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Press Release: Ocular Implant Market to Surpass US$ 20.2 Billion by 2026
The complete version of the Report will include the impact of the COVID-19, and anticipated change on the future outlook of the industry, by taking into the account the political, economic, social, and technological parameters.
Global Ocular Implant Market Insights
Ocular implants are medical devices designed to replace a damaged or missing visual organ to restore vision or to improve visual appearance. Ocular implants such as ocular prostheses are artificial eyes used by people to improve facial lineaments damages due to an eye disease or trauma.
Rising acquisitions by key players is expected to drive growth of global ocular implant market. For instance, in March 2019, Alcon, provider of eye care products and a division of Novartis, acquired PowerVision, Inc., a privately-held, U.S.-based medical device development company focused on creating fluid-based intraocular lens (IOLs) implants. PowerVision‘s fluid-based intraocular lens utilizes the eye’s natural accommodative response to provide near and intermediate vision, in addition to distance vision commonly provided by basic IOLs.
The global ocular implant market was valued at US$ 11,697.9million in 2018, and is expected to witness a CAGR of 7.1% during the forecast period (2018 – 2026).
Figure 1. Global Ocular Implant Market value Analysis (US$ Mn) and Forecast and Y-O-Y Growth (%)
Source: Coherent Market Insights Analysis (2019)
Increasing number of product launches is expected to drive growth of the global ocular implant market
In July 2018, Alcon launched its intraocular lens (IOL) portfolio including, Clareon AutonoMe IOL and delivery system, designed to provide easy and intuitive control during cataract surgery, at the Alcon-hosted Synergeyes clinical symposium in Sydney. AutonoMe is the first and only automated, disposable, preloaded IOL delivery system preloaded with the Clareon IOL, and it is automated with CO2-powered delivery mechanism. Moreover, in June 2018, Molteno Ophthalmic launched its Molteno3 S-Series glaucoma implants at the 24th Greek Glaucoma.
Moreover, increasing prevalence of corneal diseases is expected to increase the demand for ocular implants. For instance, according to the World Health Organization (WHO), corneal blindness is one of the major causes of visual deficiency after cataract, glaucoma and age-related macular degeneration (AMD) and 4th cause of blindness globally (5.1%). Moreover, according WHO, cornea diseases affects around 30 million people and around two million new cases of corneal dysfunction diagnose each year.
Global Ocular Implant Market- Regional Analysis
North America is expected to witness lucrative growth of ocular implant market, owing to growing initiatives by market players to establish its product portfolio in North American countries. For instance, in July 2018, Glaukos, based in San Clemente, California, received U.S. FDA approval for its iStent inject Trabecular Micro-Bypass System to launch in the U.S. The novel device is designed to treat mild to moderate primary open-angle glaucoma, is implanted alongside cataract surgeries to reduce intraocular pressure.
Asia Pacific is also expected to drive growth of the global ocular implant market, owing to presence of key players in this region. For instance, in May 2019, SIFI, the Italian developer of therapeutic solutions to treat ophthalmic disorders, and Zydus Cadila have been entered into strategic collaboration to market innovative IOLs and surgical products developed in Italy and licensed in India by SIFI.
Europe is expected to show significant growth rate, owing to increasing number of product launches in European Union. For instance, in February 2019, Johnson & Johnson Vision launched its TECNIS Eyhance IOL, indicated for the treatment of cataracts, in Europe. This next-generation monofocal intraocular lens (IOL) helps patients to experience high-quality vision at both intermediate and far distances
Figure 2: Global Ocular Implant Market Value (US$ Mn), By Region
Source: Coherent Market Insights Analysis (2019)
Global Ocular Implant Market - Competitive Landscape
Key players operating in the global ocular implant market include Novartis AG, Pfizer Inc., Staar Surgical, Johnson & Johnson Services, Inc., Bausch & Lomb Incorporated., Morcher GmbH, OSD Medical GmbH, Ophtec BV, and ZEISS International.
Ocular implants are type of craniofacial prosthesis that replace an absent natural eye, following an enucleation, evisceration, or orbital exenteration. There are different types of ocular implants ranging from shape such as spherical and oval, stock and custom. The basic simplification of implants can be to divide into two main groups: non-integrated (non-porous) and integrated (porous). Ocular implant helps to improve the appearance of people with defective eye or with lost eye. Ocular implants are also called as glass eye or artificial eye.
Market Dynamics
Increasing product launches for different types ocular implants that are widely used in ophthalmic surgery to correct ophthalmic deformities is expected to drive global ocular implant market growth. For instance, in February 2019, EyePoint Pharmaceuticals, Inc. launched its YUTIQ in the U.S. YUTIQ is three-year intravitreal micro-insert for the treatment of chronic non-infectious uveitis affecting the posterior segment of the eye. The product was approved by U.S. FDA in October 2018.
Moreover, increasing prevalence of ocular dysfunction and disorder is expected to drive growth of the global ocular implant market. For instance, in January 2019, according to Glaucoma research foundation, currently, there are over 3 million people in the U.S. that have been diagnosed with glaucoma. The National Eye Institute projects that this number will be increased by 58% and expected to reach 4.2 million by 2030.
Key features of the study:
Detailed Segmentation:
“*” marked represents similar segmentation in other categories in the respective section.
Table of Contents
*Browse 23 market data tables and 19 figures on "Ocular Implant Market” - Global forecast to 2026”.
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