Artificial Cornea and Corneal Implant Market Size Worth USD 696.18 Million By 2028 | CAGR 5.1%: The Insight Partners

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PUNE, India, Oct. 7, 2021 /PRNewswire/ -- According to our new research study on "Artificial Cornea and Corneal Implant Market Forecast to 2028 – COVID-19 Impact and Global Analysis – by Type, Transplant Type, Disease Indication and End User," the market is expected to reach US$ 696.18 million by 2028 from US$ 421.86 million in 2021; it is expected to grow at a CAGR of 7.4% during 2021–2028. The report highlights trends prevailing in the market and factors driving its growth. The market growth is mainly attributed to factors such as the increasing prevalence of eye diseases causing corneal blindness and significant rise in elderly population. However, the high cost of ophthalmology surgeries and devices is hindering the market growth.

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In 2020, Asia Pacific dominated the global artificial cornea and corneal implant market. The market growth in the region is credited to a rise in awareness pertaining to the importance of cornea donation, coupled with surge in social media marketing to encourage a positive attitude towards the same. Additionally, developing healthcare infrastructure and increasing investments for boosting manufacturing capacities are contributing to the Artificial Cornea and Corneal Implant Market growth.  

As per the Fact Sheet, in developed countries, including Japan, visual impairment is an important issue among older adults. According to the American Academy of Ophthalmology, the number of visually impaired people in Japan is expected to reach 2 million by 2030. As per the World Health Organization (WHO), China has the fastest rate of aging in the world; population with age 65 and above is predicted to reach 243 million by 2020, while the number of people with myopia would reach ~710 million in the same year. Age-related eye diseases are becoming more serious with the rapidly growing number of aging population and the surging popularity of electronic devices in China. India became the first country in the world to begin the National Program for Control of Blindness, with the goal of lowering the prevalence of blindness to 0.3% by 2020. The WHO and the International Association for the Prevention of Blindness (IAPB) launched Vision 2020: The Right to Sight in 1999, with the goal of eliminating preventable blindness by 2020. India has a high cataract surgical coverage rate, with ~6.5 million cataract surgeries performed annually and an average cataract surgical rate of ~5,000 surgeries per million population. Hence, the elevating incidences of eye diseases among the populations in Asia Pacific is contributing to the artificial cornea and corneal implant market.

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The artificial cornea and corneal implant market, by type, is segmented into human cornea and artificial cornea. The human cornea segment is expected to hold a larger share of the market in 2021. However, the artificial cornea segment is anticipated to register a higher CAGR in the market during the forecast period. Based on transplant type, the artificial cornea and corneal implant market is segmented into penetrating keratoplasty, endothelial keratoplasty, and others. The penetrating keratoplasty segment is expected to account for the largest market share in 2021. However, the endothelial keratoplasty segment is anticipated to register the highest CAGR in the market during the forecast period. The artificial cornea and corneal implant market, based on disease indication, is segmented into Fuchs' Dystrophy, keratoconus, fungal keratitis, and others. The Fuchs' Dystrophy segment is expected to account for the largest market share in 2021. However, the fungal keratitis segment is anticipated to register the highest CAGR in the market during the Artificial Cornea and Corneal Implant Market forecast period. Based on end user, the artificial cornea and corneal implant market is segmented into hospitals, specialty clinics and ASCs, and others. The specialty clinics and ASCs segment is expected to account for the largest market share in 2021, and it is further estimated to register the highest CAGR in the Artificial Cornea and Corneal Implant Market during the forecast period.

Increasing Number of Eye Diseases and Significant Rise in Geriatric Population Fueling Market Growth

The artificial cornea and corneal implant market in Japan is growing significantly owing to the increasing incidences of eye diseases in the country.  The country has been increasing its focus on diagnostics with the fastest-growing geriatric population, which is a major factor encouraging the transformation of the healthcare sector in the country. As per the World Economic Forum, currently, 2.3 billion people in Japan are in their 70s. The country stands third among the country-wise in-vitro device market, after the US and European Union.

Artificial Cornea and Corneal Implant Market: Segmental Overview

The artificial cornea segment is anticipated to register a higher CAGR in the artificial cornea and corneal implant market, by type, during the forecast period.

Artificial Cornea and Corneal Implant Market: Competitive Landscape and Key Developments

AJL OPHTHALMIC S., ADVANCING SIGHT NETWORK, Aurolab, CORNEA BIOSCIENCES, INC., LinkoCare Life Sciences AB, KERAMED, INC., EyeYon Medical, Florida Lions Eye Bank, Corneat Vision, and CorneaGen are among the key companies operating in the artificial cornea and corneal implant market. Leading players are focusing on the launch of new products, expansion and diversification of their market presence, and acquisition of new customer base for tapping prevailing business opportunities.

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In March 2021, CorNeat Vision, a clinical-stage, biomimetic implant and technology company, and LiveU, a company offering high-quality live video streaming and remote production solutions, announced their partnership on remote surgeon virtual presence (RSVP) solution.

In February 2021, EyeYon Medical, an Israeli start-up involved in developing ophthalmic products for vision-threatening conditions, announced that it has received CE Mark for its EndoArt, after conducting clinical trials demonstrating its safety and efficacy in the treatment of chronic corneal edema.

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