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.
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.
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.
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.
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.
Corneal Implants Market - Scope of the Report
Persistence Market Research (PMR) recently published a market study on the global corneal implants market. The study provides detailed assessment on key market dynamics, including the drivers, trends, opportunities restraints, and detailed information about the corneal implants market structure. The market study presents exclusive information about how the corneal implants market will grow during the forecast period (2019-2029).
Key indicators of market growth, which include Year-on-Year (Y-o-Y) growth of the market and compound annual growth rate (CAGR) are explained in PMR’s study in a comprehensive manner. Other information includes definition, drivers and opportunity analysis by region and by product type, which helps in deep understanding of the market segments from researchers, suppliers, manufactures, and distributors. This information can help readers understand the quantitative growth prospects of the corneal implants market during the forecast period.
The study is relevant for manufacturers, eye surgeons, suppliers, distributors, and investors, and can help them in developing appropriate strategies to grow in the market. Business researchers, shareholders, and industry experts can leverage the information and data presented in PMR’s study.
The study also includes statistics as well as facts related to macroeconomics factors that are impacting developments in the market. It also offers actionable insights based on the future trends in the corneal implants market. Furthermore, small businesses and new entrants in the corneal implants market too can make use of the information presented in this study, based on which, they can make appropriate business decisions in order to gain momentum in the market.
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.
Questions Answered in PMR’s Corneal Implants Market Report
Corneal implants Market: Research Methodology
In PMR’s study, a unique research methodology is utilized to conduct extensive research on the growth of the corneal implants market, and reach conclusions on the future growth parameters of the market. This research methodology is a combination of primary and secondary research, which helps analyst ensure accuracy and reliability of conclusions.
Secondary resources referred to market study include statistics from government healthcare organizations, medicines journals, research journals, press release, annual reports, white papers, directories, and databases. Analysts have interviewed senior managers, product portfolio managers, CEOs, VPs, marketing/product managers, and market intelligence managers, who contributed to the development of this report as a primary resource.
Comprehensive information acquired from primary resources and secondary resources acts as a validation from companies in corneal implants, and makes PMR’s projection on the growth prospects of the corneal implants market more accurate and reliable.