The Global Artificial Cornea and Corneal Implant Market in terms of revenue was estimated to be worth $418 million in 2021 and is poised to reach $599 million by 2026, growing at a CAGR of 7.4% from 2021 to 2026. 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.
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Artificial Cornea and Corneal Implant Market Dynamics
Market Drivers
- Rapid growth in the geriatric population
- Rising prevalence of eye diseases
- Increasing government initiatives to control visual impairment
Restraints
- High cost of ophthalmology devices and surgical procedures
Opportunities
- Shortage of corneal donors
- Untapped potential of emerging markets
Challenges
- Lack of awareness and low access to eye care in low-income economies
- Shortage of ophthalmologists
Human cornea segment accounted for the largest share of artificial cornea and corneal implant market in 2020.
On the basis of type, the artificial cornea and corneal implants market is segmented into human cornea and artificial cornea. In 2020, the human cornea segment accounted for the largest share of the artificial cornea and corneal implants market. The large share of this segment can be attributed to the rising awareness regarding corneal transplantation and eye tissue donations, especially in developing economies.
Penetrating keratoplasty segment accounted for the largest share of artificial cornea and corneal implant market in 2020.
On the basis of transplant type, the artificial cornea and corneal implants market is segmented into penetrating keratoplasty, endothelial keratoplasty, and other transplants (including anterior lamellar keratoplasty (ALK) and keratoprosthesis). In 2020, the penetrating keratoplasty segment accounted for the largest share of the global artificial cornea and corneal implants market. The large share of this segment can be attributed to the rising number of people suffering from eye disorders such as infectious keratitis and injury of the eyeball.
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In 2020, Fuchs’ dystrophy segment accounted for the largest share of artificial cornea and corneal implant market
On the basis of disease indication, the artificial cornea and corneal implants market is segmented into fungal keratitis, Fuchs’ dystrophy, keratoconus, and other diseases. In 2020, the Fuchs’ dystrophy segment accounted for the largest share of artificial cornea and corneal implant market. 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.
In 2020, hospitals segment accounted for the largest share of artificial cornea and corneal implant market
Based on end users, the artificial cornea and corneal implants market is segmented into hospitals and specialty clinics and ambulatory surgery centers (ASCs). In 2020, hospitals segment accounted for the largest share of artificial cornea and corneal implant market. The rising prevalence of eye disorders, growth in the geriatric population, increasing awareness about the innovative artificial corneal technology, the willingness of patients to spend more on advanced treatments, and the growing number of hospitals in developing countries such as India, China, and Brazil are some of the key factors driving the growth of the artificial cornea and corneal implants market for hospitals.
Asia Pacific is expected to witness fastest growth during the forecast period of 2021–2026.
Geographically, the artificial cornea and corneal implant market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East Africa. Asia Pacific is projected to witness highest CAGR during the forecast period of 2021–2026. The Asia Pacific forms the most lucrative region in the artificial cornea and corneal implants market, owing to the large population in countries such as China and India, rapid growth in the geriatric population, improving healthcare infrastructure, growing per capita income, and the rising focus of key market players on this region.
Key Market Players:
Some of the key players operating in the artificial cornea and corneal implant market include AJL Ophthalmic (Spain), CorneaGen Inc. (US), Addition Technology, Inc. (US), LinkoCare Life Sciences AB (Sweden), Presbia plc (Ireland), Mediphacos (Brazil), Aurolab (India), Cornea Biosciences (US), DIOPTEX GmbH (Austria), EyeYon Medical (Israel), Massachusetts Eye and Ear (US), Florida Lions Eye Bank (US), SightLife (US), Advancing Sight Network (US), San Diego Eye Bank (US), L V Prasad Eye Institute (LVPEI, India).
Recent Developments
- In June 2020, AJL Ophthalmic (Spain) received CE Mark approval for ENDO-K PRO. Product approval will enable company to provide its portfolio to end users.
- In January 2020, Mediphacos (Brazil) launched Keraring Intrastromal Corneal Ring. Product launch will enable company to capture market share.
- In April 2018, CorneaGen (US) acquired AcuFocus (US). This acquisition aimed at expanding the companys presence in the artificial cornea and corneal implants market.
- In December 2020, L V Prasad Eye Institute (India) inaugurated its 200th Vision Centre in Telangana, India.
Objectives of the Study
- To define, describe, analyze, and forecast the artificial cornea and corneal implant market by therapy, type, route of administration, end user and region
- To provide detailed information about the major factors influencing the market growth (such as drivers, restraints, opportunities, and challenges)
- To strategically analyze micromarkets with respect to individual growth trends, prospects, and contributions to the overall artificial cornea and corneal implant market
- To analyze market opportunities for stakeholders and provide details of the competitive landscape for key players
- To forecast the size of market segments in North America, Europe, the Asia Pacific, Latin America, and the Middle East Africa
- To profile key players and comprehensively analyze their market ranking and core competencies in the artificial cornea and corneal implant market
- To track and analyze competitive developments such as acquisitions, product launches, and expansions in the artificial cornea and corneal implant market
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