Corneal Pachymetry - Market Share Analysis, Industry Trends & Statistics, Growth Forecasts (2024 - 2029)

The Corneal Pachymetry Market size is estimated at USD 304.82 million in 2024, and is expected to reach USD 386.82 million by 2029, growing at a CAGR of 4.88% during the forecast period (2024-2029).

COVID-19 impacted the growth of the corneal pachymetry market. The pandemic resulted in a decline in eye procedures, which has impacted the demand for diagnostics and surgical equipment and thus slowed the market's growth during the pandemic. For instance, an article published in Clinical Ophthalmology in June 2022 stated that about 285 eye surgeries were performed in Germany during the pandemic period as compared to 12 during the pre-pandemic period. However, with resumed services and increased hospital visits, the demand for corneal transplantations and diagnostic procedures for eye-related diseases has increased. This is anticipated to fuel the growth of the market over the forecast period.

The market is growing because of things like the growing number of people with glaucoma and other eye problems and the growing number of people with diabetic retinopathy.For example, according to an article in Special Focus: Community Ophthalmology from June 2022, 28.8% of people in Shillong, India had refractive error (RE) in their worst eye.Also, the same source said that presbyopia, with or without distance vision, was the most common type of RE.So, the high number of refractory errors drives up the demand for refractive surgery, which is expected to fuel market growth over the next few years.

Also, as the number of people with diabetes rises, the risk of getting diabetic retinopathy will likely rise, which will increase the demand for effective treatments and help the market grow.For example, according to the IDF's 2022 statistics, about 537 million people around the world had diabetes in 2021, and this number is expected to rise to 643 million in 2030 and 784 million in 2045.So, the growth of the market over the next few years will be driven by the expected rise in the number of people with diabetes.

Also, more people are becoming aware of eye diseases like cataracts, glaucoma, dry eye disease, and others. This raises the demand for diagnostics and surgical procedures, which is expected to drive the growth of the market over the next few years.For example, an article in Healthcare from June 2021 says that between November 15, 2020, and January 15, 2021, a study was done to find out how much the general population of the Hail Region in Saudi Arabia knows about common eye problems and what might cause them.31% of the people who took part in the study knew about cataracts, 43% knew about glaucoma, 66% knew about dry eyes, and 44% knew about diabetic retinopathy.The same source also said that 46% of the participants knew about eye conditions, with male participants knowing more than female participants.

Moreover, rising company activities and increasing product launches are also contributing to market growth. For instance, in December 2021, Ophthalmic Sciences Ltd., an Israeli startup, launched a device, IO Perfect, that uses artificial intelligence to measure intraocular pressure in patients suffering from glaucoma. The device provides remote glaucoma monitoring by integrating artificial intelligence (AI) and visual analysis into a virtual reality headset. The device can be utilized at home, in eye clinics, emergency rooms, pharmacies, and in settings with primary care doctors.

Because of things like the growing number of people with diabetes and the growing number of people with refractory errors and other eye diseases, the studied market is expected to grow over the next few years. However, the inadequate reimbursement coverage for pachymetry and stringent government regulations are likely to impede the growth of the corneal pachymetry market over the forecast period.

Corneal Pachymetry Market Trends

Glaucoma Diagnostics Segment Expects to Register a Significant CAGR Over the Forecast Period

The glaucoma diagnostics segment is expected to witness significant growth in the corneal pachymetry market over the forecast period. The factors contributing to segment growth are the rising burden of glaucoma cases among the population and increasing product launches.

The increasing incidence of glaucoma is the key factor driving segment growth. For instance, according to the Glaucoma 2022 Report, about 80 million people worldwide suffered from glaucoma in the last year, and this number is projected to reach 111 million by 2040. Thus, the expected increase in the number of people suffering from glaucoma is expected to increase the demand for effective diagnostic and treatment options. This in turn is anticipated to fuel segment growth over the forecast period.

