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(Medical-NewsWire.com, January 08, 2022 ) The Artificial Cornea and Corneal Implant Market growth is largely driven by the The growing geriatric population and the rising prevalence of eye diseases are the major drivers for the artificial cornea and corneal implants market. The increasing prevalence of eye disorders and government initiatives to control visual impairment are further boosting the market growth.
However, the high cost of ophthalmology devices and surgical procedures is expected to restrain the growth of this market during the forecast period.
According to the new market research report "Artificial Cornea and Corneal Implant Market by Type (Human Cornea, Artificial Cornea), Transplant Type (Penetrating Keratoplasty, Endothelial Keratoplasty), Disease Indication, End Users (Hospitals, Specialty Clinics & ASCs) - Global Forecast to 2026", published by MarketsandMarkets™, the global Artificial Cornea Market is projected to reach USD 599 million by 2026 from USD 418 million in 2021, at a CAGR of 7.4% from 2021 to 2026.
- In June 2020, AJL Ophthalmic (Spain) received CE Mark approval for ENDO-K PRO. Product approval will enable company to provide its portfolio to end users.
- In January 2020, Mediphacos (Brazil) launched Keraring Intrastromal Corneal Ring. Product launch will enable company to capture market share.
- In April 2018, CorneaGen (US) acquired AcuFocus (US). This acquisition aimed at expanding the company’s presence in the artificial cornea and corneal implants market.
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The artificial cornea segment is projected to witness fastest growth during the forecast period
On the basis of type, the artificial cornea and corneal implants market is segmented into human cornea and artificial cornea. The artificial cornea segment is projected to witness fastest growth during the forecast period. An artificial corneal transplant, also known as keratoprosthesis (KPro), enables the restoration of vision in conditions wherein the cornea and the eye surface is affected or damaged. The scarcity of human eye donors has resulted in the development of innovative solutions such as artificial corneas. Additionally, individuals with a history of multiple previous graft failures, Stevens-Johnson syndrome, chemical burns, severe dry eyes, congenital aniridia, or limbal stem cell deficiency are indications for KPro. One of the commonly used keratoprosthesis is Boston Keratoprosthesis (Boston KPro). To date, over 15,000 Boston KPro have been implanted across the globe.
Penetrating keratoplasty segment accounted for the largest share of artificial cornea and corneal implant market in 2020.
On the basis of transplant type, the artificial cornea market is segmented into penetrating keratoplasty, endothelial keratoplasty, and other transplants (including anterior lamellar keratoplasty (ALK) and keratoprosthesis). In 2020, the penetrating keratoplasty segment accounted for the largest share of the global artificial cornea and corneal implants market. The large share of this segment can be attributed to the rising number of people suffering from eye disorders such as infectious keratitis and injury of the eyeball.
In 2020, Fuchs' dystrophy segment accounted for the largest share of artificial cornea market
On the basis of disease indication, the corneal implants market is segmented into fungal keratitis, Fuchs' dystrophy, keratoconus, and other diseases. In 2020, the Fuchs' dystrophy segment accounted for the largest share of artificial cornea and corneal implant market. The rising incidence of the disease and the growing awareness among people regarding early disease diagnosis are the key factors driving the growth of this segment.
In 2020, hospitals segment accounted for the largest share of corneal implant market
Based on end users, the artificial cornea and corneal implants market is segmented into hospitals and specialty clinics and ambulatory surgery centers (ASCs). In 2020, hospitals segment accounted for the largest share of artificial cornea and corneal implant market. The rising prevalence of eye disorders, growth in the geriatric population, increasing awareness about the innovative artificial corneal technology, the willingness of patients to spend more on advanced treatments, and the growing number of hospitals in developing countries such as India, China, and Brazil are some of the key factors driving the growth of the artificial cornea and corneal implants market for hospitals.
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Asia Pacific is expected to witness fastest growth during the forecast period of 2021–2026.
Geographically, the artificial cornea and corneal implant market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to witness highest CAGR during the forecast period of 2021–2026. The Asia Pacific forms the most lucrative region in the artificial cornea and corneal implants market, owing to the large population in countries such as China and India, rapid growth in the geriatric population, improving healthcare infrastructure, growing per capita income, and the rising focus of key market players on this region.
The prominent players in this artificial cornea market are AJL Ophthalmic (Spain), CorneaGen Inc. (US), Addition Technology, Inc. (US), LinkoCare Life Sciences AB (Sweden), Presbia plc (Ireland), Mediphacos (Brazil), Aurolab (India), Cornea Biosciences (US), DIOPTEX GmbH (Austria), EyeYon Medical (Israel), Massachusetts Eye and Ear (US), Florida Lions Eye Bank (US), SightLife (US), Advancing Sight Network (US), San Diego Eye Bank (US) and L V Prasad Eye Institute (LVPEI, India).
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Mr. Aashish Mehra