Corneal Implants Market Forecasted to Reach $794 Million by 2032 Amid Growing Prevalence of Corneal Disorders: Persistence Market Research
The human cornea dominates the global market with over 92% demand, outperforming synthetic corneas. Expect sustained growth in this sector throughout the forecasted period.
New York, Oct. 27, 2023 (GLOBE NEWSWIRE) — The corneal implants market is currently valued at US$ 419 million in 2022, with a projected compound annual growth rate (CAGR) of 6.6% over the next decade. According to the analysis report by PMR, the total market value is expected to approach US$ 794 million by the conclusion of the forecast period in 2032
In recent years, there has been a notable increase in the prevalence of eye conditions like ocular hypertension and diabetic retinopathy. Additionally, the growing burden of chronic diseases such as hypertension and diabetes has contributed to various eye disorders, including glaucoma, which is expected to reshape the market dynamics.
The rapid onset of the COVID-19 pandemic has had a profound impact on ophthalmic surgery worldwide. The suspension of elective procedures during the pandemic resulted in a global decrease in the number of patients undergoing ophthalmic surgery, as these procedures are typically considered elective.
The North American corneal implants market has witnessed substantial growth recently due to a combination of factors reflecting technological advancements and shifting healthcare trends. The increasing prevalence of corneal diseases such as keratoconus, dystrophies, and corneal scarring has driven the demand for corneal implants.
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|Market Revenue 2022||US$ 419 Million|
|Estimated Revenue 2023||US$ 794 Billion|
|Growth Rate – CAGR||6.6%|
|No. of Pages||333 Pages|
|Market Segmentation||By Product Type, By Surgery Method, By Application, By End User, By Region|
|Regions Covered||North America, Latin America, Europe, Asia Pacific, Middle East & Africa|
|Companies Covered||Florida Lions Eye Bank, Alcon, Inc., Aurolab, CorneaGen, AJL Ophthalmic SA, DIOPTEX, Massachusetts Eye and Ear, San Diego Eye Bank, KeraMed, Inc., Alabama Eye Bank, Inc., Presbia Plc|
Corneal Implants Market Trends
The corneal implants market is subject to several in-depth trends that are shaping its dynamics and future prospects:
Technological Advancements: Advances in corneal implant technologies have significantly improved their effectiveness and safety. Innovations like the development of synthetic corneas and enhanced surgical techniques are expanding treatment options.
Increasing Prevalence of Corneal Disorders: A rise in corneal disorders, such as keratoconus, dystrophies, and corneal scarring, has driven the demand for corneal implants. This is often attributed to factors like aging populations and lifestyle changes.
Rise in Refractive Surgery: Growing interest in refractive surgery, particularly for vision correction, is boosting the corneal implants market. Procedures like keratoplasty and Descemet’s Stripping Automated Endothelial Keratoplasty (DSAEK) are becoming more popular.
Global Expansion of Eye Care Services: The increasing availability of eye care services in developing countries is expanding the patient pool for corneal implant procedures. This trend is supported by both government initiatives and private sector investments in healthcare infrastructure.
Impact of the COVID-19 Pandemic: The pandemic led to temporary disruptions in elective surgeries, including corneal implant procedures. Although there was a slowdown, the market is rebounding as healthcare facilities adapt to the new normal.
Collaboration and Mergers: Companies in the corneal implant market are increasingly forming partnerships and engaging in mergers and acquisitions to expand their product portfolios and global reach.
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Frequently Asked Questions:
1. What is the approximate market size for Corneal implants?
The Corneal implants market was valued at around $419 million in 2022.
2. How is the corneal implants market expected to expand?
The global corneal implants market is projected to experience a compound annual growth rate of 6.6% from 2022 to 2032, reaching a total of USD 794 million by 2032.
3. Which region is experiencing the most rapid growth in the Corneal Implants Market?
North America is anticipated to exhibit the highest Compound Annual Growth Rate (CAGR) during the forecast period (2022-2032).
4. What type of corneal transplant dominated the market?
In 2022, the human cornea category emerged as the leading segment in the corneal transplant market.
5. Which companies are engaged in the production of corneal implants?
Prominent players in the corneal implants industry comprise Florida Lions Eye Bank, Alcon, Inc., Aurolab, CorneaGen, AJL Ophthalmic SA, DIOPTEX, Massachusetts Eye and Ear, San Diego Eye Bank, KeraMed, Inc., Alabama Eye Bank, Inc., and Presbia Plc.
Corneal Implants Market Challenges
The corneal implants market faces several challenges that impact its growth and development:
Limited Donor Availability: One of the primary challenges is the shortage of corneal donor tissue. Many corneal implant procedures rely on human donor corneas, and the supply is insufficient to meet the demand, leading to long waiting lists for transplant patients.
Immunological Rejection: Despite advances in corneal transplant techniques, there is still a risk of immunological rejection. Patients may require long-term immunosuppressive medications to prevent graft rejection, which can have side effects and long-term health consequences.
Surgical Complexity: Corneal transplant surgeries are delicate and technically challenging procedures. Surgeons require specialized training and experience to perform these surgeries effectively. This creates a limitation in terms of the number of skilled surgeons available to perform these procedures.
Postoperative Complications: Complications such as graft failure, infection, and astigmatism can occur post-surgery, affecting the success of the procedure and necessitating additional interventions.
Technological Advancements: While technological advancements are a trend, they can also be a challenge. The rapid pace of innovation requires constant adaptation by healthcare providers and may lead to variations in surgical techniques and outcomes.
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