Global Corneal Surgery Market - 2022-2029

Market Overview

Corneal Surgery Market was valued at USD 415.5 million in 2021. It is forecasted to reach USD YY million by 2029, growing at a CAGR of 6.20% during the forecast period (2022-2029).

Corneal surgery is the procedure for the transplantation of the cornea for replacing the part of the cornea with corneal tissue from a donor. It involves the replacement of the diseased or scarred corneal tissue with healthy tissue from an organ donor. Corneal surgery is useful to restore vision, reduce pain and improve the appearance of a damaged or diseased cornea. Several factors such as infections including fungal keratitis, trichiasis, Fuchs' dystrophy, and keratoconus, eye injury, cornea burns, and other factors can damage the Cornea.

Corneal surgery is effective to relieve signs and symptoms associated with cornea diseases. Corneal surgery can treat various conditions such as keratoconus, Fuchs' dystrophy, cornea thinning, cornea scarring, cornea clouding, cornea swelling, corneal ulcers, and others.

Market Dynamics

Rising Prevalence of Visual Impairment is Driving the Growth of the Market

The demand for corneal surgery is increasing with the increasing number of people affected by vision impairment. According to the World Health Organization (WHO), approximately 217 million people have moderate to severe vision impairment worldwide. Around 37 million people are blind. Globally, 82% of people in the age-group 50 years and above are blind. According to Surgical Eye Expeditions International, Cornea is the leading cause of blindness globally. Around 5.1% of the global population, i.e., 12 million people, are blind due to cornea. The cornea is the major cause of visual deficiency after cataracts, glaucoma, and age-related macular degeneration. Every year, more than 350,000 children are born with or develop infections at a young age that cause corneal blindness across the globe.

Increasing funding & investment for the development of corneal surgery devices is expected to boost the market growth over the forecast period

Several organizations, associations, and foundations are raising the investment and funding for the development of corneal surgery devices. For instance, in August 2020, The Centre for Eye Research Australia's corneal researchers and the University of Melbourne received a grant of USD 500,000 from the Victorian Medical Research Acceleration Fund (VMRAF) to accelerate the development of a surgical device known as 'Corel,' an ultra-thin hydrogel film that is inserted into the donor corneal tissue into a patient's eye to restore vision. This funding would be used to support the 18 months of preclinical work to refine and test CorGel in collaboration with the University and US eye bank EverSight.

Adverse events associated with corneal surgery are hampering the Market Growth

Several adverse events associated with corneal surgery are hindering market growth. Adverse events such as infection, bleeding, pain, redness, sensitivity to light, higher pressure in the eye, and others. Corneal surgery increases the risk of developing an eye infection, clouding of the eye's lens, rejection of the donor cornea, and cornea swelling. In corneal transplants, the body's immune system attacks the donated tissue in one out of every 10 transplants. Cornea rejection can occur in 20% of the cases. Graft failure can also occur among the patients transplanted with the cornea.

COVID-19 Impact Analysis

The global corneal surgery market has been impacted due to the COVID-19 pandemic, as there has been a reduction in the number of patients undergoing corneal surgery with the increasing number of people suffering from COVID-19. COVID-19 can be a serious threat to carrying out corneal surgery. The COVID-19 pandemic has resulted from the imbalance between the supply-demand between the number of voluntary donors and corneal surgery. There is a decrease in the number of people undergoing corneal surgery as several ophthalmologists have ceased providing any treatment other than urgent or emergent care. Moreover, eye hospitals and eye banks are prohibited from taking home retrieval of eyes from dead individuals in various countries owing to the emergence of the COVID-19 pandemic. According to the Karnataka Ophthalmic Society, the number of corneal transplants has decreased by more than 90% as either people are not coming forward to donate the eyes of the dead people or there is no Covid-negative test report. Several patients have been waiting to undergo corneal surgery as there are shortages of corneas for performing the surgery. According to Parekh, Mohit et al. 2020, published in the European Journal of Ophthalmology, around 2.7 million patients are waiting for corneal transplants worldwide. Veneto Eye Bank has witnessed a 95% reduction in donor corneas from its network of 250 local and international surgeons.

