Global Corneal Implants Market 2023-2030

Global Corneal Implants Market 2023-2030

Global corneal implants market is expected to grow at a CAGR of 6.3% during the forecast period. The market is growing attributed to rising in the incidences of corneal blindness along with the lack of human cornea donors. The other factor that will propel the growth of corneal transplant surgery is the increasing aging population that demands corneal transplants. According to the Eye Bank Association of America, there were approximately 85,411 cornea implants were done alone in America in 2018. Whereas, higher prices of surgeries restrain the market growth, therefore the adoption of this surgery is quite low in developing countries which will also deter the growth of the market over the forecast period.

The corneal implant is used in surgical procedures in which the eye cornea is replaced by corneal tissues. The major factor that can restrain the global cornea implant market includes the increased probability of rejection of artificial cornea made up of alloplastic material by the human eye. In addition, approximately 10 million people across the globe suffer from corneal blindness. Thus, the rise in the incidences of corneal blindness along with the lack of human cornea donors is among the primary factor that fuels the growth of the cornea implant market during the forecast period.

Segmental Outlook

The corneal implant market is sectioned based on tissue type, corneal disease, and end-user. Based on the tissue type, the market is segmented into artificial cornea and human donors. Based on the corneal disease, the market is segmented into fungal keratitis, Fuchs dystrophy, and keratoconus. Based on the end-user, the market is segmented into hospitals, eye clinics, and ambulatory surgical centers (ASC).

Artificial Cornea Segment to Register Notable Share

Based on the type, the artificial cornea segment registers a notable share in the global corneal implant market. This is attributed to increasing cases related to eye diseases. The factor that majorly contributes to the market is the shortage of eye and tissue banking along with a decrease in cornea donors across the globe. Synthetic cornea implants and biosynthetic cornea implants are the two most common types of artificial cornea implants. Whereas, the factor that challenges the artificial cornea segment is the high transplantation costs and extra and preventive measures that should be taken for the long term.

Regional Outlooks

The global corneal implants market is further segmented based on geography including North America (the US, and Canada), Europe (Italy, Spain, Germany, France, and Others), Asia-Pacific (India, China, Japan, South Korea, and Others), and the Rest of the World (the Middle East &Africa, and Latin America). The market can be analyzed for a particular region or country level as per the requirement. Among these, the Europe market is anticipated to cater to a prominent growth over the forecast period. However, the Asia-Pacific region is projected to experience considerable growth in the Corneal Implants market.

The North American Region is anticipated to Hold a Significant Share in the Global Corneal Implants Market

Among these regions, the North American region is anticipated to account for a significant share of the Corneal Implants market during the forecast period. The growth of the corneal implants market in the region is primarily driven by factors such as the increased number of eye-related issues and vision problems in the region. According to the Eye Bank Association of America, the bank reported approximately 133,576 total tissue recoveries from 68,102 donors in 2018. Thus, these numbers of eye transplants are likely to provide opportunities for market growth. In addition, the frequent development of the products along with the improved healthcare infrastructure of the region contributes to the growth of the corneal implants market across the region.

Market Players Outlook

The prominent players operating in the global corneal implants market include Bayer AG, Medtronic Plc, F. Hoffmann-La Roche Ltd., Pfizer Inc. Bausch & Lomb Inc., PowerVision Inc., Presbia PLC, Regeneron Pharmaceuticals Inc. among others. These are the key companies providing various solutions for novel and advanced corneal implants. The corneal implant manufacturers are adopting various strategies such as new product launches and approvals, mergers and acquisitions, partnerships and collaborations, and many others to thrive in a competitive environment in the market. For instance, In June 2016, the US FDA approved the Raindrop Near Vision Inlay, for the improvement of near vision is presbyopic. Further, in April 2015, the US FDA approved the Kamra Corneal Inlay, the first small aperture corneal implantable device for the correction of near vision in patients who have not had cataract surgery.