Corneal Implants Market Projected To Grow With Significant CAGR Over The Forecast Period
Posted: May 03, 2018
Corneal Implants Market: Corneal implants are used with the purpose of improving near vision and decreasing the need of spectacles in adults with presbyopia. They are also called as corneal inlays that are inserted into the cornea to improve vision. Corneal implants are one of the many options available in the market to rectify the vision in people with presbyopia who wants to live without spectacles. Corneal implants are also seen in correction of myopia, astigmatism and hyperopia.
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According to Eye Bank Association of America (EBAA), there were 23,000 cases in 2012 for corneal surgery to restore damaged eye and avoid blindness. According to EBAA, 80-90% of world population over the age of 40 can be affected by presbyopia. With rising geriatric population and the population slowly growing towards the age of 65 years, corneal implants market will witness upscale growth due to increase in cataract surgery which feeds the demand of ocular implants in coming years. With newer and advanced technologies, the corneal implants market is expected to flourish. Implants such as multifocal intraocular lens technology and rising awareness about aesthetics among younger population are the driving force for the corneal implants market. However, with that been said potential side effects or damage to cornea, lack of skilled professionals can hamper the growth of the corneal implants market.
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The market for corneal implantable devices are categorized as-
1. Type of implant
- Refractive Corneal Implantable Device
- Corneal Reshaping Implantable Device
- Small Aperture Corneal Implantable Device
Hospitals, Ophthalmic Clinics and Retail Ophthalmic Stores.
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According to geographical region divisions-North America, Latin America, Europe, Middle East & Africa and Asia-Pacific. North America and Europe are growing market hub for corneal implants market which is due to rising awareness and patient demand for the technique. U.S. market is quickly growing into the regional industry owing to the high incidents cases of ophthalmic and ocular conditions and early diagnosis of eye disorders. The availability of advanced products such as Raindrop near vision inlay helps in correcting near vision in patients with presbyopia will escalate the corneal implants market. In European countries the market is supposed to boom, as per the EU National Statistics, half the population (more than 209million people) will be suffering from presbyopia by 2030. While in the Asia-Pacific market, countries such as Japan have young population suffering from presbyopia due to increasing use of technologies such as smartphones and laptops. The corneal implants market have some important names such as Presbia PLC (US). KERMED, INC (US), Ocular systems (US), Dioptex (Austria) are some to name. In 2015, USFDA had approved the Karma Corneal inlay the first small aperture implantable device for correction of near vision in patients who never underwent a cataract surgery.
All the companies are offering different implantable products which includes both local and internationally renowned companies. To be in the market, the companies are offering customizable designs and fulfilling the requirements of the patients. This helps in gaining more customers and strengthen the existing market position. They are also working towards educating the patients regarding the implants surgery and post-surgery precautions and self-care. Corneal implants market will see an exponential growth in upcoming years due to its greater demand and better treatment option for corneal ectasia.
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