Artificial Cornea and Corneal Implant Market – Rising Prevalence of Diabetes and Related Eye Diseases to Support Growth
The Artificial Cornea and Corneal Implant Market growth is largely driven by the growing geriatric population and the rising prevalence of eye diseases are the major drivers for the artificial cornea and corneal implants market. The increasing prevalence of eye disorders and government initiatives to control visual impairment are further boosting the market growth.
However, the high cost of ophthalmology devices and surgical procedures is expected to restrain the growth of this market during the forecast period.
How the Market Growth Will Impact In-terms of Revenue?
The Global Artificial Cornea and Corneal Implant Market is projected to reach USD 599 million by 2026 from USD 418 million in 2021, at a CAGR of 7.4% from 2021 to 2026.
Growth Driver: Rising prevalence of eye diseases;
The number of people with major eye diseases is increasing across the globe, and vision loss is becoming a major public health concern. The growth in the aging population and increasing prevalence of chronic disorders such as diabetes and hypertension has increased the prevalence of eye diseases such as diabetic retinopathy and ocular hypertension (glaucoma). The number of blind individuals or those affected with low vision is also expected to increase substantially. According to the Royal National Institute of Blind People (RNIB), in 2013, around 2 million people in the UK were living with vision loss, and this figure is expected to increase to 4.1 million by 2050. Currently, there are 146 million people across the globe with trachoma, of which 10 million suffer from trichiasis and need surgery to prevent corneal blindness and 4.9 million individuals are completely blind from trachomatous corneal scarring (Source: WHO). Furthermore, as per the “World Report on Vision 2019” by WHO, nearly 2.2 people across the globe have vision impairment or blindness. This figure comprises several eye conditions that include moderate to severe distance vision impairment or blindness due to unaddressed refractive errors (123.7 million) and presbyopia (1.8 billion, including both addressed and unaddressed presbyopia), age-related macular degeneration (10.4 million), cataract (65.2 million), corneal opacities (4.2 million), glaucoma (6.9 million), trachoma (2 million), diabetic retinopathy (3 million), and other causes (37.1 million), and people with mild vision impairment with unknown causes (188.5 million).
According to a study by the NCBI, in India, the number of individuals with unilateral corneal blindness will rise to 10.6 million by the end of 2020. As per the same study, it was observed that 30.5% of the blindness was due to corneal diseases. Corneal blindness has substantially increased in the geriatric population, from 3% in 1997 to 14.7% in 2001. Major reasons for corneal disorders in the elderly population include corneal degenerations, trauma-induced infectious keratitis, and trachomatous keratopathy. In order to prevent corneal blindness, constant assessment of the burden of corneal blindness with a periodic review is necessary. Such a scenario will result in the demand for corneal implants, including artificial implants, in order to treat corneal diseases.
Download PDF Brochure: https://www.marketsandmarkets.com/pdfdownloadNew.asp?id=182165973
Recent Developments in Artificial Cornea and Corneal Implant Market:
- In June 2020, AJL Ophthalmic (Spain) received CE Mark approval for ENDO-K PRO. Product approval will enable company to provide its portfolio to end users.
- In January 2020, Mediphacos (Brazil) launched Keraring Intrastromal Corneal Ring. Product launch will enable company to capture market share.
- In April 2018, CorneaGen (US) acquired AcuFocus (US). This acquisition aimed at expanding the company’s presence in the artificial cornea and corneal implants market.
Geographical growth scenario of Artificial Cornea and Corneal Implant Market:
The artificial cornea implant market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to witness highest CAGR during the forecast period of 2021–2026. The Asia Pacific forms the most lucrative region in the artificial cornea and corneal implants market, owing to the large population in countries such as China and India, rapid growth in the geriatric population, improving healthcare infrastructure, growing per capita income, and the rising focus of key market players on this region.
Key companies and strategies adopted-
The prominent players in Artificial Corneal Implant Market are AJL Ophthalmic (Spain), CorneaGen Inc. (US), Addition Technology, Inc. (US), LinkoCare Life Sciences AB (Sweden), Presbia plc (Ireland), Mediphacos (Brazil), Aurolab (India), Cornea Biosciences (US), DIOPTEX GmbH (Austria), EyeYon Medical (Israel), Massachusetts Eye and Ear (US), Florida Lions Eye Bank (US), SightLife (US), Advancing Sight Network (US), San Diego Eye Bank (US) and L V Prasad Eye Institute (LVPEI, India).