PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1134177
PUBLISHER: Blueweave Consulting | PRODUCT CODE: 1134177
Global Artificial Cornea and Corneal Implant Market to Grow at a CAGR of 12% until 2028
The aging population, increased incidence of eye diseases, government initiatives to lessen visual impairment, and the rising prevalence of eye diseases are the main factors driving the Global Artificial Cornea and Corneal Implant Market.
A recent study conducted by the strategic consulting and market research firm, BlueWeave Consulting, revealed that the Global Artificial Cornea and Corneal Implant Market was worth USD 397.5 million in the year 2021. The market is projected to grow at a CAGR of 12%, earning revenues of around USD 863.7 million by the end of 2028. The Global Artificial Cornea and Corneal Implant Market are booming because the willingness of the consumer to spend money on eye care is credited with driving the expansion in the artificial cornea implant market. Additionally, the main driver of the market's growth is the rise in ophthalmic illnesses such as keratoconus, Fuchs dystrophy, and viral keratitis. In addition, rising healthcare costs for eye treatment in emerging nations are fueling the expansion of the artificial cornea implant market globally. Additionally, the market can expand as a result of factors including the rise in surgical procedures and the demand for innovative treatment methods. The development of the global artificial cornea implant market, however, is threatened by the high cost of cornea implant surgeries. Additionally, complications from corneal procedures hinder the widespread use of corneal implants.
Eye Diseases Are Increasingly Common
The global population of persons suffering from serious eye problems is growing, and vision loss is becoming a major public health concern. The rising prevalence of chronic diseases such as diabetes and hypertension, as well as the 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 low-vision people is likewise predicted to climb dramatically. According to the Royal National Institute of Blind People (RNIB), over 2 million people in the United Kingdom suffered from sight loss in 2013, with that number expected to climb to 4.1 million by 2050. The globe now, there are 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 caused them to become completely blind. This results in offering lucrative opportunities for the Global Artificial Cornea and Corneal Implant Market during the forecast period (2022-2028).
Lack of Corneal Donors
There is an urgent need for corneal donors because around 10 million people worldwide require corneal transplants. Because of a significant lack of donor corneas, there is a more than six-month waiting list for corneal transplants among those with corneal blindness in densely populated countries like India. About 1 million Americans and 6.8 million persons in the country, respectively, suffer 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 about 120,000 cases of corneal blindness. Although the country needs roughly 250,000 corneas annually, only about 25,000 are donated. Given the significant burden of corneal blindness and the scarcity of corneal donors, manufacturers of corneal implants should have significant development potential.
Challenges: Insufficient Ophthalmologists
Ophthalmologists are still in great demand, although their numbers have not grown as quickly as the global population. This is especially clear in emerging nations. In India, for instance, there is one ophthalmologist for every 107,000 people, compared to one for every 15,800 in the US. While some locations (mostly urban centers) have ratios of 1:9,000, other others have ratios as low as 1:608,000. The average number of ophthalmologists per million inhabitants varies depending on the country's level of economic development, from nine per million on average in low-income nations to 79 per million on average in high-income nations. There were more than 100 ophthalmologists per million persons in just 18 countries (Source: World Bank).
Global Artificial Cornea and Corneal Implant Market - By End-User
Based on end-user, the Global Artificial Cornea and Corneal Implant Market is segmented into Hospitals, Specialty Clinics, Ambulatory Surgical Centers, and Others. During the projected period, the category for specialty clinics and ASCs is anticipated to have the greatest CAGR. The decline in in-patient surgeries and the rise in demand for minimally invasive procedures are both factors contributing to this segment's growth. Concerns about hospital-acquired infections and patient preferences for effective treatment are further fostering the expansion of this market.
Impact of COVID-19 on Global Artificial Cornea and Corneal Implant Market
Due to lockdowns and other restrictions put in place to stop the COVID-19 epidemic, there has been a considerable decrease in the number of patient visits to clinics in the first and second quarters of 2020. As a result, fewer elective eye procedures were performed each week in hospitals and clinics during that time. The number of elective procedures has decreased from 200 surgeries per week to just ten surgeries per week, according to the Ophthalmology Times story. Additionally, the frequency of patient appointments to examination centers has been canceled by 15% in nations like the US. The coronavirus disease (COVID-19) pandemic caused a large loss in patient volume for ophthalmology, according to the same publication. According to estimates, the number of patients seeking glaucoma treatment decreased by 88% and those seeking cataract surgery by 97%. Government programs assisted numerous practices during this time, including Paycheck Protection Program loans, which enabled the ophthalmology sector to successfully continue operations
The leading market players in the Global Artificial Cornea and Corneal Implant 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 prominent players.
The Global Artificial Cornea and Corneal Implant Market is highly fragmented with the presence of several manufacturing companies in the country. The market leaders retain their supremacy by spending on research and development, incorporating cutting-edge technology into their goods, and releasing upgraded items for customers. Various tactics, including strategic alliances, agreements, mergers, and partnerships, are used.
The in-depth analysis of the report provides information about growth potential, upcoming trends, and statistics of the Global Artificial Cornea and Corneal Implant Market. It also highlights the factors driving forecasts of total market size. The report promises to provide recent technology trends in the Global Artificial Cornea and Corneal Implant Market and industry insights to help decision-makers make sound strategic decisions. Furthermore, the report also analyzes the growth drivers, challenges, and competitive dynamics of the market.
*Financial information in case of non-listed companies will be provided as per availability
**The segmentation and the companies are subjected to modifications based on the in-depth secondary for the final deliverable