Ocular Implants Market: Age-Related Macular Degeneration is Expected To Be The Fastest-Growing Segment
Ocular
Implants Industry Overview
The
global ocular implants market size was valued at USD 13.30 billion in 2021 and
is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022
to 2030. Increasing incidence of eye disorders such as age-related macular
degeneration, cataract, glaucoma, and scleritis is the major factor anticipated
to drive the market. The increase in the incidence rate is leading to a rise in
demand for surgical procedures that require ocular implants. For instance,
according to a research article published by the U.S. National Library of
Medicine, based on the earlier trends in cataract surgeries, it is anticipated
that 3.7 million cataract surgeries must have been performed among the Medicare
beneficiaries in 2020 in the U.S.
The novel COVID-19 disease has disrupted the overall flow and
working of some of the major economies across the globe while having an equal
impact on the emerging and smaller economies as well. The outbreak led to major
loss of life and created a sense of panic among the population, globally.
Therefore, in order to control the spread of the virus and reduce the mortality
rate due to the infection of the virus, various restrictions and guidelines
were imposed by different countries. Many countries observed a strict lockdown,
which led to a postponement of elective surgeries, resulting in the reduction of
demand for ocular implants. This implies that the pandemic had a negative
impact on the market.
Gather more insights about the market
drivers, restrains and growth of the Global
Ocular Implants market
However, in the long run, the pandemic is expected to have a
slightly positive impact on the sales of ocular implants. One major factor that
indicates this is the major shift towards online education programs and work
from home model. This is leading to a higher percentage of the population being
exposed to a relatively high amount of screen time, which can lead to the risk
of developing eye disorders. The pandemic resulted in major disruptions of the
supply chain initially due to the lack of planning.
As a result, major losses were incurred, which compelled the
manufacturers to create strategic plans that can help to avoid any similar situation
in the future. Moreover, with the opening of the economies, the demand for
these procedures has elevated to a great extent due to the earlier backlog
surgeries and increasing focus on multiple awareness programs. Thus, although
the COVID-19 pandemic did have a negative impact on the market initially, the
market is expected to regain its growth and grow at an exponential rate over
the forecast period.
Eye diseases such as cataracts and age-related macular
degeneration are age-related diseases. An increase in the geriatric population
is another factor contributing to the growth of the market. Additionally,
increasing adoption of a sedentary lifestyle and the rising prevalence of
diabetes may lead to diabetic retinopathy, which is anticipated to boost the sales of ocular
implants. For instance, according to the International Diabetes Federation, in
2021, approximately 537 million individuals were living with diabetes and it is
anticipated to rise to 643 million by 2030.
Technological advancement is yet another factor playing an
important role in propelling market growth. The introduction of micro-invasive
glaucoma devices for patients suffering from glaucoma is a classic example of
the technology that has evolved over the last few years. For instance, Glaukos
Corporation received FDA approval for its second-generation trabecular meshwork
bypass stent, iStent Inject in June 2018. The device is indicated for the
treatment of mild to moderate glaucoma and is approved for implantation at the
time of phacoemulsification.
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Ocular Implants Market Segmentation
Grand View
Research has segmented the global ocular implants market based on product,
application, end use, and region:
Ocular Implants Product Outlook (Revenue, USD
Million, 2017 - 2030)
·
Intraocular Lens
·
Corneal Implants
·
Orbital Implants
·
Glaucoma Implants
·
Ocular Prosthesis
·
Others
Ocular Implants Application Outlook (Revenue,
USD Million, 2017 - 2030)
·
Glaucoma Surgery
·
Oculoplasty
·
Drug Delivery
·
Age-related Macular Degeneration
·
Aesthetic Purpose
Ocular Implants End-use Outlook (Revenue, USD
Million, 2017 - 2030)
·
Hospitals
·
Specialty Eye institutes
·
Clinics
Ocular Implants Regional Outlook (Revenue, USD
Million, 2017 - 2030)
·
North America
·
Europe
·
Asia Pacific
·
Latin America
·
Middle East & Africa (MEA)
Market Share Insights
·
August 2021: Alcon, Inc., a subsidiary
of Novartis, acquired Ivantis, Inc. and its HydrusMicrostent for surgical
glaucoma. The intended acquisition supports Alcon’s commitment to further
strengthen its industry-leading portfolio across refractive, retina, cataract,
and glaucoma.
Key Companies profiled:
Some prominent players in the global ocular implants market
include:
·
Alcon, Inc.,
·
Bausch &
Lomb, Inc.
·
Carl Zeiss AG
·
Johnson
& Johnson
·
STAAR
Surgical Company
·
Morcher GmbH
·
Hoya
Corporation
·
Glaukos
Corporation
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