New York, Nov. 15, 2022 (GLOBE NEWSWIRE) -- The corneal implants market is predicted to grow at an impressive CAGR of 6.6% during the forecast period covering 2022 to 2032. The corneal implants market share is estimated to reach a value of nearly US$ 794 Million by 2032, expanding from a total worth of US$ 419 Million in 2021.
The primary driver of the sector's development is the rising incidence of ocular conditions such as keratoconus, Fuchs dystrophy, and infectious keratitis. About 10-15% of people with keratoconus need to have a corneal implant treatment at some time, according to the NCBI analysis. By involving about 10 million people worldwide, corneal impairment is the third most common cause of blindness, behind glaucoma and cataract.
Due to its well-known safety and effectiveness, invasive keratoplasty is the primary treatment for a corneal transplant, and 46% of the cornea generated by the eye banks was utilized for penetrating keratoplasty, based on the reports of the Eye Bank Association of US.
The biggest revenue share of the human cornea market segment is attributed to improved Visual Acuity (VA) results and the highly satisfactory results of the human cornea, which is believed to be as high as 95% with no need for recurrent follow-ups.
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Key Takeaways from Global Corneal Market Study
- The hospital sector dominated the global market, accounting for more than 60% of all demand for corneal implants throughout the course of the last few years.
- The natural human cornea type segment dominates the worldwide market and accounts for more than 92% of total implants undertaken globally
- The synthetic lens segment for corneal implants is expected to grow at a pace faster than 7% CAGR over the forecast years.
- Throughout the projection period, the Fuchs dystrophy category is anticipated to continue to develop at the quickest rate, keeping its position as the most preferred method of corneal transplant.
- So, over course of the projection period, the special eye-care institution category is anticipated to experience considerable expansion due to the growing preference people of ASC for their better quick service and facilities.
The most recent kind of corneal transplant uses endothelial keratoplasty, which replaces only the damaged tissue rather than the entire depth of the cornea. With less chance of infection and eye surface injuries, this aids in quicker and better sight recovery and is expected to gradually limit the demand for corneal implants in the coming days.
It is also anticipated that greater public awareness of the value of eye donation would accelerate business expansion. Additionally, the provision for better eye care centers, eye banking policies & infrastructure, and cornea trading procedures in poorer nations would promote expansion by boosting supply.
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Competitive Landscape
Florida Lions Eye Bank, Alcon, Inc., Aurolab, CorneaGen, AJL Ophthalmic SA, DIOPTEX, Massachusetts Eye and Ear, San Diego Eye Bank, KeraMed, Inc., Alabama Eye Bank, Inc., and Presbia Plc are some of the major competitors in the worldwide corneal implants market.
Recent Developments in the Corneal Implants Market Industry
The attention of corneal implant manufacturers to create and introduce new items has risen to two new products that are now undergoing clinical trials and are anticipated to contribute to the synthetic cornea segment and the industry's overall growth throughout the projection period. For instance, Corneat Vision stated this year that clinical studies for its CorNeat KPro (artificial cornea) were underway. In 2024, this device is anticipated to be approved for sale.
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