PUBLISHER: The Business Research Company | PRODUCT CODE: 1414140
PUBLISHER: The Business Research Company | PRODUCT CODE: 1414140
“Corneal Implants Global Market Report 2024 ” from The Business Research Company provides strategists, marketers and senior management with the critical information they need to assess the market.
This report focuses on corneal implants market which is experiencing strong growth. The report gives a guide to the trends which will be shaping the market over the next ten years and beyond.
Where is the largest and fastest growing market for corneal implants? How does the market relate to the overall economy, demography and other similar markets? What forces will shape the market going forward? “The corneal implants market global report ” from The Business Research Company answers all these questions and many more.
The report covers market characteristics, size and growth, segmentation, regional and country breakdowns, competitive landscape, market shares, trends and strategies for this market. It traces the market's historic and forecast market growth by geography.
Corneal implants involve a surgical intervention aimed at either replacing or enhancing a damaged or diseased cornea through the integration of an artificial or prosthetic device. This procedure is carried out to address visual impairments and alleviate associated pain.
The two primary categories of corneal implants are artificial corneal implants and human corneal implants. Artificial corneal implants are medical devices specifically designed to substitute a damaged or diseased cornea. Various techniques, such as endothelial keratoplasty and penetrating keratoplasty, are employed for corneal implants. These procedures serve diverse applications, including addressing conditions such as keratoconus, Fuchs dystrophy, infectious keratitis, corneal ulcers, among others. The implementation of corneal implant procedures typically takes place in medical facilities such as hospitals and ophthalmic centers.
The corneal implants market research report is one of a series of new reports from The Business Research Company that provides corneal implants market statistics, including corneal implants industry global market size, regional shares, competitors with a corneal implants market share, detailed corneal implants market segments, market trends and opportunities, and any further data you may need to thrive in the corneal implants industry. This corneal implant market research report delivers a complete perspective of everything you need, with an in-depth analysis of the current and future scenarios of the industry.
The corneal implants market size has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%.The expansion observed in the historical period can be credited to several factors, including the introduction of pioneering surgical techniques, early innovation in biomaterials, the emergence of keratoplasty procedures, increased awareness of eye disorders, and the significant contributions of pioneering surgeons.
The corneal implants market size is expected to see strong growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The projected expansion during the forecast period is primarily driven by the adoption of personalized medicine strategies, increased accessibility and awareness, advancements in biomaterials, a surge in refractive surgeries, and the expanding aging demographic. Key trends anticipated in the forecast period encompass the emergence of minimally invasive techniques, regulatory backing and approvals, heightened awareness and accessibility, continuous innovation in biomaterials, and a rising trend in refractive surgery.
The anticipated rise in the prevalence of corneal disorders is poised to drive the expansion of the corneal implant market in the coming years. Corneal disorders encompass a range of medical conditions affecting the cornea, the clear, dome-shaped front surface of the eye, leading to visual impairment and discomfort. The growing incidence of corneal disorders has resulted in an increased demand for corneal implants, offering diverse solutions for treating corneal abnormalities, enhancing corneal integrity, alleviating symptoms, and improving vision. As an example, data from the Center for Disease Control (CDC) in December 2022 revealed that in the United States, the prevalence of cataracts (a corneal disorder) among individuals aged over 40 is estimated at 20.5 million, constituting approximately 17.2% of the population in that age group. Moreover, this figure is projected to surpass 30 million by the year 2028. Consequently, the upsurge in corneal disorders is a key driver for the growth of the corneal implant market.
The escalating healthcare expenditure is also expected to propel the expansion of the corneal implants market in the foreseeable future. Healthcare expenditure denotes the total resources, including financial resources, allocated to healthcare goods and services within a specific period and geographical area. The increased investment in healthcare facilitates the adoption of advanced technologies and surgical techniques within the ophthalmology field, including the utilization of corneal implants. For instance, as per the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services in March 2022, the projected growth suggests an average annual increase of 5.1% in national health spending between 2021 and 2030, reaching a total of nearly $6.8 trillion. Furthermore, it is anticipated that from 2021 to 2030, Medicare spending will rise at a 7.2% annual pace, while Medicaid spending will increase at a 5.6% annual rate. Hence, the escalating healthcare expenditure is a significant factor propelling the growth of the corneal implants market.
