Corneal Implants Market Segmented By Product Type (Human Cornea, Synthetic), Surgery Method (Penetrating Keratoplasty, Endothelial Keratoplasty), Application (Keratoconus, Fuchs Dystrophy, Infectious Keratitis, Corneal Ulcers) in North America, Europe and Asia-Pacific Market
Industry: Healthcare
Published Date: November-2022
Format: PPT*, PDF, EXCEL
Delivery Timelines: Contact Sales
Number of Pages: 333
Report ID: PMRREP31340
The market for corneal implants is valued at US$ 419 Million in the current year 2022, and in the next ten years, it is predicted to increase at a CAGR of 6.6%. As per the PMR corneal implants market analysis report, the net valuation of the overall market is predicted to reach nearly US$ 794 Million by the end of this forecast period in 2032.
Considering it is a one-day treatment and decreasing the cost of corneal vision price, healthcare experts anticipate seeing a rise in its utilization in the coming days. Numerous financing initiatives, both governmental and non-governmental support, are predicted to boost the adoption of corneal implants in the next ten years.
Due to shorter waiting times, cheaper costs decreased chances of infection, and greater nurse-to-patient ratios during the past ten years, intra-corneal ring segments for keratoconus have emerged as a secure and efficient alternative to other surgical methods.
| Attribute | Details |
|---|---|
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Corneal Implants Market CAGR (2022 to 2032) |
6.6% |
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Corneal Implants Market Size (2022) |
US$ 419 Million |
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Corneal Implants Market (2032) |
US$ 794 Million |
In the previous two years, there has been a significant backlog in corneal transplant surgeries due to the epidemic. As a result, there is now a substantial disparity between the patient population in need of corneal transplants and the number of donors. Over the projection period, the industry is predicted to prosper since it is now recuperating.
The provision of USFDA-approved corneal implant surgery and the introduction of sophisticated Xenia corneal implant techniques like Deep Anterior Lamellar Keratoplasty (DALK) are also anticipated to accelerate the advancement of this market during the projected period. The other part includes the use of corneal implants for presbyopia and post-operative cataract edema, hereditary corneal disorders, and any type of mechanical or chemical damage to the cornea.
About 200,000 corneal implant surgeries are reportedly carried out each year. Yet just 1 in 70 of the world's requirement for corneal implants has been met, so there are currently 12.7 million people on the waiting list. As a result, it is anticipated that the sector would be driven by a significant imbalance of supply and demand throughout the projection period.
In the following years, corneal implants companies are also concentrating on creating synthetic corneas to overcome the market dynamics imbalance. For example, CorneaGen and the Institute of Regenerative Medicine have worked together to create corneas by the replication of stem cells.
In the majority of healthcare facilities in Asia Pacific and African countries, corneal implant treatments are done as outpatient procedures, that have limited the popularity of corneal implants in these nations. So lack of sufficient healthcare infrastructure in such regions would make it daunting for the market players to penetrate the market as well as the emergence of new ones.
In light of the emergence of alternatives exhibiting promising outcomes, the implantation of intrastromal corneal ring segment acceptance rate has been progressively declining in recent years. Its relative benefits over newer methods, such as the ability to effectively treat large central holes and avoid stromal contact, are anticipated to keep its market dominance, nonetheless.
Traditionally, the human cornea type segment leads the global market and is responsible for the highest overall demand of even more than 92% against the synthetic cornea type segment. This market sector is anticipated to continue to develop steadily during the projected period, maintaining its dominant position in the international industry.
Whereas during the projected period, the synthetic type sector is anticipated to develop at the quickest rate, exceeding 7% CAGR. These artificial corneas are made up of polymethyl methacrylate (PMMA) or titanium and semi-synthetic corneas based on collagen.
As per the market analysis in the previous years, the Fuchs dystrophy market segment led the sector and was responsible for more than 50 percent of the total revenue generated by the market participants. Additionally, the category is anticipated to expand at a high rate throughout the projected period due to the rising prevalence of Fuchs Dystrophy among younger people in some parts of the world.
As per the market survey report in the year 2021, keratoconus corneal implant also accounted for a sizable portion of the total income and is projected to grow at a faster rate than before through the projected timeline.
Currently, as evident from the market statistics figures, the penetrating keratoplasty cornel implant segment controls the market by generating more than 55% of the total revenue. The market will continue to grow at a constant CAGR, maintaining its leadership over the forecasted years.
The other category for endothelial keratoplasty, on the contrary, is anticipated to see the highest growth rate during the forecast years between 2022 and 2032.
Based on several end-user verticals, as per the previous record with PMR, the hospital sector dominated the market as more than 60% of the total demand for corneal implants came from this category in the previous consecutive years, and it is anticipated to grow at a healthy growth rate throughout the projection period as well.