Epidemiology

Corneal eye diseases are the major cause of blindness worldwide. Corneal eye diseases affect more than 10 million people worldwide. Several conditions, such as corneal opacity, trachoma, corneal scarring, corneal dystrophies, and corneal vascularization, are the leading cause of corneal blindness across the globe. According to the World Health Organization, around 146 million people are suffering from trachoma. Around 10 million are affected by trichiasis and need surgery to prevent corneal blindness. Approximately 4.9 million are blind due to trachomatous corneal scarring.

According to the Global Vision Database, corneal opacity affects around 3*21% of the population across the globe. Corneal opacity affects 4*26% of the population in East Asia, 3.58% of the population in Central Asia, 2.43% of the population in South Asia, 3.63% of the population in Central Europe, 3.43% of the population in Eastern Europe, and 2.43% of the population in Western Europe. The overall prevalence of corneal dystrophies was 897 per 1000,000 in the United States. Around 60% of all corneal dystrophies are endothelial.

Market Segment Analysis

The Deep Anterior Lamellar Keratoplasty segment is expected to hold a significant share in the Corneal Surgery market

By transplantation type, the corneal surgery market is segmented as deep anterior lamellar keratoplasty, penetrating keratoplasty, and synthetic corneas. The deep anterior lamellar keratoplasty segment is anticipated to hold the largest share in the corneal surgery treatment market owing to the increasing adoption of the deep anterior lamellar keratoplasty for the treatment of keratoconus, corneal ectasia, corneal stromal dystrophies, and corneal scars. Deep anterior lamellar keratoplasty is the surgical procedure for removing the corneal stroma down to Descemet's membrane. It is a partial-thickness cornea transplant procedure that includes the elective transplantation of the corneal stroma and leaves the native Descemet membrane and endothelium in place. It is an effective treatment for any pathology of the anterior cornea including the epithelium, Bowman's layer and stroma. The use of the deep anterior lamellar keratoplasty has demonstrated the reduced rejection rate as this surgical procedure preserves the host endothelium among the patients. The shorter healing time fewer postoperative complications and shorter use of topical steroid treatment was observed among the patients who had undergone deep anterior lamellar keratoplasty.

By Procedure Type, penetrating keratoplasty is Expected to Witness a Significant Growth Over the Forecast Period

The market is classified based on the procedure type as the pre-operative examination, penetrating keratoplasty, and lamellar keratoplasty. Penetrating keratoplasty segment accounts for a significant market share as it is the most common procedure being performed across the globe. According to the Cincinnati Eye Institute (CEI), every year, approximately 45,000 number of penetrating keratoplasty procedures are performed in the United States. Penetrating keratoplasty involves the surgical removal of the central two-thirds of the damaged cornea and insertion of a matching portion of clear, healthy donor tissue. Penetrating keratoplasty is used for the treatment, and management of corneal edema, corneal ulceration, corneal dystrophy, Fuch's dystrophy, keratoconus, and other conditions. Studies have shown that the penetrating keratoplasty grafts can survive 10 years or longer among the patients.

Geographical Analysis

North America region holds the largest market share global Corneal Surgery Market

North America region is dominating the global corneal surgery market accounted for the largest market share in 2021. The United States is expected to hold the largest share in this region owing to the increasing number of people undergoing corneal surgery with the increase in the number of people affected by visual impairment. According to the Centers for Disease Control and Prevention (CDC), around 12 million people have vision impairment including 1 million people were blind in the United States. According to the American Academy of Ophthalmology, approximately 48,229 corneal transplants were in the United States in 2013. More than one million men, women, & children of age-group nine days to 100+ years have restored their vision through corneal surgery in the United States since 1961.

There is an increase in the number of market players developing corneal surgery devices. Several companies are raising the investment & funding for the development of corneal surgery devices. There is growing usage of advanced methods for performing corneal surgery. There are several organizations, associations, and foundations that are raising awareness regarding corneal surgery. For instance, the Cornea Research Foundation of America (CRFA), a non-profit organization is involved in conducting clinical research and education specializing in corneal disease, corneal transplantation and intraocular lens surgery. Moreover, several companies are also launching their surgical vision centres. For instance, in July 2019, Johnson & Johnson had launched the Surgical Vision Experience Center at the Johnson & Johnson Institute in Jacksonville, Florida. This centre would serve as Johnson & Johnson Vision's premier physical training space and laboratory setting for a variety of experiential educational programs offering hands-on, in-depth training for practising ophthalmic surgeons, ophthalmology residents and optometrists. The availability of better healthcare facilities and infrastructure shall stimulate market growth.

Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period

Asia-Pacific region is estimated to be the fastest-growing region in the global corneal surgery market owing to the increasing prevalence of various chronic diseases such as diabetes, diabetic retinopathy, obesity, and others increase the chances of eye disorders that could lead to corneal blindness. According to the Global Alliance of Eye Bank Association (GAEBA), around 2.8 million people are affected by corneal blindness in Asia. Approximately 6.8 million people have a vision of less than 6/60 in at least one eye due to corneal diseases. Among these people, one million people have bilateral involvement. As per the National Programme for Control of Blindness (NPCB), there were 120,000 corneal blind persons in India in 2013. Every year, there is an addition of 25,000-30,000 new cases of Corneal blindness. Moreover, the National Programme for Control of Blindness and Visual Impairment was launched in India in 1976 as a 100% centrally sponsored scheme to reduce the prevalence of blindness to 0.3% by 2020. The 2016-17 program collected donated eyes for corneal transplantation and achieved 65,135 out of the target of 50,000.

The drastic market growth is expected to observe in the countries such as India, China, Japan, and Australia due to the increase in the number of ophthalmic clinics, hospitals, and other healthcare organizations providing corneal surgery. There is growing awareness regarding the importance of eye donation shall have a positive impact on the market. Several companies are focussing on developing technologically advanced corneal surgery devices. There is growing initiatives by the government for providing low-cost ophthalmic procedures in clinics and hospitals. The improvement in eye care facilities, eye banking framework and cornea trade protocols shall boost the demand for corneal surgery.

Competitive Landscape:

The corneal surgery market studied is a fragmented market with the presence of a large number of market players. Nidek Co. Ltd, Johnson & Johnson, Essilor International S.A., Topcon Corporation, Ziemer Ophthalmic Systems AG, Carl Zeiss Meditec, Bausch & Lomb, Abbott Medical, Alcon Laboratories, Meditec AG, Medical Optics Inc., and Cooper Vision are the major players with significant market share. The major players are adopting several growth strategies, such as product launches, product approvals, mergers, licensing, acquisitions, and collaborations, contributing to the growth of the global corneal surgery market. For instance,

Mergers & Collaborations:

In October 2019, TECLens entered into a collaboration with SERVimed Industrial Spa for the development and FDA approval of a new combination product to treat keratoconus. The new product under development would combine TECLens' CXLens 'on-eye' cross-linking system for corneal remodeling with SERVImed's trans-epithelial RIBOCROSS riboflavin drug formulation.

On 18th July 2022, Carl Zeiss Meditec partnered with Precise Bio to develop and commercialize fabricated corneal tissue for Ophthalmology. Under the agreement, Carl Zeiss Meditec will invest in Precise Bio to develop cornea transplant products.

Product Launch & Approvals:

On 24th May 2021, Haag-Streit UK launched the Eyestar 900 eye analyzer in the UK. The swept-source technology enables precise measurement of the entire eye and topographic assessment of the front and back corneal surface and the anterior chamber, including the lens. In addition to imaging all of these structures, it includes cornea-to-retina biometry of the entire eye.

On 31st July 2019, Johnson & Johnson Vision announced its launch of the Surgical Vision Experience Center at the Johnson & Johnson Institute in Jacksonville, FL. The Surgical Center will serve as its premier physical training space and laboratory setting for various experiential educational programs offering hands-on, in-depth training for practicing ophthalmic surgeons, ophthalmology residents and optometrists.

Acquisition:

On 14th July 2021, Topcon Corporation announced it had acquired VISIA Imaging S.r.l, an ophthalmic device manufacturer. This acquisition enhances Topcon development and boosts the manufacturing capacity of anterior segment devices and software. The segment devices include cameras and optical coherence tomography (OCT).