Regionally, the global corneal implants market is segmented into five major regions including North America, Europe, Asia Pacific, Latin America and Middle East & Africa region. North America region is anticipated to hold the largest share of the market over the forecast period, with the US dominating in the region, owing to the large number of manufacturers for corneal implant devices, and increasing research and development activities bringing significant innovative procedures.
The market in Europe region is expected to witness noteworthy growth over the forecast period owing to increasing government emphasized organ donation programs and policies. This region is also leading in innovative treatment options and prevention strategies which is also anticipated to drive the market growth.
In the Asia Pacific region, the market is estimated to grow at the highest rate on the back of prevailing chronic diseases, such as diabetes, diabetic retinopathy, and obesity, that can lead to eye diseases. For instance, China has the highest number of diabetics in the world, with over 140 million people suffering from the disease, as of 2021.
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The global corneal implants market is further classified on the basis of region as follows:
According to the statistics by the World Health Organization, the global per capita healthcare expenditure amounted to USD 1,064.741 in the year 2017. The worldwide healthcare expenditure per person grew from USD 864.313 in 2008 to USD 1,110.841 in 2018, where the U.S. is the top country that amounted to healthcare expenditure of USD 10, 623.85 per capita in 2018. As of 2018, the domestic general government healthcare spending in the U.S. was USD 5355.79, which grew from USD 3515.82 in 2008. These are some of the factors responsible for market growth over the past few years. Moreover, as per the projections by the Centers for Medicare & Medicaid Services (CMS), the estimated average annual percent change related to National Health Expenditures (NHE) in the U.S. was 5.2% in 2020 as compared to 2019 (4.5%). Furthermore, the National Health Expenditures are projected to reach USD 6,192.5 Billion in 2028, where the per capita expenditure is estimated to touch USD 17,611 in the same year. These are notable indicators that are anticipated to create lucrative business opportunities in upcoming years.
Our in-depth analysis of the global corneal implants market includes the following segments:
By Tissue Type
By Transplant Type
By End User
July 2021: Researchers at Cardiff University in United Kingdom co-developed fully synthetic corneal implants which can resolve the corneal tissue shortage and associated immune rejection issues faced by traditional corneal transplants.
January 2021: An Israeli start-up, CorNeat Vision, successfully conducted an artificial cornea transplant procedure that helped a 78-years-old bilaterally blind man regain eye sight.
In 2023, market players might incur losses due to huge gap in currency translation followed by contracting revenues, shrinking profit margins & cost pressure on logistics and supply chain.
Controlling Inflation has become the first priority for global economies from last quarter of 2022 and to be followed in 2023. With skewed economic situations, rise in interest rate by governments to control spending and inflation, spiked oil and gas prices, high inflation, geo-political issues including U.S. & China trade war, Russia-Ukraine conflict to intensify the global economic issues.
The interest rates in the U.S. may be less sensitive in 2023 as compared to 2022; sigh of relief for businesses. Positive business sentiments, healthy business balance sheets, growth in construction spending (private construction value in 2022 stood at $1,429.2 billion, 11.7 percent (±1.0 percent) above the $1,279.5 billion spent in 2021, Residential construction in 2022 was $899.1 billion, up by 13.3 percent (±2.1 percent) from $793.7 billion in 2021, non-residential construction touched $530.1 billion, 9.1 percent (±1.0 percent) above the $485.8 billion in 2021.) showcases minimal impact of recession in the country.
Similarly, spiked spending in the European and major Asia economics including, India, China & Japan to showcase less impact on the global demand.
Author Credits: Radhika Gupta, Shivam Bhutani
Ans: The rise in aging population with chronic diseases, increasing prevalence of ophthalmic diseases, and new innovations and advancements in ophthalmology are the major factors driving the market growth.
Ans: The market is anticipated to attain a CAGR of ~8% over the forecast period, i.e., 2022-2031.
Ans: The high cost of ophthalmology devices and surgical procedures, and rise in concerns regarding the risks associated with corneal implants are the challenges affecting the market growth.
Ans: Asia-Pacific region is expected to provide significant business opportunities for the growth of the market.
Ans: The major players in the market are AJL Ophthalmic SA, CorneaGen, Aurolab, DIOPTEX, Florida Lions Eye Bank, KeraMed, Inc., among others.
Ans: The company profiles are selected based on the revenues generated from the product segment, geographical presence of the company which determine the revenue generating capacity as well as the new products being launched into the market by the company.
Ans: The market is segmented by tissue type, transplant type, end users, and by region.
Ans: The endothelial keratoplasty segment is anticipated to hold the largest market size over the forecast period and display significant growth opportunities.