Corneal Implants Market Growth & Trends
The global corneal implants market size is anticipated to reach USD 695.0 million by 2030, registering a CAGR of 6.5% over the forecast period, according to a new report by Grand View Research, Inc. The rising prevalence of corneal diseases, such as keratoconus, Fuchs dystrophy, and infectious keratitis, is the major factor driving the industry’s growth. The gap between demand and supply is also expected to boost industry growth in the long run. Various programs spreading awareness about the importance of corneal donations are also likely to support the industry’s growth. Moreover, many European countries are adopting an “opt-out” policy for organ donation to meet the growing demand for corneal grafts.
An increasing number of R&D activities related to corneal implants is expected to foster industry growth over the forecast period. Bioengineered cornea, 3D printed cornea, and stem cell therapy are a few of the topics gaining attention from the stakeholders. Moreover, a favorable reimbursement scenario and increasing focus of manufacturers to develop new products and the expected launch of new products in the next two years are expected to boost the growth of the market over the forecast period. The COVID-19 pandemic led to a temporary lag in sales of corneal implants due to a fall in the number of procedures that were carried out as a precautionary measure to curb the spread of the virus.
However, with the world now returning to normalcy the market is expected to attain a pre-COVID growth rate over the forecast period. North America dominated the global industry in 2021 and accounted for the largest share of the overall revenue. The region is projected to expand further at a steady CAGR from 2022 to 2030 as the U.S is one of the major suppliers of corneal implants globally. On the other hand, the Asia Pacific region is estimated to register the fastest growth rate during the forecast period on account of the rising demand for corneal implants in countries, such as China, Indonesia, and the Philippines.
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Corneal Implants Market Report
Corneal Implants Market Report Highlights
- Based on type, the human cornea segment accounted for the largest share in 2021 and is estimated to remain dominant throughout the forecast period
- Lack of accessibility, shortage of human corneas, and rising number of graft rejection cases are factors expected to drive the segment growth
- The endothelial keratoplasty segment is expected to register the fastest CAGR from 2022 to 2030 owing to benefits, such as faster and better visual restoration with decreased risk of infection and accidents to the eye surface
- Based on applications, the Fuchs Dystrophy segment held the largest share in 2021 and is expected to register the fastest CAGR as well from 2022 to 2030
- This growth can be attributed to the factors, such as the rising adoption of minimally invasive surgical procedures and the high prevalence of the disease
- Based on end-user, the hospital segment held the largest market share in 2021 and is expected to have a significant growth rate over the forecast period
