Dublin, March 18, 2022 (GLOBE NEWSWIRE) -- The "Ocular Implants Market Size, Share & Trends Analysis Report by Product (Glaucoma Implants, Intraocular Lens), by Application (Glaucoma Surgery, Age-related Macular Degeneration), by End Use, by Region, and Segment Forecasts, 2022-2030" report has been added to ResearchAndMarkets.com's offering.
The global ocular implants market size is expected to reach USD 22.1 billion by 2030 and is expected to expand at a CAGR of 5.8% from 2022 to 2030.
Increasing focus on the development of technologically advanced products is expected to drive the market. Additionally, the growing incidence of eye disorders such as glaucoma, cataract, and age-related macular degeneration is predicted to propel the demand for ocular implants. According to the World Glaucoma Association, an estimated 79.6 million individuals were anticipated to have glaucoma in 2020.
Due to the imposition of multiple lockdown restrictions, travel restrictions, and complete lockdowns in many countries, the economies worldwide have observed a major loss moving it into a state of recession. The COVID-19 impact was also strongly felt across the healthcare systems.
While certain markets witnessed a major rise in demand due to the need for ocular implants in diagnoses and the treatment of COVID-19, certain other products observed a sharp fall in sales, especially during the peak of the pandemic. The market belonged to the latter and witnessed a negative impact due to the outbreak of COVID-19. The cancellation and postponement of elective surgeries in order to avoid the transmission of the virus to the staff and patients led to a fall in the sales of ocular implants in 2020.
However, the introduction of vaccines and specific strategies based on earlier experience to curtail the similar impact of the third or fourth wave in most countries is helping the market to regain its growth.
Additionally, the outbreak of COVID-19 has created a higher preference among patients to visit specialty eye institutes rather than hospitals in order to avoid crowded places that pose a higher threat of contracting the virus, thereby increasing the demand for specialty clinics.
Moreover, the new dynamics involved in the occupation and education system have increased the overall screen-time of individuals, which is expected to contribute to the rising incidence of eye diseases. This, in turn, is expected to enhance the market growth during the forecast period.
Ocular Implants Market Report Highlights
- The glaucoma implants product segment dominated the market in 2021 owing to the growing incidence of glaucoma globally.
- The glaucoma surgery application held the largest revenue share in 2021 and this trend is expected to continue during the forecast period.
- By end use, the hospitals segment dominated the market with a revenue share of more than 40.0% in 2021 due to the increasing number of hospital admissions across the globe.
- The specialty eye institutes end-use segment is expected to witness significant growth during the forecast period owing to the rising need for eye care services in remote areas.
- Asia Pacific is anticipated to register the highest CAGR of 7.1% over the forecast period due to the increase in the diabetic population in this region, which is highly susceptible to developing eye disorders.
Market Dynamics
Market driver analysis
- Increasing incidence of eye disorders
- Growing geriatric and diabetic population
- Technological advancements
Market restraint analysis
- Recent product recalls
Ocular Implants Market Analysis Tools
- Industry Analysis-Porter's
- PESTEL Analysis
- Major Deals & Strategic Alliances Analysis
- Market Entry Strategies
Competitive Landscape
- Alcon
- Bausch & Lomb, Inc.
- Carl Zeiss AG
- Johnson & Johnson
- STAAR Surgical Company
- Morcher GmbH
- Hoya Corporation
- Glaukos Corporation
For more information about this report visit https://www.researchandmarkets.com/r/yoocxe
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