Global Corneal Implants Market Highlights over 2022-2031
The global corneal implants market is estimated to garner significant revenue by growing at a CAGR of ~8% over the forecast period, i.e., 2022 – 2031. The growth of the market can be attributed to rise in aging population with chronic diseases and increasing prevalence of ophthalmic diseases like cataract, glaucoma, infectious keratitis, Fuchs dystrophy, corneal scarring, etc. leading to corneal blindness. According to World report on vision by the World Health Organization (WHO), it was estimated that, as of 2019, about 2.2 billion people in the world had a vision impairment.
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Furthermore, the growing new innovations and advancements in ophthalmology, including artificial corneal regeneration by developing novel biomaterial and minute donor cell-based regenerative implants are driving the demand for corneal transplantations.
However, the development cost of ophthalmology devices is high which makes the surgical procedures expensive for patients. This is a key factor which is expected to restraint the market growth. Moreover, rise in concerns regarding the risks associated with corneal implants is further expected to hamper the growth of the market.
The market is segmented by transplant type into anterior lamellar keratoplasty, penetrating keratoplasty, and endothelial keratoplasty, out of which, the endothelial keratoplasty segment is anticipated to hold the largest share of the market over the forecast period. For instance, in the United States, over 30,000 endothelial keratoplasties were performed in 2021. It is a common method for the treatment of Fuchs’ dystrophy, which is prevalent among the geriatric population. Moreover, this method helps in faster and better visual restoration with decreased risk of infection and accidents to the eye surface, which is also a factor expected to propel the growth of the segment.
On the basis of tissue type, the market is segmented into artificial cornea and human donor cornea, between which artificial cornea segment is estimated to witness fastest growth during the forecast period owing to the shortage of donor tissue. In addition to that, increasing bio-engineered artificial corneas and innovative procedures for artificial corneal crafting are further expected to drive the growth of the segment.
Major Macro-Economic Indicators Impacting the Market Growth
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.
Global Corneal Implants Market Regional Synopsis
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:
- North America (U.S. & Canada) Market size, Y-O-Y growth & Opportunity Analysis
- Latin America (Brazil, Mexico, Argentina, Rest of Latin America) Market size, Y-O-Y growth & Opportunity Analysis
- Europe (U.K., Germany, France, Italy, Spain, Hungary, Belgium, Netherlands & Luxembourg, NORDIC, Poland, Turkey, Russia, Rest of Europe) Market size, Y-O-Y growth & Opportunity Analysis
- Asia-Pacific (China, India, Japan, South Korea, Indonesia, Malaysia, Australia, New Zealand, Rest of Asia-Pacific) Market size, Y-O-Y growth & Opportunity Analysis
- Middle East and Africa (Israel, GCC (Saudi Arabia, UAE, Bahrain, Kuwait, Qatar, Oman), North Africa, South Africa, Rest of Middle East and Africa) Market size, Y-O-Y growth & Opportunity Analysis
Market Segmentation
Our in-depth analysis of the global corneal implants market includes the following segments:
By Tissue Type
- Artificial Cornea
- Human Donor Cornea
By Transplant Type
- Anterior Lamellar Keratoplasty
- Penetrating Keratoplasty
- Endothelial Keratoplasty
By End User
- Hospitals
- Ophthalmic Centers
- Ambulatory Surgical Clinics
Growth Drivers
- Rise in aging population with chronic diseases
- Increasing prevalence of ophthalmic diseases
- New innovations and advancements in ophthalmology
Challenges
- High cost of ophthalmology devices and surgical procedures
- Rise in concerns regarding the risks associated with corneal implants
Top Featured Companies Dominating the Market
- AJL Ophthalmic SA
- Company Overview
- Business Strategy
- Key Product Offerings
- Financial Performance
- Key Performance Indicators
- Risk Analysis
- Recent Development
- Regional Presence
- SWOT Analysis
- CorneaGen
- Aurolab
- DIOPTEX
- KeraMed, Inc.
- SMR Ophthalmic Pvt. Ltd.
- Florida Lions Eye Bank
- Alcon
- San Diego Eye Bank
- EyeYon