Prominent corporations in the corneal implants market are actively engaged in the development of innovative products, such as synthetic corneal implants, with the aim of expanding their customer base, boosting sales, and augmenting revenue. A synthetic corneal implant is a man-made device designed to substitute or mend damaged or diseased portions of the cornea-the transparent front part of the eye covering the iris, pupil, and anterior chamber. For example, in June 2021, EyeYon Medical, an Israeli medical ophthalmic devices company, obtained the CE mark and FDA approval for EndoArt, the pioneering synthetic corneal implant tailored to address corneal edema. EndoArt, attaching to the posterior corneal surface, acts as a replacement for non-functioning endothelium, offering a secure and minimally invasive solution. Its standout feature lies in enhancing visual acuity for individuals awaiting corneal tissue transplants, and in cases of transient edema, it holds the potential to eliminate the need for transplantation altogether.
Major players in the corneal implants market are embracing strategic partnerships to advance and introduce tissue-derived implants for ophthalmological applications. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefit and success. For instance, in July 2022, Carl Zeiss Meditec AG, a German medical technology company, collaborated with Precise Bio, a US regenerative medicine company, focusing on the development and market launch of engineered corneal tissue for transplants. This initiative specifically caters to patients in need of endothelial keratoplasty and natural lenticule transplants for conditions such as keratoconus and vision correction. The partnership leverages ZEISS' global leadership in ophthalmology and Precise's innovative 4D bio-fabrication platform technology.
In January 2023, Viatris Inc., a US-based pharmaceutical and healthcare corporation, completed the acquisitions of Oyster Point Pharma and Family Life Sciences for $415 million and $280 million, respectively. Through these acquisitions, Viatris Inc. aims to expand its commercial presence and portfolio, positioning itself as a global leader in eye care, and addressing the unmet needs of patients with ophthalmic diseases and eye care professionals. Oyster Point Pharma, a US biopharmaceutical company, specializes in identifying, developing, and marketing novel treatments for eye diseases, while Family Life Sciences, an Indian drug development platform, specializes in ophthalmology.
Major companies operating in the corneal implants market report are Florida Lions Eye Bank Inc., Alcon Inc., Aurolab Aravind Eye Care System, CorneaGen, AJL Ophthalmic SA, DIOPTEX Co. Ltd., KeraMed Inc., Alabama Eye Bank Inc., Presbia Plc, CorNeat Vision Ltd., MediPhacos, EyeYon Medical Ltd., Linkocare Life Sciences AB, Price Vision Group, Cornea Biosciences LLC, Massachusetts Eye and Ear Infirmary, Carl Zeiss Meditec AG, Precise Bio Inc., Bausch & Lomb Incorporated, Johnson & Johnson Vision, Abbott Medical Optics Inc., STAAR Surgical Company, ZEISS Group, Hoya Corporation, Rayner Intraocular Lenses Limited, HumanOptics AG, Morcher GmbH, Lenstec Inc., Hanita Lenses R.C.A Ltd., Omni Lens Pvt. Ltd., Ocular Systems Inc., Moria SA, DORC International BV, Coroneo Pty Ltd, FCI Ophthalmics Inc.
North America was the largest region in the cornea implants market in 2023. Asia Pacific is expected to be the fastest-growing region in the global cornea implants market during the forecast period. The regions covered in the corneal implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa
The countries covered in the corneal implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain
The corneal implants market includes revenues earned by entities by providing corneal implantation services, including deep anterior lamellar keratoplasty (DALK) and Descemet rhexis without endothelial keratoplasty (DWEK). The market value includes the value of related goods sold by the service provider or included within the service offering. Only goods and services traded between entities or sold to end consumers are included.
The market value is defined as the revenues that enterprises gain from the sale of goods and/or services within the specified market and geography through sales, grants, or donations in terms of the currency (in USD unless otherwise specified).
The revenues for a specified geography are consumption values that are revenues generated by organizations in the specified geography within the market, irrespective of where they are produced. It does not include revenues from resales along the supply chain, either further along the supply chain or as part of other products.