), and Geography (North America, Europe, Asia-Pacific, and Rest of the World)

In the procedure segment of the Corneal Implants market, the Penetrating Keratoplasty category is expected to amass a significant revenue share in the year 2023. This can be attributed to the various advantages provided by the penetrating keratoplasty procedures.

Penetrating Keratoplasty also known as corneal transplant or corneal graft is the surgical removal of diseased or damaged portion of the cornea, which is followed by implantation of healthy tissue. The procedure helps to relieve pain, improve sight, and treat severe infection or damage in the corneal region.

According to the Eye Bank Association of America 2022, the total number of U.S.-supplied tissue distributed for penetrating keratoplasty was 79,641 in 2021. The above-mentioned figure highlights the rising demand and the need for penetrating keratoplasty procedures.

Therefore, owing to the above-mentioned factors, the penetrating keratoplasty category is expected to register significant growth, thereby driving the growth of the overall Corneal Implants market during the forecast period.

North America is expected to dominate the overall Corneal Implants Market:

Among all the regions, North America is estimated to account for the largest share of the Corneal Implants market in the year 2023. This can be attributed to the presence of major market players in the region. Additionally, efficient reimbursement policies, increasing R&D activities related to corneal implants, and increasing burden of corneal blindness are some of the contributing factors to the growth of the Corneal Implants market in North America.

According to the data published by the Centers of Disease Control and Prevention 2022, it was estimated that approximately 6 million Americans had vision loss and 1 million Americans was suffering from blindness in 2017. Additionally, increasing the prevalence of risk factors of ophthalmic disorders such as diabetes and hypertension in turn will increase the prevalence of ophthalmic disorders and ultimately increase the demand for corneal implants. As per the National Diabetics Statistics Report by the Centers for Disease Control and Prevention (CDC, 2020), about 34.2 million Americans had diabetes in 2020. The report further stated that approximately 88 million Americans showed pre-diabetes levels. Thus, the increasing burden of ocular disorders in the United States will eventually lead to an increase in the growth of the corneal implants market, which will further propel the market for corneal implants market in North America.

Moreover, the occurrence of various product development and partnership activities in the region is another driving factor for the corneal implants market. For Instance, in July 2022 Carl Zeiss Meditec and Precise Bio announced an agreement for the development and commercialization of tissue-based implants.

Thus, the factors mentioned above, are thereby responsible for driving the Corneal Implants market in the United States, which will further boost the market for Corneal Implants in North America during the forecast period.

Corneal Implants Market Key Players:

Some of the key market players operating in the Corneal Implants Market include EyeYon, AJL Ophthalmic S.A., KeraMed, Inc., Aurolab, CorneaGen, Presbia PLC, LinkoCare Life Sciences AB, MEDIPHACOS, Cornea Biosciences, Advancing Sight Network, Corneat Vision, DIOPTEX, among others.

Recent Developmental Activities in the Corneal Implants Market:

In July 2022, Acufocus received FDA approval for AcuFocus’ IC-8 Apthera. IC-8 Apthera is indicated for the treatment of cataract patients.

In July 2019, CorneaGen received USD 37 million in funding for the advanced development of Cornea Cell Therapy.

Key Takeaways from the Corneal Implants Market Report Study

Market size analysis for current Corneal Implants Market size (2023), and market forecast for 6 years (2024-2030)

Top key product/technology developments, mergers, acquisitions, partnerships, and joint ventures happened for the last 3 years

Key companies dominating the global Corneal Implants market.

Various opportunities available for the other competitors in the Corneal Implants Market space.

What are the top-performing segments in 2023? How these segments will perform in 2030?

Which are the top-performing regions and countries in the current Corneal Implants Market scenario?

Which are the regions and countries where companies should have concentrated on opportunities for Corneal Implants Market growth in the coming future?

Target Audience who can be benefited from this Corneal Implants Market Report Study

Corneal Implants product providers

Research organizations and consulting companies

Corneal Implant -related organizations, associations, forums, and other alliances

Government and corporate offices

Start-up companies, venture capitalists, and private equity firms

Distributors and Traders dealing in Corneal Implants

Various end-users who want to know more about the Corneal Implants Market and the latest technological developments in the Corneal Implants Market.

Frequently Asked Questions for the Corneal Implants Market:

1 What is meant by Corneal Implants?

Corneal Implants are artificial corneas usually used to replace the diseased cornea of the eye via endothelial keratoplasty, penetrating keratoplasty, and other ophthalmic procedures. It is mostly used to treat ocular conditions such as corneal ulcers, corneal blindness and Fuchs Dystrophy.

2 What is the market for global Corneal Implants Market?

The global Corneal Implants Market is poised for significant growth, projected to achieve a remarkable Compound Annual Growth Rate (CAGR) of 6.43% during the forecast period from 2024 to 2030.

3 What are the drivers for the global Corneal Implants market?

The Corneal Implants Market is slated to witness prosperity owing to factors such as the growing incidence of corneal blindness, eye injury, and other ophthalmic procedures. Additionally, scare number of cornea donors and rising number of partnerships for the development of corneal implants, are some of the factors which can result in appreciable revenue growth in the Corneal Implants Market during the forecast period (2024-2030).

4 Who are the key players operating in the global Corneal Implants market?

Some of the key market players operating in the Corneal Implants Market include EyeYon, AJL Ophthalmic S.A., KeraMed, Inc., Aurolab, CorneaGen, Presbia PLC, LinkoCare Life Sciences AB, MEDIPHACOS, Cornea Biosciences, Advancing Sight Network, Corneat Vision, DIOPTEX, among others.

5. Which region has the highest share in the global Corneal Implants market?

North America is expected to dominate the overall Corneal Implants Market during the forecast period, 2024 to 2030. This can be attributed to the presence of major players in the region, efficient reimbursement policies, increasing R&D activities related to corneal implants, increasing burden of corneal blindness, and rising elderly population prone to ophthalmic diseases are some of the factors influencing the positive growth of the market in the region during the forecast period.