Artificial Cornea and Corneal Implant Market - Growth and key Players Analysis and Forecast
The Key Growth Elements in Detailed?
The 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.
Worldwide Growth Opportunities in Terms of Revenue:
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.
Driver: Rising prevalence of eye diseases;
The number of people with major eye diseases is increasing across the globe, and vision loss is becoming a major public health concern. The growth in the aging population and increasing prevalence of chronic disorders such as diabetes and hypertension have increased the prevalence of eye diseases such as diabetic retinopathy and ocular hypertension (glaucoma). The number of blind individuals or those affected with low vision is also expected to increase substantially. According to the Royal National Institute of Blind People (RNIB), in 2013, around 2 million people in the UK were living with vision loss, and this figure is expected to increase to 4.1 million by 2050.
Currently, there are 146 million people across the globe with trachoma, of which 10 million suffer from trichiasis and need surgery to prevent corneal blindness and 4.9 million individuals are completely blind from trachomatous corneal scarring (Source: WHO). Furthermore, as per the “World Report on Vision 2019” by WHO, nearly 2.2 people across the globe have vision impairment or blindness. This figure comprises several eye conditions that include moderate to severe distance vision impairment or blindness due to unaddressed refractive errors (123.7 million) and presbyopia (1.8 billion, including both addressed and unaddressed presbyopia), age-related macular degeneration (10.4 million), cataract (65.2 million), corneal opacities (4.2 million), glaucoma (6.9 million), trachoma (2 million), diabetic retinopathy (3 million), and other causes (37.1 million), and people with mild vision impairment with unknown causes (188.5 million).
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Regional Growth, Development and Demand Analysis:
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.
Major Key Players Mentioned in the research report are:
The prominent players in Artificial Cornea and Corneal Implant Market are 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) and L V Prasad Eye Institute (LVPEI, India).
AJL offers the artificial corneal implant through the Ophthalmology segment. The company has a strong product portfolio and a wide geographic presence in over 80 countries globally.
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