Artificial Cornea and Corneal Implants Market Expected to Grow at a CAGR of 12% through 2028

BlueWeave Consulting and Research Pvt Ltd

The global artificial cornea and corneal implants market was dominated by North America. In North America, the market is well established and the United States dominates. The large market share of North America is mainly driven by the region’s developed healthcare infrastructure, higher adoption of sophisticated healthcare technologies, higher purchasing power of ophthalmic equipment end users and a significant number of corneal implant producers.

New Delhi, Sept. 05, 2022 (GLOBE NEWSWIRE) — Aging population, increased incidence of eye diseases, government initiatives to reduce visual impairments and rising prevalence of eye diseases are the major factors driving the global artificial cornea and corneal implants market.

A recent study conducted by the strategic consultancy and market research firm, BlueWeave Consultingrevealed that the global artificial cornea and corneal implants market was worth USD 397.5 million in 2021. The market is expected to grow at a CAGR of 12%, generating revenue of approximately USD 863.7 million by the end of 2028. Artificial cornea and corneal implant Market are booming because the consumer’s willingness to spend money on eye care is believed to be driving the expansion of the artificial cornea implant market. Moreover, the major driver for the growth of the market is the increase in ophthalmic diseases such as keratoconus, Fuchs dystrophy, and viral keratitis. Additionally, rising healthcare costs for eye treatment in emerging countries are fueling the expansion of the global artificial cornea implant market. Additionally, the market may grow due to factors such as increase in surgical procedures and demand for innovative treatment methods. The development of the global artificial cornea implant market is, however, threatened by the high cost of corneal implant surgeries. Additionally, complications from corneal procedures hinder the widespread use of corneal implants.

Eye diseases are more and more frequent

The global population of people with serious eye problems is growing and vision loss is becoming a major public health issue. The increasing prevalence of chronic diseases such as diabetes and hypertension, as well as an aging population, have all contributed to an increase in the prevalence of eye diseases such as diabetic retinopathy and ocular hypertension (glaucoma). The number of blind or visually impaired people is also expected to increase dramatically. According to the Royal National Institute of Blind People (RNIB), more than 2 million people in the UK lost their sight in 2013, and that number is expected to rise to 4.1 million by 2050. Worldwide, there are currently has 146 million cases of trachoma, of which 10 million have trichiasis and need surgery to prevent corneal blindness, and 4.9 million have trachomatous corneal scarring that has rendered them completely blind. This translates into lucrative opportunities for the global artificial cornea and corneal implants market over the forecast period (2022-2028).

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Lack of corneal donors

There is an urgent need for corneal donors as approximately 10 million people worldwide need corneal transplants. Due to a severe shortage of donor corneas, there is a waiting list of more than six months for corneal transplants among people with corneal blindness in densely populated countries like India. About 1 million Americans and 6.8 million people in the country, respectively, suffer from visual problems in both eyes as a result of corneal diseases. By the end of 2020, 10.6 million cases of unilateral corneal blindness were expected to occur in India. In 2019, there were approximately 120,000 cases of corneal blindness. Although the country needs about 250,000 corneas a year, only about 25,000 are donated. Given the significant burden of corneal blindness and the scarcity of corneal donors, corneal implant manufacturers should have significant development potential.

Challenges: insufficient number of ophthalmologists

Ophthalmologists are still in high demand, although their numbers have not grown as rapidly as the world’s population. This is particularly clear in emerging countries. In India, for example, there is one ophthalmologist for every 107,000 people, compared to one for every 15,800 in the United States. While some locations (mostly urban centers) have ratios of 1:9,000, others have ratios as low as 1:608,000. The average number of ophthalmologists per million population varies by level of development economy, from nine per million on average in low-income countries to 79 per million on average in high-income countries. There were more than 100 ophthalmologists per million people in just 18 countries (Source: World Bank).

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Segmental coverage

Global artificial cornea and corneal implants market – Per end user

Based on end-user, the global artificial cornea and corneal implants market is segmented into hospitals, specialty clinics, outpatient surgery centers, and others. Over the projected time frame, the specialty clinics and CHWs category is expected to have the highest CAGR. Declining in-hospital surgeries and increasing demand for minimally invasive procedures are two factors contributing to the growth of this segment. Concerns about nosocomial infections and patient preferences for effective treatment are further driving the expansion of this market.

Impact of COVID-19 on Worldwide artificial cornea and corneal implant Market

Due to the lockdowns and other restrictions put in place to stop the COVID-19 outbreak, there has been a considerable decrease in the number of patient visits to clinics during the first and second quarters of 2020. As a result, fewer elective eye procedures were performed. every week in hospitals and clinics during this period. The number of elective procedures fell from 200 surgeries per week to just ten surgeries per week, according to the Ophthalmology Times story. In addition, the frequency of patient appointments at examination centers has been canceled by 15% in countries such as the United States. The coronavirus disease (COVID-19) pandemic has caused a significant loss of patient volume for ophthalmology, according to the same publication. The number of patients seeking glaucoma treatment is estimated to have decreased by 88% and those seeking cataract surgery by 97%. Government programs assisted many practices during this time, including Paycheck Protection Program loans, which allowed the eye care industry to continue operating successfully.

Competitive landscape

The major market players in the global artificial cornea and corneal implants market are AJL Ophthalmic, CorneaGen Inc, Addition Technology Inc, LinkoCare Life Science AB, Presbia Plc, Mediphacos, Aurolab, Cornea Biosciences, Dioptex GmbH, EyeYon Medical, Massachusetts Eye and Ear, Florida Lions Eye Bank and other top players.

The global artificial cornea and corneal implants market is highly fragmented with the presence of several manufacturing companies in the country. Market leaders maintain their supremacy by investing in research and development, incorporating advanced technologies into their products and offering improved items to customers. Various tactics including strategic alliances, agreements, mergers and partnerships are used.

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The in-depth analysis of the report provides insights into the growth potential, upcoming trends, and statistics of the global Artificial Cornea and Corneal Implants Market. It also highlights the factors driving the forecast of the total market size. The report promises to provide the global Artificial Cornea and Corneal Implants market recent technology trends and industry insights to help decision makers take sound strategic decisions. In addition, the report also analyzes market growth drivers, challenges, and competitive dynamics.

Recent development

Report scope

Attributes

Details

Years considered

Historical data – 2018-2021

Base year – 2021

Forecast – 2022 – 2028

Facts Covered

Revenue in billions of dollars

Product Service/Segmentation

By type, by type of graft, by disease, by end user

Key players

AJL Ophthalmic, CorneaGen Inc, Addition Technology Inc, LinkoCare Life Science AB, Presbia Plc, Mediphacos, Aurolab, Cornea Biosciences, Dioptex GmbH, EyeYon Medical, Massachusetts Eye and Ear, Florida Lions Eye Bank and other leading players.

By type

  • human cornea

  • Artificial cornea

By type of transplant

  • Penetrating keratoplasty

  • Endothelial keratoplasty

By disease indication

  • Fuch’s dystrophy

  • fungal keratitis

  • Keratoconus

  • Others

Per end user

By region

  • North America

  • Europe

  • Asia Pacific

  • Latin America

  • Middle East and Africa

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