Artificial Cornea And Corneal Implant Market Expand At A Healthy Growth Rate In The Coming Years

Summary

• In January 2020, Mediphacos (Brazil) launched Keraring Intrastromal Corneal Ring. Product launch will enable company to capture market share.
• In December 2020, L V Prasad Eye Institute (India) inaugurated its 200th Vision Centre in Telangana, India.

Artificial Cornea and Corneal Implant Market growth is largely driven by the The growing geriatric population and the rising prevalence of eye diseases are the major drivers for the artificial cornea and corneal implants market. The increasing prevalence of eye disorders and government initiatives to control visual impairment are further boosting the market growth.

However, the high cost of ophthalmology devices and surgical procedures is expected to restrain the growth of this market during the forecast period.

What the Market Looks Like?

The global artificial cornea and corneal implant market is projected to reach USD 599 million by 2026 from USD 418 million in 2021, at a CAGR of 7.4% from 2021 to 2026, Asia Pacific is expected to witness fastest growth during the forecast period of 2021–2026

On the basis of disease indication, the artificial cornea and corneal implants market is segmented into fungal keratitis, Fuchs’ dystrophy, keratoconus, and other diseases. Fuchs’ dystrophy segment is projected to witness fastet growth during the forecast period. The rising incidence of the disease and the growing awareness among people regarding early disease diagnosis are the key factors driving the growth of this segment. 

Based on end users, the artificial cornea and corneal implants market is segmented into hospitals and specialty clinics and ambulatory surgery centers (OTC:ASCS). The specialty clinics and ASCs segment is expected to register the highest CAGR during the forecast period. Growth in this segment can be attributed to the reluctance of in-patient surgeries and the rising demand for minimally invasive procedures. Patient preference towards effective treatment and concerns regarding hospital-acquired infections are further supporting the growth of this segment.

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What Drives the Market Growth?

The growth of the global market for artificial cornea and corneal implant is primarily influenced by the following factors:

• Rapid growth in the geriatric population 
• Rising prevalence of eye diseases
• Increasing government initiatives to control visual impairment
• Untapped potential of emerging markets

Opportunity: Shortage of corneal donors

There is a significant requirement of corneal donors across the globe, as approximately 10 million people are in need of corneal transplants. Densely populated counties such as India suffer from a significant shortage of donor corneas, and there is a waiting period of more than six months for corneal transplants among patients suffering from corneal blindness. Approximately 6.8 million people in the country have poor vision in one eye, and nearly one million people have poor vision in both eyes due to corneal disorders. It was estimated that by the end of 2020, India would suffer from 10.6 million cases of unilateral corneal blindness. In 2019, around 120,000 people were affected by corneal blindness. Around 250,000 corneas are needed annually in the country; however, the total number of corneas donated each year is around 25,000. The high burden of corneal blindness, coupled with a shortage of corneal donors, is expected to offer high-growth opportunities to manufacturers of corneal implants.

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