The market for Artificial Corneal Implants worldwide was worth $ 410 million US dollars. We Market Research Group projects that the market will reach US$ 697 million by 2031, growing at a CAGR of 6.2 percent between 2022 and 2031.
Industry Overview
Artificial Corneal Implants are the artificially made by using anterior lamellar keratoplasty, endothelial keratoplasty, penetrating keratoplasty, keratoprosthesis, and keratoprosthesis, the damaged cornea of the eye is replaced with artificial or human donor corneal tissue. It is mostly used to treat ophthalmic conditions including keratoconus and Fuchs’ dystrophy since it is made for long-term eyesight. Artificial Corneal Implants help considerable change in patients’ lifestyle as its improves eye’s ability of vision & keep their natural sight inorder. Artificial Corneal Implants helps in the improvement of the physical appearance of a person and gives comfort & convenience. According to reports, each year more than 200,000 corneal implant procedures are performed. Nevertheless, just 1 in 70 of the world’s requirement for corneal implants has been met; there are currently 12.7 million people on the waiting list. Thus, it is anticipated that the sector would grow during the projection period despite the significant disparity between supply and demand.
Artificial Corneal Implants are having a significant demand for collagen-based bio-engineered artificial corneas which can be attributed to its benefits, including affordability, biocompatibility, and increased safety and efficacy. The attention of manufacturers to create and introduce new items has risen. Two products are now undergoing clinical studies and are anticipated to support the artificial cornea segment’s and the industry’s overall growth throughout the projected period.
Market Dynamics:
The global Artificial Corneal Implants market is increasing due to the desire of the consumer to spend money on eye care is credited with driving the expansion in the artificial cornea implant industry. Also, the main driver of the market’s growth is the rise in ophthalmic illnesses such keratoconus, Fuchs dystrophy, and viral keratitis. Also, the worldwide market for artificial corneal implants is growing as a result of increased healthcare expenditures for eye treatments in developing countries. Also, factors including the growth in surgical operations and the need for cutting-edge treatment options may cause the market to grow.
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Market Segmentation
Based upon the Type in the Artificial Corneal Implants market is segmented in Human Cornea and Artificial Cornea. The Artificial Cornea dominated the Artificial Corneal Implants market in 2021. These implants are known as artificial corneas and can be further divided into fully synthetic (made of polymethyl methacrylate (PMMA) or titanium) and semi-synthetic (based on collagen). Moreover, it is anticipated that the lack of human corneas combined with an increase in the incidence of visual impairment brought on by corneal opacification would fuel the segment’s rise throughout the course of the projection period.
By Type
• Human Cornea
• Artificial Cornea
By Transplant Type
• Penetrating Keratoplasty
• Endothelial Keratoplasty
• Anterior lamellar keratoplasty
By Application
• Keratoconus
• Fuchs Dystrophy
• Infectious Keratitis
• Corneal Ulcers
By End user
• Hospitals & Ambulatory Surgical Centers
• Specialty Clinics
Key USP’s-
According to CDC estimates from June 2020, over 12 million Americans aged 40 and above experienced eye impairment in 2020. As a result, the high rate of visual impairment in the area has increased the number of ophthalmic procedures, which in turn has increased the need for corneal implants.
Competitive Landscape
Key players operating in the Artificial Corneal Implants Market include AJL Ophthalmic SA, Alabama Eye Bank, Inc., Alcon, Inc., Aurolab, Cornea Biosciences, CorneaGen Inc., CorNeat Vision, DIOPTEX GmbH, EyeYon Medical, Florida Lions Eye Bank, KeraMed, Inc., LinkoCare Life Sciences AB, Massachusetts Eye & Ear, Mediphacos, Presbia PLC, Price Vision Group and San Diego Eye Bank among others. In July 2022, Precise Bio and Carl Zeiss Meditec established a cooperation for the creation and marketing of tissue-based implants for ophthalmology.
The late-onset variant of Fuchs’ endothelial dystrophy, which affects about 4% of adults over the age of 40 in the United States, is a frequent disorder, according to a March 2020 paper published in Advances in Retinal and Eye Research. Bullous keratopathy is also the most typical condition among elderly patients after cataract surgery. It is advised that such patients have an EK operation. Also, according to the UN’s Global Population Ageing 2022 study, the proportion of the world’s population 65 years of age or older is expected to increase from 10% in 2022 to 16% in 2050. The development of the worldwide artificial cornea implant market, however, is threatened by the high cost of cornea implant procedures. Moreover, complications from corneal procedures hinder the widespread use of corneal implants.
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COVID Impact
The COVID-19 pandemic gave a negatively impact on the Artificial Corneal Implants business market. The sales in the sector started to drop during the COVID-19 epidemic. Product sales noted a brief fall as a consequence of factors including global lockdowns, limits on needless human mobility, and the suspension of economic activity by governments in an effort to stop the spread of this virus. The epidemic significantly reduced the amount of human cornea donated. For instance, a study in the British Journal of Ophthalmology found that in 2022, procurements of human cornea tissue fell by 38%, 68%, and 41% from March, April, and May of the previous year. The COVID-19 pandemic outbreak aided the industry in integrating new products, and this pattern is anticipated to continue in the next years.
Regional Trend
Geographically, North America dominated the Artificial Corneal Implants market and had the largest revenue share of 59% in 2022. The growth in this region can be attributed to due to the residence of significant market participants, effective reimbursement procedures, and rising corneal implant-related R&D efforts are the elements anticipated to fuel the region’s continued expansion. For instance, the Institute of Regenerative Medicine and CorneaGen have collaborated to develop corneas by the replication of stem cells. In 2021, Europe had the second-largest industry share.
This report aims to provide:
- The analysis tools such as SWOT analysis and Porter’s five force analysis are utilized, which explain the potency of the buyers and suppliers to make profit-oriented decisions and strengthen their business.
- The in-depth market segmentation analysis helps identify the prevailing market opportunities.
- In the end, this Artificial Corneal Implants report helps to save you time and money by delivering unbiased information under one roof.
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