Artificial Cornea And Corneal Implant Market Size, Share, Industry Trends and Forecast to 2030

Artificial Cornea And Corneal Implant Market Size & CAGR in 2021

The global artificial cornea and corneal implant market is expected to exhibit a CAGR of 5.2% from 2021 to 2028, reaching a market size of USD 526.7 million by the end of the forecast period. The increasing prevalence of corneal diseases and the growing demand for corneal transplants are driving the growth of this market.

COVID-19 Impact on the Artificial Cornea And Corneal Implant Market

The COVID-19 pandemic has had a significant impact on the artificial cornea and corneal implant market. The lockdowns and travel restrictions imposed to contain the spread of the virus have disrupted the supply chain of corneal implants and restricted the availability of elective surgical procedures. However, with the easing of restrictions and the resumption of healthcare services, the market is expected to recover gradually.

Artificial Cornea And Corneal Implant Dynamics

The artificial cornea and corneal implant market is driven by factors such as the increasing prevalence of corneal diseases, the growing geriatric population, and advancements in surgical techniques. Additionally, the rising awareness about the benefits of corneal implants and the expanding healthcare infrastructure are contributing to the market growth.

Segments and Related Analysis

By Type:

The artificial cornea segment is expected to dominate the market during the forecast period due to its high success rate and increasing adoption in corneal transplant procedures. On the other hand, the corneal implant segment is projected to witness substantial growth owing to technological advancements and a growing number of patients opting for implantation procedures.

By End-User:

Hospitals and clinics are the primary end-users of artificial cornea and corneal implants, accounting for the largest market share. The increasing number of ophthalmic surgeries performed in hospitals and the availability of advanced surgical equipment contribute to the dominance of this segment.

By Region Analysis

North America

North America is expected to lead the artificial cornea and corneal implant market during the forecast period. The region's well-established healthcare infrastructure, technological advancements, and high adoption of innovative surgical techniques contribute to its dominance in the market.

Europe

Europe is anticipated to witness significant growth in the artificial cornea and corneal implant market. The increasing prevalence of corneal diseases, favorable reimbursement policies, and the presence of key market players are driving the market growth in this region.

Asia Pacific

The Asia Pacific region is projected to register the highest CAGR in the artificial cornea and corneal implant market. Factors such as the rising geriatric population, increasing healthcare expenditure, and a growing focus on improving ophthalmic care facilities are fueling market growth in the region.

Latin America

Latin America is expected to witness steady growth in the artificial cornea and corneal implant market. The availability of advanced healthcare services, increasing awareness about ophthalmic conditions, and government initiatives to enhance eye care facilities are propelling market growth in the region.

Middle East and Africa

The Middle East and Africa region are projected to experience moderate growth in the artificial cornea and corneal implant market. The increasing prevalence of corneal diseases, rising healthcare investments, and advancements in surgical procedures are driving market expansion in the region.

Key Market Players and Competitive Landscape

Some of the key players in the artificial cornea and corneal implant market include SightLife Surgical, AJL Ophthalmic, CorneaGen, and Cornea Biosciences. These companies are focusing on strategic collaborations, product developments, and mergers and acquisitions to strengthen their market position and expand their product offerings.

Recent Happenings in the Artificial Cornea And Corneal Implant Market

In recent developments, SightLife Surgical introduced a new line of artificial corneas designed to improve the visual outcomes of corneal transplant procedures. Additionally, AJL Ophthalmic launched a cutting-edge corneal implant technology that enhances the durability and biocompatibility of the implants. These advancements are expected to drive innovation and growth in the artificial cornea and corneal implant market.