Corneal Implantable Devices Market to Witness Widespread Expansion by 2024

Corneal Implants, also known as corneal inlays are optical devices that are inserted into the cornea to improve reading vision. The chief purpose of these optical devices is to improve near vision and reduce the need for reading spectacles in older adults who have presbyopia. It has been estimated that presbyopia affects nearly over 80-90% population over the age of 40 years worldwide. Corneal implantable devices are one of the options for rectification of decreased near vision in presbyopic people who desire to have spectacle-independent superior vision at all distances. Corneal implantable devices do not restore the ability to accommodate, however, they work by increasing the depth of focus or the refractive power of the central or paracentral part of the cornea. Corneal implantable devices have also been used for correction of hyperopia, myopia, and astigmatism. Adults who are in their middle age start experiencing symptoms of difficulty in reading and often are compelled to resort to wearing spectacles for the same.

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However, many people have an inherent stigma or dislike associated with wearing glasses since it is believed to hamper looks. Many people in their middle age often resort to procedures which would make them look younger than their age. Moreover it is inconvenient to carry a spectacle case around everywhere one goes. This consumer behavior, which is the personal preference by many to go spectacle-free shall drive the growth of the corneal implantable device market. Currently, commercially available corneal implantable devices include the Kamra Inlay, the Presbia Flexivue Microlens, the Raindrop Near Vision Inlay and the Icolens.

The market for corneal implantable devices has been segmented on the basis of type of implant, distribution channel and geography. Based on type of implant, the market has been segmented into refractive corneal implantable device, corneal reshaping implantable device and small aperture corneal implantable device. It has been estimated that presbyopia affects more than 1 billion people worldwide and since it affects almost all adults as they age, representing a large and continuous market of potential patients for these devices. In April 2015, the U.S. FDA approved the Kamra Corneal Inlay, the first small aperture corneal implantable device for correction of near vision in patients who have not had cataract surgery. Subsequently in June 2016, the U.S. FDA approved the Raindrop Near Vision Inlay, for the improvement of near vision in presbyopia patients. Due to the availability of the Kamra Inlay in 50 countries, and with approximately 20,000 corneal implants of the Kamra Inlay in a year since its launch, the market for small aperture corneal implantable devices is anticipated to grow at the highest CAGR during the forecast period.

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Based on distribution channel, the market has been segmented into hospitals, ophthalmic clinics, retail ophthalmic stores and online retail. The ophthalmic clinics segment is anticipated to witness high revenue share owing to a larger proportion of inpatient corneal implant procedures in these clinics and thus a greater demand for corneal implantable devices from this distribution channel.

Based on geography, the market has been segmented into the following regions: North America, Europe, Latin America, Asia Pacific, Latin America and Middle East and Africa. North America and Europe are expected to be the leading markets in the corneal implantable devices market, owing to larger awareness regarding corneal implants and greater patient adoption for the technique. According to the Office of National Statistics, in the UK, presently there are approximately 80% more people over the age of 65 than in the mid-twentieth century and, as their median age is likely to pass 40 in the near future, the number of people experiencing ocular aging is expected to increase too. Furthermore, it is estimated that there are over 209 million European population suffers from presbyopia and it is projected that by 2030, nearly half of Europe’s population will have presbyopia. This shall propel the market for corneal implantable devices in Europe during the forecast period. However, Asia Pacific represents a vast population with an unmet need in the domain of ocular ageing treatment. In Japan, it has been observed that youth in their 20’s and 30’s are witnessing presbyopia-like symptoms due to overuse of devices and technology such as smartphones. These demographic and lifestyle changes coupled with the highest number of aging population, is anticipated to bolster the corneal implantable devices market in Asia Pacific during the forecast period.

The market is dominated by few organizations and thus, the competition is intense. The major players operating in this market include ReVision Optics, Inc., Presbia., Neoptics AG and AcuFocus Inc.

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