Major Growth Boosting Factors: Artificial Cornea 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.
Revenue Growth Opportunities: The Global Artificial Cornea and Corneal Implant 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.
COVID-19 Impact on the Artificial Cornea Implant Market;
Due to the COVID-19 outbreak, there has been a significant drop in the number of patient visits to clinics in the first and second quarters of 2020 due to lockdowns and constraints implemented to prevent the spread of the disease. This has led to a decline in the number of elective eye surgeries being conducted per week in hospitals and clinics during the period. According to the Ophthalmology Times article, the number of elective surgeries has reduced from 200 surgeries to only ten surgeries a week. Also, countries such as the US have witnessed 15% cancellations in the number of patient visits to examination centers.
According to the same article, ophthalmology lost a significant share of patient volume during the coronavirus disease (COVID-19) pandemic. It is estimated that ophthalmic practice volume fell by 81%, led by declination in patients seeking care for glaucoma (88%) and cataract surgery (97%). During this period, government programs helped many practices, such as Paycheck Protection Program loans, which helped the ophthalmic industry to restart the operations successfully. In addition, Glaukos Corporation (US) is providing patients with vouchers to reduce out-of-pocket costs pertaining to the FDA-approved iLink cross-linking procedure. Through the “Living with Keratoconus Patient Support Program,” patients with insurances are qualified to get up to USD 100 toward their non-reimbursable copay expenses for cross-linking procedures completed from mid-June through the end of 2020. Such a scenario will prove beneficial for ophthalmologists to restart the practice safely.
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On the basis of transplant type,
The artificial cornea and corneal implants 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.
On the basis of disease indication,
The artificial cornea and 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.
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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.
Global Leaders: The prominent players in corneal implant 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).