Global Ocular Implant Market, by Implant Type (Intraocular Lenses (IOL) (Aspheric IOLs, Toric IOLs, Multifocal IOLs, Anterior chamber IOLs, and others), Corneal Implants, Glaucoma Implants, Orbital Implants, Ocular prosthesis, and others), by Application (Glaucoma Surgery, Oculoplasty, Drug Delivery, Age-Related Macular Degeneration (AMD), Aesthetic purpose, and others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa) is estimated to be valued at US$ 15,347.9 Million in 2022 and is expected to exhibit a CAGR of 7.3% during the forecast period (2022-2030), as highlighted in a new report published by Coherent Market Insights.
Increasing number of research and development activities by the key players in the market to develop innovative ocular implants are contributing to growth of the global ocular implant market. For instance, in July 2018, Genentech, Inc., a biotechnology company, announced positive results for Phase II clinical trial study conducted to evaluate the safety and efficacy of the investigational Port Delivery System (PDS) with Ranibizumab, the first-ever eye implant to achieve sustained delivery of a biologic medicine, in people with wet age-related macular degeneration (AMD).
Global Ocular Implant Market– Impact of Coronavirus (COVID-19) Pandemic
The COVID-19 pandemic and lockdowns in various countries across the globe have impacted the financial status of businesses across all sectors, including the private healthcare sector. The COVID-19 pandemic has impacted the entire supply chain of the healthcare industry, mainly due to strict lockdown in several regions. Private healthcare is one such sector that has been impacted significantly by the COVID-19 pandemic.
However, the COVID-19 pandemic had a negative impact on the global ocular implant market, owing to disruption in the supply chain and decrease in research and development for ocular implants during COVID 19 pandemic. For instance, in November 2021, according to the data published by the National Center for Biotechnology Information, with the COVID-19 crisis, fundamental changes in consumer behavior, supply chains, and routes to market are knocking companies off balance. The governments of different countries imposed lockdown which restricted the import and export across the world, which result in lack in of raw material for manufacturing ocular implants. Key players in market were focusing on the development of the COVID 19 vaccines and hence observed decline in other vital research and development. The prevalence of ophthalmic manifestations among COVID-19 patients ranges from 2-32%. The causal relation with SARS-CoV-2 is yet to be established with certainty for any of these conditions. Bringing a new vaccine to the public involves many steps including vaccine development, clinical trials, U.S. Food and Drug Administration (FDA) authorization or approval, manufacturing, and distribution. Hence, for such a long process maximum healthcare professionals were involved in the development of COVID-19 vaccine and consequently the research and development activities for other medical products like ocular implants got hampered.
Global Ocular Implant Market: Key Developments
In June 2021, Johnson & Johnson Vision, eye health and part of the Johnson & Johnson Medical Devices Companies, had announced the availability of TECNIS Synergy and TECNIS Synergy Toric II Intraocular Lens in the U.S. and Canada. These next-generation PC-IOLs combine the best of extended depth of focus and multifocal technologies to deliver the widest range of continuous vision and the best near vision among leading PC-IOLs, without the visual gaps seen with some existing multifocal technologies. Ophthalmologists across North America are now able to use this breakthrough PC-IOL to help treat their cataract patients, offering them the opportunity to experience excellent outcomes.
In May 2022, Johnson & Johnson Vision, eye health and part of the Johnson & Johnson Medical Devices Companies, presented new data on myopia, intraocular lenses, phacoemulsification, dry eye drops, and vision science, and refractive technologies at the Association for Research in Vision and Ophthalmology 2022 Meeting. Myopia research validates need for approaches and programs that reduce myopia prevalence and severity to reduce visual impairment. New research validates systems and methodologies used to evaluate dysphotopsia and the tolerance to residual errors of different intraocular lenses. New data presented at ARVO 2022 by Johnson & Johnson Vision looks at race and the age of onset for myopia to better understand myopia progression and reconsider at the global prevalence of uncorrectable visual impairment in 2020 to account for the increasing prevalence of myopia, which had not previously been done.
Browse 23 Market Data Tables and 19 Figures spread through 157 Pages and in-depth TOC on “Global Ocular Implant Market”- Forecast to 2030, Global Ocular Implant Market, by Implant Type (Intraocular Lenses (IOL) (Aspheric IOLs, Toric IOLs, Multifocal IOLs, Anterior chamber IOLs, and others), Corneal Implants, Glaucoma Implants, Orbital Implants, Ocular prosthesis, and others), by Application (Glaucoma Surgery, Oculoplasty, Drug Delivery, Age-Related Macular Degeneration (AMD), Aesthetic purpose, and others), and by Region (North America, Latin America, Europe, Asia Pacific, Middle East, and Africa)
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Moreover, development of innovative ocular implants and rising approvals from regulatory authorities for ocular implants and prosthetics is expected to drive growth of the global ocular implant market. For instance, in March 2019, Implandata Ophthalmic Products GmbH (Implandata) received CE marking for its next generation EYEMATE-IO 1.1 implantable micro-sensor. The novel product will help eye surgeons to place the permanent implantable eye pressure sensor in conjunction with cataract surgery through significantly smaller incisions.
Key Takeaways of the Global Ocular Implant Market: