The use of corneal implants is gathering momentum around the world, owing to their proven efficacy for the correction of presbyopia by improving near and intermediate vision without any detriment to distant vision. Corneal implants are the most promising device used for refractive surgery, which brings about a change to improve the patient’s quality of life, besides being safe, effective, reversible, and minimally invasive. Introduction of newer material with enhanced biocompatibility along with advancements in related technology has amplified the success of corneal implants for visually impaired patients. Corneal implants have gained clinical significance on the basis of fewer risks associated with corneal inlay surgery as compared to intraocular surgery, faster visual recovery, and being more biomechanically stable.
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The global corneal implants market was valued at US$ 18.5 Mn in 2018, and is expected to exhibit a high CAGR of 13% during the forecast period (2019–2029).
Key Takeaways of Corneal Implants Market Study
- The small aperture corneal implantable devices segment has emerged as the largest segment by implant type, representing 68% of revenue share in the corneal implants market. This is attributed to the use of biomaterial, which has holes to facilitate the diffusion of oxygen and nutrients through the cornea. This is the only corneal implant that is commercially available in the United States, Europe, Asia Pacific, and the Middle East.
- Ophthalmic clinics accounted for a major revenue share of 82%, owing to the larger proportion of inpatient corneal implant procedures and availability of skilled personnel to perform refractive surgeries on presbyopic patients.
- Cumulatively, North America and Europe hold more than 75% share of the global corneal implants market. Europe holds a slightly larger market share, and is expected to progress at an excellent CAGR of 14% during the forecast period.
- Increasing volume of refractive surgeries performed, rising prevalence of presbyopia, and high demand for corneal implants have contributed to the dominance of Europe in the global corneal implants market.
“The global market for corneal implants increases parallel with the fast-increasing presbyopic population. Wider array of approaches is being seen with corneal implants due to continuous advancements in technology,” says a PMR analyst.
Acquisition – Strategic Focus of Corneal implant Manufacturers
Various players in the corneal implant market are focusing on inorganic growth strategies such as acquisitions and partnerships. These activities have played a vital role in the expansion of businesses and increased customer base of market players. For example, in August 2016, Presbia PLC, an ophthalmic device company and leader in near-vision restoration, completed the acquisition of Neoptics AG, including its intellectual property portfolio. In March 2018, SightLife Surgical acquired AcuFocus, whose Kamra corneal inlay was the first to receive FDA approval, designed for the surgical correction of presbyopia. These winning strategies by leading players are also being followed by regional and local players.
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More Valuable Insights on Corneal Implants Market
Persistence Market Research brings a comprehensive research report on forecasted revenue growth at global, regional, and country levels, and provides an analysis of the latest industry trends in each of the sub-segments from 2014 to 2029. The global corneal implants market is segmented in detail to cover every aspect of the market and present a complete market intelligence approach to the readers. The study provides compelling insights on the corneal implants market on basis of implant type (small aperture corneal implantable devices, corneal reshaping implantable devices, and refractive corneal implantable devices), end user (ophthalmic clinics, ambulatory surgical centers, and hospitals), and indication (presbyopia, hypermetropia, myopia, and astigmatism), across seven major regions.