Number of pages: 100 | Report Format: PDF | Published date: October 04, 2022
Historical Years – 2020 | Base Year – 2021 | Forecasted Years – 2022-2030
The global ocular implant market was pegged at US$ 10.3 billion in 2021 and is expected to witness a CAGR of 5.2% during the forecast period from 2022 to 2030.
The ocular implants are used for patients with vision loss due to medical disabilities or injuries. Ocular implants also act as a drug-delivering system to treat the interior and posterior segments of the eye. Eye disorders are remarkably increasing in aged populations, leading to the increased demand for eye implants. According to a 2021 report by the WHO (World Health Organization), about 1 billion people worldwide suffer from severe eye disorders. Such a massive burden of ophthalmic disabilities implies that the ocular implant market will experience growth in the years to come.
The global ocular implant market is expected to witness steady growth. This growth can be attributed to the increasing prevalence of ophthalmic diseases/illnesses and the growing geriatric population. Furthermore, rising awareness about ocular disorders & implants and growing technological advancements contribute to the market development—additionally, increasing disposable incomes and enhancement in the healthcare system fuel the market expansion. However, some restraining factors include stringent regulatory policies and side effects of ocular implantation.
The global ocular implant market has been analyzed from four perspectives: product, application, end-user, and region.
Ocular Implant Market by Product
Based on product, the global ocular implant market has been segmented into intra-ocular lenses, glaucoma implants, and corneal implants. Glaucoma implants currently hold the largest revenue share in the market. The leading position of this segment can be attributed to growing cases of glaucoma around the globe, which is one of the significant causes of blindness. Additionally, increasing awareness among the population led by government and private bodies fuels the growth of the glaucoma implant segment. Intra-ocular lens segment holds the second largest revenue share in the global ocular implant market attributed to its escalating popularity due to its wide usage in various treatments.
Ocular Implant Market by Application
Based on the applications, the global ocular implant market has been segmented into diabetic retinopathy, glaucoma surgery, and age-related macular degeneration. Glaucoma surgery leads the segment in the market with the largest revenue share. The dominance can be attributed to the large patient pool in this segment. Furthermore, increasing awareness about glaucoma and morbidities from diabetes further contributes to the segment's growth, thereby propelling market growth. The age-related macular degeneration (AMD) segment is proliferating. It is estimated to experience a significant increase in the forecast period. This growth can be attributed to the growing population of aged people worldwide.
Ocular Implant Market by End-Users
End-users segment the global ocular implant market into hospitals and ophthalmic clinics. Hospitals dominate the global market with the largest revenue share. This segment has a significant footfall of patients due to the availability of advanced diagnostic and treatment facilities. Furthermore, hospitals provide better services and facilities due to highly skilled professionals and allied staff. While ophthalmic clinics are gaining significant popularity, this segment solely focuses on eye disorders, thus, offering quick and efficient treatments.
Ocular Implant Market by Region
The market has been segmented based on regions: North America, Europe, Asia Pacific, and the Rest of the World. North America dominates the global ocular implant market with the largest revenue share. The dominance of this region is attributed to the high prevalence of visual disorders. Furthermore, the presence of a robust pipeline with continuous product launches provides a boost to market growth. Additionally, the presence of key market players and favorable reimbursement policies further contributes to the leading position of the North American market. Other driving factors include the rapid adoption of advanced technologies, developed healthcare infrastructure, and higher healthcare expenditure. On the other hand, the Asia Pacific serves as an emerging ocular implant market owing to developing healthcare infrastructure, rising geriatric population, and growing healthcare expenditure. Furthermore, increasing the adoption of technological advancements and improving medical tourism further contribute to the market growth in this region.
Some of the prominent players operating in the global ocular implant market are:
The Asia Pacific is the fastest-growing region in the global ocular implant market.
The estimated market size of the ocular implant s market in 2030 is US$ 16.25 billion.
The global ocular implant s market is estimated to grow at a CAGR of 5.2 from 2022 to 2030.
The key market players in the 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., Allergan Inc., etc.
*Insights on financial performance is subject to availability of information in public domain