Dublin, May 01, 2024 (GLOBE NEWSWIRE) -- The "Corneal Implants Global Market Report 2024" report has been added to ResearchAndMarkets.com's offering.
The global corneal implants market has grown strongly in recent years. It will grow from $1.28 billion in 2023 to $1.38 billion in 2024 at a compound annual growth rate (CAGR) of 7.3%.The expansion observed in the historical period can be credited to several factors, including the introduction of pioneering surgical techniques, early innovation in biomaterials, the emergence of keratoplasty procedures, increased awareness of eye disorders, and the significant contributions of pioneering surgeons.
The corneal implants market is expected to see strong growth in the next few years. It will grow to $1.77 billion in 2028 at a compound annual growth rate (CAGR) of 6.5%. The projected expansion during the forecast period is primarily driven by the adoption of personalized medicine strategies, increased accessibility and awareness, advancements in biomaterials, a surge in refractive surgeries, and the expanding aging demographic. Key trends anticipated in the forecast period encompass the emergence of minimally invasive techniques, regulatory backing and approvals, heightened awareness and accessibility, continuous innovation in biomaterials, and a rising trend in refractive surgery.
The anticipated rise in the prevalence of corneal disorders is poised to drive the expansion of the corneal implant market in the coming years. As an example, data from the Center for Disease Control (CDC) in December 2022 revealed that in the United States, the prevalence of cataracts (a corneal disorder) among individuals aged over 40 is estimated at 20.5 million, constituting approximately 17.2% of the population in that age group. Moreover, this figure is projected to surpass 30 million by the year 2028. Consequently, the upsurge in corneal disorders is a key driver for the growth of the corneal implant market.
The escalating healthcare expenditure is also expected to propel the expansion of the corneal implants market in the foreseeable future. For instance, as per the 2021-2030 National Health Expenditure (NHE) report released by the Centers for Medicare & Medicaid Services in March 2022, the projected growth suggests an average annual increase of 5.1% in national health spending between 2021 and 2030, reaching a total of nearly $6.8 trillion. Furthermore, it is anticipated that from 2021 to 2030, Medicare spending will rise at a 7.2% annual pace, while Medicaid spending will increase at a 5.6% annual rate. Hence, the escalating healthcare expenditure is a significant factor propelling the growth of the corneal implants market.
Prominent corporations in the corneal implants market are actively engaged in the development of innovative products, such as synthetic corneal implants, with the aim of expanding their customer base, boosting sales, and augmenting revenue. For example, in June 2021, EyeYon Medical, an Israeli medical ophthalmic devices company, obtained the CE mark and FDA approval for EndoArt, the pioneering synthetic corneal implant tailored to address corneal edema. EndoArt, attaching to the posterior corneal surface, acts as a replacement for non-functioning endothelium, offering a secure and minimally invasive solution. Its standout feature lies in enhancing visual acuity for individuals awaiting corneal tissue transplants, and in cases of transient edema, it holds the potential to eliminate the need for transplantation altogether.
Major players in the corneal implants market are embracing strategic partnerships to advance and introduce tissue-derived implants for ophthalmological applications. Strategic partnerships involve companies leveraging each other's strengths and resources for mutual benefit and success. For instance, in July 2022, Carl Zeiss Meditec AG, a German medical technology company, collaborated with Precise Bio, a US regenerative medicine company, focusing on the development and market launch of engineered corneal tissue for transplants. This initiative specifically caters to patients in need of endothelial keratoplasty and natural lenticule transplants for conditions such as keratoconus and vision correction. The partnership leverages ZEISS' global leadership in ophthalmology and Precise's innovative 4D bio-fabrication platform technology.
In January 2023, Viatris Inc., a US-based pharmaceutical and healthcare corporation, completed the acquisitions of Oyster Point Pharma and Family Life Sciences for $415 million and $280 million, respectively. Through these acquisitions, Viatris Inc. aims to expand its commercial presence and portfolio, positioning itself as a global leader in eye care, and addressing the unmet needs of patients with ophthalmic diseases and eye care professionals. Oyster Point Pharma, a US biopharmaceutical company, specializes in identifying, developing, and marketing novel treatments for eye diseases, while Family Life Sciences, an Indian drug development platform, specializes in ophthalmology.
North America was the largest region in the cornea implants market in 2023. Asia Pacific is expected to be the fastest-growing region in the global cornea implants market during the forecast period. The regions covered in the corneal implants market report are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, Middle East, Africa. The countries covered in the corneal implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, UK, USA, Canada, Italy, Spain.
Report Scope
Markets Covered:
1) By Implant Type: Artificial Corneal Implant; Human Corneal Implant
2) By Procedure Type: Endothelial Keratoplasty; Penetrating Keratoplasty; Other Procedure Types
3) By Application: Keratoconus; Fuchs Dystrophy; Infectious Keratitis; Corneal Ulcers; Other Applications
4) By End-User: Hospitals; Ophthalmic Center; Other End-Users
Key Companies Mentioned: Florida Lions Eye Bank Inc.; Alcon Inc.; Aurolab Aravind Eye Care System; CorneaGen; AJL Ophthalmic SA
Time Series: Five years historic and ten years forecast
Data: Ratios of market size and growth to related markets, GDP proportions, expenditure per capita
Data Segmentation: Country and regional historic and forecast data, market share of competitors, market segments
A selection of companies mentioned in this report includes, but is not limited to:
- Florida Lions Eye Bank Inc.
- Alcon Inc.
- Aurolab Aravind Eye Care System
- CorneaGen
- AJL Ophthalmic SA
- DIOPTEX Co. Ltd.
- KeraMed Inc.
- Alabama Eye Bank Inc.
- Presbia Plc
- CorNeat Vision Ltd.
- MediPhacos
- EyeYon Medical Ltd.
- Linkocare Life Sciences AB
- Price Vision Group
- Cornea Biosciences LLC
- Massachusetts Eye and Ear Infirmary
- Carl Zeiss Meditec AG
- Precise Bio Inc.
- Bausch & Lomb Incorporated
- Johnson & Johnson Vision
- Abbott Medical Optics Inc.
- STAAR Surgical Company
- ZEISS Group
- Hoya Corporation
- Rayner Intraocular Lenses Limited
- HumanOptics AG
- Morcher GmbH
- Lenstec Inc.
- Hanita Lenses R.C.A Ltd.
- Omni Lens Pvt. Ltd.
- Ocular Systems Inc.
- Moria SA
- DORC International BV
- Coroneo Pty Ltd
- FCI Ophthalmics Inc.
For more information about this report visit https://www.researchandmarkets.com/r/81ji9k
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