Artificial Cornea and Corneal Implant Market to Hit 7.4% CAGR, Globally, by 2028 – Exclusive Report by The Insight Partners
The global artificial cornea and corneal implant market revenue to reach USD 696.18 million during 2021-2028.
Pune, India, Nov. 06, 2023 (GLOBE NEWSWIRE) — An artificial cornea implantation surgery is performed to remove all or a part of the damaged cornea, followed by replacing it with healthy donor tissue. Currently, there is a shortage of cornea donors worldwide, and eye and tissue banking processes are in initial stages in many countries. Meanwhile, there is always a possibility that the human eye would reject the transplant, which can cause an infection to eye or the lack of vision. Cornea Implant is usually performed to treat conditions such as keratoconus and certain degenerative diseases. The artificial cornea tissue is made from polymer plastic such as silica material. Artificial cornea implant is of two types synthetic cornea implant and biosynthetic cornea implant.
The global artificial cornea and corneal implant market size is estimated to reach $696.18 million by 2028 from $421.86 million in 2021; it is expected to grow at a CAGR of 7.4% during 2021–2028.
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Global 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.
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.
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.
Increasing Number of Eye Diseases and Significant Rise in Geriatric Population Fueling Global Artificial Cornea and Corneal Implant 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.
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Global 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.
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.
Browse other research published by The Insight Partners:
Corneal Implants Market – Global Analysis and Forecast to 2030
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