Increasing Prevalence of Ocular Disorders and Technological Advancements Drive the Global Ocular Implant Market

calendar_today 04 October, 2022 person_outline Growth Plus Reports

According to the deep-dive market assessment study by Growth+ Reports, the global ocular implant market was pegged at ~US$ 10.3 billion in 2021. The market is expected to witness a CAGR of ~5.2% from 2022 to 2030.

The growth of the global ocular implant market can be attributed to various factors, including the rising prevalence of ocular diseases and technological advancements. In addition, the growing elderly population and increasing awareness of visual disorders and their treatment methods are also facilitating market growth. Additionally, the rising prevalence of chronic diseases such as diabetes, cancer, blood pressure, etc. increase susceptibility to various eye disorders, resulting in demand for intraocular implants. Increasing government and private initiatives, developing the healthcare system, and rising technological innovations and technological advancements further contribute to market development. 

The prevalence of blindness caused by severe eye disorders is consistently growing. According to the Statista report for the year 2020, in the U.S., nearly 3.4 million blind or disabled incidences were recorded. Risk factors for ocular disorder include cancer, diabetes, high blood pressure, and many more. Aging is also a significant cause of eye problems, as aged people are more prone to chronic illnesses, potentially causing acute damage to the eye. Thus, these factors prove beneficial for the growth of the ocular implant market globally. 
Continuous innovations and evolving technologies have a great impact on market growth. Technological advancement fulfills the unmet needs and also provides better & efficient treatment outcomes. In March 2020, Allergan received FDA (Food and Drug Administration) approval for “DURYSTA” the first intracameral sustained-release implant to treat patients with open-angle glaucoma. Thus, such developments in technologies facilitate market growth.

The rise in the global geriatric population proportionately increases the number of ocular disorder cases. Aging is a significant driving factor as the aged are more vulnerable to such diseases. According to a Centers for Disease Control and Prevention (CDC) report, in 2020, nearly 2.95 million people in America suffered from age-related macular degeneration and approximately 4.2 million people in an age group of 40 years & above are either blind or facing severe eye disorders.

However, this market has some challenges, such as stringent regulatory policies and side effects of ocular implants after a medical procedure. The risk of aftereffects of ocular implants, such as being prone to infection and discomfort, can hamper the market growth. Furthermore, complications with implantation and some eye-related problems such as swelling, redness, and pain may restrain the market expansion. Additionally, strict regulatory policies can create a major conflict in market development, such as a reduction in the adoption of ocular implants in emerging economies.

The global ocular implant market has been studied in four regions: North America, Europe, Asia Pacific, and the Rest of the World. North America leads the global market in terms of revenue share. The high prevalence of eye disorders raised the demand for ocular implants, thus contributing to market development. In addition, a robust pipeline with continual product launches also boosts market expansion. Furthermore, the presence of multinational key market players and the availability of favorable reimbursement policies further contribute to market expansion in this region. Additionally, the market in North America benefits from the rapid adoption of advanced technologies, well-established healthcare infrastructure, and high healthcare spending.

Europe maintains the second-largest market share due to the rapid adoption and implementation of advanced technology, a well-developed healthcare system, and an increase in the number of older adults. At the same time, the Asia Pacific region is the fastest-growing market for ocular implants. The development of the healthcare infrastructure, progressive medical tourism, and improving healthcare systems are key elements accelerating market expansion. Additionally, an aging population and growing awareness about ocular disorders and their available treatments further drive the ocular implant industry.

Some prominent players operating in the global ocular implant market are Alcon Inc. (Novartis AG), Johnson and Johnson Services Inc., Bausch & Lomb Incorporated, Carl Zeiss AG, STAAR Surgical Company, Glaukos Corporation, Morcher GmbH, Hoya Corporation, Second Sight Medical Products Inc., and Allergan Inc. among others.
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