New York, United States, Oct. 17, 2023 (GLOBE NEWSWIRE) -- A corneal transplant involves surgically removing and replacing a cloudy cornea with a clear donor cornea. People who have generously donated their eyes or organs to science for the benefit of others provide donated tissue. “The global artificial cornea and corneal implant market size is estimated to Reach USD 718 million at a CAGR of 8.1% during the forecast period.,” stated by Research Manager at Straits Research P. Ltd.
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Key Drivers
The incidence of ophthalmic diseases such as cataracts and glaucoma has increased dramatically in recent years. This increase in ophthalmic diseases has increased the need for precise diagnosis to design the most effective treatment and correction. Based on a study conducted by the National Center for Biotechnology Information (NCBI) in India, there were 10.6 million cases of unilateral corneal blindness in 2020. According to the same study, corneal diseases were responsible for 30.5% of cases of blindness. Developing nations account for 90% of the world's cases of ocular trauma and corneal ulceration resulting in corneal blindness, demonstrating the severity of the corneal disease. The principal causes of corneal disorders in the elderly are corneal degenerations, trauma-induced infectious keratitis, and trachomatous keratopathy.
Advancements in ophthalmic laser technology, such as the development of femtosecond lasers, have shortened the duration of surgical procedures and improved their efficacy and convenience. According to a study conducted by the Singapore Eye Research Institute (SERI), the price of a femtosecond laser ranges from USD 400,000 to USD 550,000. These factors influence the purchase decisions of clinics and small diagnostic centers for expensive equipment, restraining market expansion.
Regional Insights
North America will command the market with the largest share growing at a CAGR of 8.7% during the forecast period. A large percentage of this region's market share is attributable to the region's well-established healthcare infrastructure, greater adoption of advanced healthcare technologies, higher budgets among consumers of ophthalmic devices, and the vast proportion of corneal implant manufacturers. North America has contributed the most to the global ophthalmic market due to the highest number of ophthalmic diagnostic, surgical, and vision correction procedures.
According to the "Vision Health Initiative," more than 4.2 million Americans aged 40 or older are legally blind or suffer from low vision clarity. The leading causes of blindness and low vision in the United States are age-related eye diseases such as age-related macular degeneration, cataract, diabetic retinopathy, and glaucoma. In addition, an increase in the prevalence of eye diseases, initiatives taken by governments for the prevention of eye health, a rise in awareness regarding cornea donation, and innovations in the artificial cornea are expected to contribute to the region's dominance over the forecast period.
Asia-pacific will advance at the highest CAGR of 8.9% and reach USD 243 million by 2030. Due to its large population, chronic and lifestyle diseases, and rapid increase in eye disease incidence, the Asia-Pacific region offers lucrative opportunities for artificial cornea and corneal implant market participants. During the forecast period, the market for artificial cornea and corneal implants is anticipated to be driven by an increase in the geriatric population susceptible to ophthalmic diseases, as well as the use of artificial cornea in primary healthcare settings, such as hospitals.
Cataracts, glaucoma, age-related macular degeneration (AMD), and refractive errors have become prevalent in the region. Japan, India, and China have the highest prevalence of eye diseases in the Asia-Pacific region. In addition, government funding would support various ophthalmology researches aimed at developing an advanced artificial cornea, which is expected to boost the artificial cornea and corneal implant market in Asia-Pacific.
Key Highlights
- Fuchs' Dystrophy is expected to hold the largest market share advancing at a CAGR of 8.3% during the forecast period.
- Based on type, the human cornea will have most of the market share at a CAGR of 8% during the forecast period.
- Based on transplant type, Penetrating Keratoplasty is expected to hold the largest market share advancing a CAGR of 6.7% during the forecast period.
- Based on end-user, Hospitals & Ambulatory surgical centers will hold the largest market share growing at a CAGR of 6.3% during the forecast period.
- Based on regional analysis, North America will command the market with the largest share growing at a CAGR of 8.7% during the forecast period.
Competitive Players in the Market
- AJL Ophthalmic
- CorneaGen Inc.
- CorNeat Vision
- LinkoCare Life Sciences AB
- Presbia plc
- Mediphacos
- Aurolab
- Cornea Biosciences
- DIOPTEX GmbH
- EyeYon Medical
Market News
- In 2022, CorneaGen Inc. launched the EndoSerter-PL, advancing the next generation of cornea care.
Global Artificial Cornea and Corneal Implant Market: Segmentation
By Type
- Human Cornea
- Artificial Cornea
By Transplant Type
- Penetrating Keratoplasty
- Endothelial Keratoplasty
- Anterior lamellar keratoplasty
- Keratoprosthesis
By Disease Indication
- Fuchs' Dystrophy
- Fungal Keratitis
- Keratoconus
- Others
By End-User
- Hospitals & Ambulatory Surgical Center
- Speciality Clinics
By Region
- North America
- Europe
- Asia-Pacific
- LAMEA
About Straits Research Pvt Ltd.
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