Ocular Implants Market Extensive Growth Opportunities to be Witnessed by 2022-2032
The global ocular implants market is foreseen to accumulate a market value of US$ 19.47 Bn, expanding at a CAGR of 4.5% across the 2022-2032 forecast period, as per a recently published report by Fact.MR. Rising incidences of eye-related disorders contributed by other lifestyle induced diseases is acting as a major growth lever.
From 2015 to 2021, ocular implants sales expanded at a 3.8% CAGR, concluding at around US$ 12 Bn. The growing incidence of eye disorders such as glaucoma, cataract, and age-related macular degeneration is predicted to propel the demand for ocular implants. According to the World Glaucoma Association, an estimated 79.6 million individuals were anticipated to have glaucoma in 2020.
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The outbreak of COVID-19 has created a higher preference among patients to visit specialty eye institutes rather than hospitals in order to avoid crowded places that pose a higher threat of contracting the virus, thereby increasing the demand for specialty clinics. Moreover, the new dynamics involved in the occupation and education system have increased the overall screen-time of individuals, which is expected to contribute to the rising incidence of eye disorder.
Key Takeaways from the Market Study
- Ocular implants market value to reach US$ 12.54 Bn by the end of 2022
- By product, glaucoma implants to account for 25% revenue in the global market
- By end-use, hospitals to account for 40% of all ocular implants deployment
- Based on application, glaucoma surgery to account for 3 out of 10 ocular implants deployment
- Asia Pacific is anticipated to register the highest CAGR of 7.1% over the forecast period
- U.S to be an opportunistic market, accounting for over 1/3rd ocular implant sales
“The novel COVID-19 disease disrupted the overall flow and working of some of the major economies across the globe while having an equal impact on the emerging and smaller economies as well. However, in 2022, the market is rapidly growing owing to the major shift towards online education programs and work from the home model leading to a lot more cases of eye disorders.”, says a Fact.MR analyst.
The competitive landscape of the ocular implants market is shaped by product innovation and strategic mergers & acquisitions. Some prominent manufacturers of ocular implants are Alcon; Bausch & Lomb, Inc.; Carl Zeiss AG; Johnson & Johnson; STAAR Surgical Company; Morcher GmbH; Hoya Corporation; and Glaukos Corporation. Front runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies. Some notable developments are as follows:
- In August 2021, Alcon, Inc., a subsidiary of Novartis, acquired Ivantis, Inc. and its HydrusMicrostent for surgical glaucoma. The intended acquisition supports Alcon’s commitment to further strengthen its industry-leading portfolio across refractive, retina, cataract, and glaucoma.
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More Valuable Insights
In its latest report, Fact.MR offers an unbiased analysis of the market providing historical data for the period of 2015-2021 and forecast statistics for the period of 2022-2032.
The study gives critical insights into the ocular implants market on the basis of product (glaucoma implants, intraocular lens, corneal implants, orbital implants, ocular prosthesis and others), application (glaucoma surgery, oculoplasty, drug delivery, age-related macular degeneration and aesthetic purpose), and end use (hospitals, specialty eye institutes and clinics) across five regions (North America, Latin America, Europe, Asia Pacific and MEA)
Key Market Segments in Ocular Implants Industry Research
· By Product
- Intraocular Lens
- Corneal Implants
- Orbital Implants
- Glaucoma Implants
- Ocular Prosthesis
· By Application
- Glaucoma Surgery
- Drug Delivery
- Age-related Macular Degeneration
- Aesthetic Purpose
· By End Use
- Specialty Eye Institutes
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