The growth of the segment is also helped by the fact that the company is doing more to develop new diagnostic and treatment methods for glaucoma and to add to its glaucoma portfolio.For example, Entod Pharmaceuticals, India, launched its GLO division in December 2022, a first-of-its-kind ophthalmic subspecialties division focused on the treatment of glaucoma.This launch assists the company to further expand its business in the country. Also, in August 2022, Sight Science, Inc. launched SION, a manually controlled surgical instrument used to excise trabecular meshwork and the first bladeless device used in goniotomy. The bladeless design, micro-engineered and precision manufactured using specialized lasers, excises tissue without cutting.

Moreover, the rising company focuses on adopting various business strategies such as agreements, partnerships, and others, as well as rising product launches, which are anticipated to fuel segment growth over the forecast period. For instance, in July 2022, AbbVie and iSTAR Medical SA entered a strategic partnership to further develop and commercialize iSTAR Medical's MINIject device. It is a minimally invasive glaucoma surgical (MIGS) device for patients with glaucoma.

Therefore, owing to factors such as the increasing burden of glaucoma, increasing product launches, and growing company activities, the studied segment is expected to grow over the forecast period.

North America is Expected to Have the Significant Market Share Over the Forecast Period

North America is expected to witness significant growth in the corneal pachymetry market over the forecast period owing to factors such as the high prevalence of diabetes-related complications, the rising burden of glaucoma, diabetic retinopathy, and refractory errors in the region, the increasing geriatric population, and the established healthcare infrastructure. For instance, as per the data published by the CDC, in May 2021, diabetic retinopathy will be the most common cause of vision impairment and blindness among working-age adults in the United States, and about 14.6 million Americans are expected to suffer from diabetic retinopathy by 2050.

Additionally, the rising diabetic population is also expected to increase the demand for retinal eye treatment, thereby boosting market growth. For instance, about 32 million and 14 million people living in the United States and Mexico were suffering from diabetes in 2021, and this number is projected to reach 36.2 million and 21.8 million by 2045, respectively. Hence, the expected increase in the population raises the risk of developing diabetic retinopathy, which increases the demand for surgical procedures, hence propelling market growth.

Furthermore, the increasing company initiatives to raise awareness regarding the glaucoma condition among the population will raise the demand for its diagnosis and treatment, which is expected to fuel the market's growth in the region. For instance, in October 2022, AbbVie and Fighting Blindness Canada launched the Glaucoma in Perspective (GiP) app to help Canadians understand the impact of glaucoma and manage disease progression. The app provides users with advice on treatment plans and includes several interactive demonstrations to entice at-risk people to seek early assistance from a healthcare expert by letting them observe how glaucoma affects commonplace scenarios.

Moreover, the rising product approvals and increasing adoption of key strategies such as acquisition, partnership, and others are also expected to boost market growth in the region over the forecast period. For instance, in October 2022, Alcon acquired Ivantis, developer of the Hydrus Microstent, a minimally invasive glaucoma surgery (MIGS) device designed to lower eye pressure for open-angle glaucoma patients in connection with cataract surgery, for USD 475 million upfront, plus additional payments contingent upon regulatory and commercial milestones. Also, in August 2022, Glaukos Corporation received 510(k) clearance from the United States Food and Drug Administration for the iStent Infinite. It is a trabecular micro-bypass system indicated for use in a standalone procedure to reduce elevated intraocular pressure (IOP) in patients with primary open-angle glaucoma uncontrolled by prior medical and surgical therapy.

Due to the high burden of diabetic retinopathy, the growing number of people with diabetes, and the growing number of company activities and product approvals, the studied market is expected to grow over the next few years.

Corneal Pachymetry Industry Overview

The corneal pachymetry market is highly fragmented due to the presence of a large number of players. These players focus on growth strategies such as new product launches, innovations in existing products, and mergers and acquisitions. Some of the key players operating in the market are NIDEK Co. Ltd., Quantel Medical, Sonomed Escalon, Optovue Incorporated, DGH Technology, Inc., Tomey Corporation, and Reichert Inc., among others.

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