Corneal Implants Market
Global Market Study on Corneal Implants: Market Surging on Back of Rapidly Rising Demand from Ophthalmologists for Correction of Presbyopia
Corneal Implants Market Segmented By Small Aperture Corneal implantable Devices, Corneal reshaping Implantable Devices, Refractive Corneal Implantable Devices Implants Type with Presbyopia, Hypermetropia, Myopia, Astigmatism Indication
The global corneal implants market was valued at US$ 18.5 million in 2018, and is expected to expand at healthy CAGR of 13% from 2019 to 2029. Corneal implants have turned out to be promising devices for the correction of decreased near vision in presbyopic people who desire spectacle-independence.
The broad spectrum of treatment approach is available from non-surgical to surgical techniques for the correct management of presbyopia. With recent advances in biocompatible materials, corneal implants make a strong case within the treatment spectrum.
Improved patient outcomes with reducing associated ocular surgical complication are playing a vital role in the growth of the corneal implants market. Moreover, increase in the demand for corneal implants from ophthalmologists and eye surgeons to reduce the risk of post-operative complications is expected to be an important factor surging market growth.
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- CorneaGen (SightLife Surgical)
- Presbia PLC
- DIOPTEX Medizinprodukte Forschungs-, Entwicklungs- und Vertriebs GmbH
Added Clinical Advantages Fuelling Market Growth
With advancements in biocompatible material, corneal implants are important within the treatment spectrum, and provide additional clinical benefits to presbyopic patients. Several clinical investigations have shown promising results in the correction of presbyopia, with clear and good vision at near, intermediate, and far distances.
High safety profile is documented as compared to other risks associated with ocular surgery, as it does not remove any corneal tissue, and thus, minimizes the risk of ectasia. Moreover, corneal implants are reversible in nature, as they can be explanted if the patient is dissatisfied.
Additionally, corneal inlay procedures can be done simultaneously with other laser refractive surgeries such as LASIK (laser in-situ keratomileusis) and PRK (photorefractive keratectomy) to treat ametropia and presbyopia. They can also be performed on patients who have undergone cataract surgery with intraocular (IOL) implantation.
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Competitive Landscape of Corneal Implants Market
The market is characterized as a fragmented landscape, with a few players across the globe such as CorneaGen (SightLife Surgicals), Presbia PLC, and Dioptex. Investments in R&D to get marketing approval forms the key strategy being adopted by manufacturers in the corneal implants market.
In Oct 2018, Presbia received a notification from the FDA that required additional safety and efficacy related information to review post marketing applications (PMA) for Microlens.
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Europe to Dominate Corneal Implants Market
Europe holds a noteworthy market share in the global corneal implants market with 43% of total revenue, and the market expected to expand at a high CAGR of 14% during the forecast period. Rising prevalence of presbyopia, increasing elderly population, availability of all types of corneal inlays, increased accessibility to healthcare facilities, and rising demand from ophthalmologists are the key factors that are expected to contribute to the dominance of Europe in the global corneal implants market.
Increase in research & development activities, under clinical investigation of two implants, and increase in the demand for corneal inlays have made North America the second-most lucrative region in the corneal implants market, which is expected to progress at a noteworthy CAGR of 13% during the forecast period.
Further, continuous rise in the demand for advanced technologies and expansion of private hospitals and eye clinics in rural areas are boosting the demand for corneal implants in Asia Pacific.
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The research report on the corneal implants market provides recommendations, overview of the market, and estimation of market growth over the next decade.
Technology innovation leading to new product launches, rising demand for corneal inlays, increasing geriatric population, and increasing prevalence of presbyopia are responsible for the growth of the market at an impressive rate, with North America and Europe holding substantial share of the global corneal implants market.
Solid monetary position and new collaborations for the effective management of intravenous infusion are expected to drive the growth of the global corneal implants market over the coming years.
Key Segments of Corneal Implants Market
PMR’s study on the corneal implants market offers information divided into four important segments — implant type, indication, end user, and region. This report offers comprehensive data and information about the important market dynamics and growth parameters associated with these categories.
Key Questions Answered in Report
- How much is the corneal implants market worth?
The corneal implants market is expected to reach US$ 24.7 Mn in the year 2021.
- What will be the demand outlook?
The global corneal implants market is slated to expand 3.7 times between 2021 and 2031.
- What was the last 5 year market CAGR?
The global corneal implants market witnessed a CAGR of 10% between 2015 and 2020.
- What are the key trends of corneal implants market?
The latest trend implies preference for collagen-based bio-engineered artificial corneas due to benefits like biocompatibility, low cost, and improvised effectiveness and safety.
- What is driving the demand for corneal implants?
Growing incidences of ophthalmic diseases like Fuchs dystrophy, keratoconus, and infectious keratitis are the main factors driving the demand for corneal implants.
- What is the market share of top 5 players?
The top 5 players such as Alcon, Inc., CorneaGen, Aurolab, AJL Ophthalmic SA, and DIOPTEX hold more than 60% oof the market share.
- What are the top 5 countries driving demand?
The top 5 countries driving demand include the US, UK, Germany, Australia, and India.
- What is North America’s market Outlook?
North America holds the largest market share due to the US being the flag bearer.
- At what percentage corneal implants market is going to register growth in Europe?
Europe is expected to witness growth at the rate of 10% in the corneal implants market between 2021 and 2031.
- Which are the key exporters of corneal implants?
The US and Germany are the key exporters of corneal implants.