PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1224521
PUBLISHER: Grand View Research, Inc. | PRODUCT CODE: 1224521
Contact us about how to customize the report with add-on data.
The global artificial corneal implants market size is expected to reach USD 118.3 billion by 2030, registering a CAGR of 7.1% from 2023 to 2030, as per a new report by Grand View Research Inc. Introduction of new products in the market that are aimed to reduce the post-surgery complications is the key factor driving the growth of the artificial corneal implants market.
In addition, the continuously growing patient pool and lack of human cornea donors create a huge demand and supply gap. Thus, in order to reduce this gap, manufacturers in the market are vigorously conducting research to introduce new products that will be able to address this shortage in the coming years.
Moreover, the high risk of transplant rejection, post the transplantation of human cornea, is also helping the market to grow at a significant rate. On the other hand, increasing corneal disorders that require a corneal transplant, as well as rising awareness regarding artificial corneal implants in Asia Pacific, are factors expected to boost market growth over the forecast period.
The COVID-19 pandemic had a significant negative impact on the market due to reduced hospital visits that resulted in a fall in the number of diagnosed patients that require a corneal transplant. In addition, the lockdowns and strict restrictions imposed by governments and the increased focus of healthcare professionals to treat COVID-19 patients also resulted in a drop in the number of transplantation surgeries carried out during the pandemic.
However, with everything moving towards normalcy and the huge demand-supply gap created as a result of the pandemic, the demand for artificial corneal implants is expected to soar. Moreover, with the expected launch of new products in 2023, the market is further expected to experience great sales opportunities over the forecast period.