The key reasons projected to propel this segment's growth include the availability of extremely competent surgeons, the expanding patient population, and the association of international eye banks with properly established healthcare institutions. Well over the projected period, the ambulatory surgical center or ASC sector is also predicted to witness considerable growth with a CAGR more than the former segment.
| Attributes | Corneal Implants Market |
|---|---|
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CAGR (2022 to 2032) |
6.6% |
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Market Value (2022) |
US$ 419 Million |
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Growth Factor |
Its numerous benefits, including affordability, bio - compatibility, and increased safety and efficacy. |
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Future Opportunities |
The market is anticipated to be driven by the growing percentage of aging population, who have a higher chance of getting Fuchs dystrophy. |
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Market Trends |
Remarkable advancements by the continued effort of private corneal implants companies is augmenting the target market sales |
| Attributes | Eye Examination Equipment Market |
|---|---|
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CAGR (2022 to 2032) |
6% |
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Market Value (2022) |
US$ 7.35 Billion |
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Growth Factor |
The rising frequency of eye illnesses and the arrival of technologically sophisticated ophthalmic instruments. |
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Future Opportunities |
Increasing adoption of B-Scan ultrasound, ophthalmic ultrasound imaging technologies are anticipated to see the quickest growth. |
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Market Trends |
Technologically improved healthcare items and convenient reimbursement options is rising in well-established healthcare settings. |
| Attributes | Ocular Implants Market |
|---|---|
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CAGR (2022 to 2032) |
6% |
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Market Value (2022) |
US$ 14 Billion |
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Growth Factor |
Increasing incidence of eye disorders such as age-related macular degeneration, cataract, glaucoma, and sclerosis. |
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Future Opportunities |
An increase in diabetes incidence may cause diabetic retinopathy, which is expected to increase the demand. |
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Market Trends |
For outlying locations, the specialized eye institutions market segment is anticipated to expand significantly in the future. |
As per the analysis, North America led the market and generated the majority of revenue - roughly accounting for 60% of the total demand for corneal implants globally in the year 2021. By virtue of the existence of significant market participants, effective reimbursement procedures, and rising corneal implant-related R&D efforts, the U.S. is anticipated to fuel the region's continued expansion.
Unfortunately, due to a decline in corneal donation rates, the country has experienced a corneal tissue scarcity in recent past years. Furthermore, buying cornea from abroad is difficult and should be done with domestic resources in mind. So the United States corneal implants market growth is expected to lag in comparison to other countries during the forecasted timeframe.
In 2021, European economies together had the second-largest corneal implant industry share that is expected to continue in the coming days, as per the report. Moreover, in Europe, particularly in the U.K., Germany, Italy, and Spain, corneal implant treatments have significantly advanced over time and are predicted to have a fair contribution to the medical tourism sector as well.
In the region, the U.K. is anticipated to witness the highest growth in the adoption of corneal implants as many citizens of other European countries prefer to visit this country for any type of treatment procedure. Moreover, the sudden rise of a vast amount of immigrants in the last few years is poised to contribute to the development of any type of healthcare sector market.
Over the projection period, the Asia Pacific is anticipated to see the quickest growth as a result of the existence of various rising markets and the significant unmet clinical requirements in nations like China, Japan, and South Korea. Given this circumstance, a number of nations in this geographical region have established the Opt-out system of organ donation to encourage corneal donation, which is anticipated to fuel the said market's expansion in the coming days.
Japan is anticipated to remain a lucrative market during the forecast period. The capacity to produce superior-quality synthetic corneas is touted to be a remarkable feat for competing in the global market for corneal implants. Furthermore, extensive foreign policies to accelerate its export of all types of finished goods are also anticipated to play a crucial role in creating huge opportunities for the regional market players.
Key players in the global market operating in this sector are Florida Lions Eye Bank, Alcon, Inc., Aurolab, CorneaGen, AJL Ophthalmic S.A., DIOPTEX, Massachusetts Eye and Ear, San Diego Eye Bank, KeraMed, Inc., Alabama Eye Bank, Inc., and Presbia Plc among others.
Given the somewhat fragmented nature of the international corneal implant businesses to increase their market presence, major corneal implant corporations are using a variety of business methods, including corporate restructuring, acquisitions, and new product launches. For example, CorneaGen obtained a capital of US$ 25 Million through stocks in October 2019 to finance its plan to expand its services internationally.
| Attribute | Details |
|---|---|
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Forecast Period |
2022 to 2032 |
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Historical Data Available For |
2015 to 2021 |
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Market Analysis |
US$ Million for Value |
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Key Countries Covered |
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By Market Segments |
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Key Companies Profiled |
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Pricing |
Available Upon Request |
Corneal Implants Industry Segment by Product Type
Corneal Implants Industry Segment by Surgery Method
Corneal Implants Industry Segment by Application
Corneal Implants Industry Segment by End User
Corneal Implants Industry Segment by Region
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The global market is likely to grow at a rate of 6.6% through 2032
The global market is expected to garner US$ 794 Million by 2032.
The US is the top-performing country contributing to more than 35% of the market.
The current market worth is estimated at US$ 419 Million in 2022.
The Hospital segment accounts for than 90% of the corneal implants market.
