New York, Jan. 25, 2024 (GLOBE NEWSWIRE) -- The corneal implants market is currently valued at US$419 million in 2022 and is expected to grow at a rate of 6.6% over the next ten years. By 2032, the market is projected to reach almost US$794 million, driven by a rise in eye diseases like keratoconus, Fuchs dystrophy, and infectious keratitis.
A report from the National Institutes of Health (NIH) states that 10-15% of keratoconus patients may need a corneal implant. Corneal blindness ranks third globally, affecting 10 million people, as per the World Health Organization (WHO) in 2021, with 2.2 billion individuals experiencing vision impairment.
The increasing prevalence of eye conditions like ocular hypertension and diabetic retinopathy, coupled with the growing burden of chronic diseases like hypertension and diabetes, is expected to reshape the market by influencing the dynamics of eye disorders such as glaucoma.
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Market Scope:
| Report Coverage | Details | |
| Market Revenue 2022 | US$ 419 Mn | |
| Estimated Revenue 2032 | US$ 794 Mn | |
| Growth Rate - CAGR | 6.6% | |
| Forecast Period | 2022-2032 | |
| No. of Pages | 333 Pages | |
| Market Segmentation | By Product Type, Surgery Method, Application, End User and Region | |
| Regions Covered | North America, Latin America, Europe, South Asia & Pacific, East Asia, The Middle East & Africa | |
| Key Companies Profiled |
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Corneal Implants Market Dynamics:
The corneal implants market is driven by the increasing prevalence of corneal disorders like keratoconus, Fuch's dystrophy, keratitis, scarring, ulcers, and edema. For example, keratoconus affects 50 to 200 per 100,000 people, with a prevalence of 54.5 per 100,000 in the U.S., boosting the demand for corneal transplantation. The rise in corneal blindness in emerging economies, such as India, where 6.8 million people have vision less than 6/60, also contributes to market growth.
Growing healthcare expenditure, evidenced by a 2.7% increase in National Health Expenditure (NHE) in 2021, propels the corneal implant market. Factors like changes in healthcare policies, increased disposable income, and advancements in the pharmaceutical industry further drive global market growth.
Technological advancements, such as bioengineered corneal implants using tissue engineering, enhance safety and efficacy. The introduction of advanced technologies is expected to drive market growth during the forecast period. Increased awareness about corneal transplantation, improved healthcare infrastructure, and rising demand in developing economies also fuel market expansion.
Despite the positive trends, a shortage of donor corneas restrains market growth. Approximately 10 million individuals worldwide need corneal transplants, but only 100,000 are performed annually due to a lack of donor tissue. The scarcity of donor corneas poses a challenge, with people in densely populated countries like India waiting over six months for transplantation. This shortage of donor corneas is expected to impede the corneal implants industry's growth despite the high prevalence of corneal blindness.
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Market Segmentation:
Traditionally, the human cornea type leads the global market with over 92% demand compared to synthetic corneas, expected to maintain dominance. The synthetic cornea type is projected to grow the fastest, exceeding 7% CAGR, composed of materials like PMMA or titanium.
Fuchs dystrophy dominates the market, contributing over 50% of total revenue, and is expected to expand rapidly. The keratoconus corneal implant also plays a significant role and is projected to grow at an accelerated rate.
Penetrating keratoplasty corneal implants presently control the market, generating over 55% of total revenue with a constant CAGR. Endothelial keratoplasty is anticipated to experience the highest growth rate between 2022 and 2032.
In various end-user verticals, the hospital sector dominates with over 60% of total demand, expected to grow steadily. The ambulatory surgical center (ASC) sector is also predicted to witness considerable growth surpassing the hospital sector's growth rate over the projected period.
Regional Highlights:
In 2022, North America led the market, holding the largest share at 58.4%. The region's market growth is driven by major players, effective reimbursement policies, and increased R&D activities, such as CorneaGen's partnership with the Institute of Regenerative Medicine for stem cell-based cornea development.
Asia Pacific is anticipated to have the fastest growth with a CAGR of 7.7%, attributed to emerging markets and unmet clinical needs in countries like China, Indonesia, and the Philippines. Notably, a successful artificial cornea transplant in a Chinese hospital in January 2023 contributes to the region's growth.
Europe is expected to grow at a lucrative CAGR of 7.2%. Despite improved corneal implant procedures in countries like the UK, Germany, Italy, and Spain, the region faces a corneal tissue shortage. To address this, an opt-out organ donation system has been adopted to encourage corneal donation and drive market growth.
Competitive Intelligence and Business Strategy
The corneal implants market has many players from different regions and globally, making it a diverse and competitive field. These companies use various strategies like launching new products, improving existing ones, and merging with or acquiring other businesses to grow. Some players also prioritize providing human eye corneas, emphasizing the importance of eye donations. Key players in the global market include CorneaGen, CorNeat Vision, Aurolab, KERAMED Inc., and Price Vision Group, among others.
Key Questions Answered in the Report:
- What are the contributing factors to the market's growth trends?
- What is the current market size, and how is it expected to change in the upcoming years?
- What are the key elements exerting influence on the market?
- How is the Corneal Implants market segmented, considering types, applications, fuels, or other relevant factors?
- Who are the major participants in the Corneal Implants market?
- What strategies are these players employing to establish a competitive edge?
- What factors are propelling the expansion of the Corneal Implants market?
- Which regions are anticipated to witness notable growth, and what are the driving factors behind it?
- What recent technological advancements are impacting the Corneal Implants industry?
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