Ocular Implants Market Size to Reach US$ 28.4 Billion by 2030

According to Vision Research Reports, the global Ocular Implants market size is expected to be worth around US$ 28.4 billion by 2030.

The global Ocular Implants market size was valued at US$ 20.24 billion in 2020 and is anticipated to grow at a CAGR of 16.7% during forecast period 2021 to 2030.

Report Highlights

• The glaucoma implants segment dominated the market with a revenue share of more than 25.04% in 2021.
• Glaucoma implants are projected to continue dominating the market over the forecast period.
• The glaucoma surgery segment accounted for the largest revenue share of over 30.1% in 2021.
• Age-related macular degeneration is expected to be the fastest-growing segment over the forecast period.
• The hospitals segment dominated the market for ocular implants and held a revenue share of more than 40.13% in 2021.
• North America dominated the market with a revenue share of over 35.07% in 2021.
• The Asia Pacific market is expected to register the fastest CAGR of 7.17% during the forecast period.

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Growth Factors

The increase in the incidence of cataracts is a major factor driving the growth of the market. Cataract has been identified as a leading cause of blindness globally, and this has encouraged many industry players and government organizations to develop ocular implants.

Technological advancements and increasing acceptance of vision correction coupled with the fast adoption of intraocular lenses in cataract surgeries are the factors supporting this market’s growth. For instance, a new collagen glaucoma implant that inhibits the formation of scar and is biodegradable has been developed.

Eye research institutes play a vital role in the technological advancements associated with intraocular lenses. The advent of various advanced intraocular lenses and an increase in competition amongst players for the development of better lenses as well as a rise in investment in eye research institutes by government and non-government organizations are anticipated to fuel market growth. Hence, owing to the rise in the number of clinical trials pertaining to these lenses and an increase in government expenditure on R&D, the market is expected to witness lucrative growth in the intraocular segment.

Significant Rise in Awareness about Diagnosis & Treatment of Eye Disorders to Boost Market

Awareness about common eye disorders and their treatments can play an important role in encouraging patients to seek timely eye care, and thereby, help in reducing the burden of visual impairment. Rise in prevalence of diabetes and obesity could increase the number of people with vision impairment. Governments are taking initiatives by conducting various health education programs to spread awareness about preventing these diseases and their available treatments. For example, VISION 2020: The Right to Sight was launched in 1999 with the aim of reducing the burden of avoidable blindness in the world, especially in developing countries such as India.

Rise in awareness among people and increase in government initiatives for vision care management are anticipated to boost the global ocular implants market.

Report Coverage

Product Insights

The glaucoma implants segment dominated the market with a revenue share of more than 25.04% in 2021. This is due to the rising incidence of glaucoma and the fact that it is one of the leading causes of blindness. According to a study by Bright Focus Foundation, about 20 million people across the globe had glaucoma in 2020. This number is expected to exceed over 111 million by the end of 2040. On the basis of product, the market for ocular implants is classified into intraocular lens, corneal implants, orbital implants, glaucoma implants, ocular prosthesis, and others.

Glaucoma implants are projected to continue dominating the market over the forecast period. This is due to the increase in awareness regarding glaucoma by the government and non-government organizations. For instance, the World Glaucoma Association has introduced an initiative called “World Glaucoma Week”, which is planned to happen from 6th -12th March 2022 in order to create awareness pertaining to glaucoma. The intraocular lens segment accounted for a significant revenue share in 2021. Intraocular lenses have gained significant popularity over the years owing to their extended use in the treatment of nearsightedness, farsightedness, and presbyopia.

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Application Insights

The glaucoma surgery segment accounted for the largest revenue share of over 30.1% in 2021 owing to the rising incidence of glaucoma, coupled with the growing awareness regarding the disease. Several organizations are focusing on creating awareness regarding glaucoma, which is helping to increase the treatment-seeking rate at an early stage. For instance, Prevent Blindness is an organization that works towards creating awareness regarding eye disorders and mainly focuses on glaucoma. The organization joined the National Glaucoma Awareness Month in January 2021 by offering a variety of free educational and awareness-building resources to help prevent glaucoma.

Age-related macular degeneration is expected to be the fastest-growing segment over the forecast period. This is attributed to the growing geriatric population that is highly susceptible to developing this disorder. For instance, according to CDC, age-related macular degeneration is the leading cause of blindness and vision loss in Americans aged over 65 years of age. The above source also stated that the number of older Americans is predicted to nearly double from 48 million to 88 million in 2050.

End-use Insights

The hospitals segment dominated the market for ocular implants and held a revenue share of more than 40.13% in 2021. This is due to the increasing number of patients opting for ophthalmic surgeries in hospitals as compared to clinics and specialty eye institutes. The growing incidence of refractive disorders and increasing spending on healthcare infrastructure are factors expected to fuel the growth of the hospitals segment over the forecast period.

The specialty eye institutes segment is expected to witness significant growth during the forecast period owing to the rising need for eye care services in remote areas. The rising number of ophthalmologists in developing economies is anticipated to have a considerable impact on the market growth with a steep rise in the number of specialty eye institutes. Favorable government initiatives and increasing ease of doing business in several developing countries such as India, Thailand, the Philippines, and China are expected to accelerate the segment growth during the forecast period.

Regional Insights

North America dominated the market with a revenue share of over 35.07% in 2021. Increasing incidence of eye disorders, sedentary lifestyle, and increasing focus of key players to launch products in North America are factors that are majorly contributing to the market growth in this region. Additionally, a favorable reimbursement scenario and the availability of technologically advanced products in the region are factors that are likely to retain its lead over the forecast period.

The Asia Pacific market is expected to register the fastest CAGR of 7.17% during the forecast period. Developing countries such as China and India are expected to witness the fastest growth in Asia Pacific due to a massive increase in the geriatric population. According to China’s seventh population census, the country’s population in 2020 individuals aged 60 and above comprised 18.7% of the total population. Other factors that are contributing to the growth of the market include the growing diabetic population, increasing cataract surgeries, and rising expenditure by individuals and the government on eye care.

Key Players

Bausch & Lomb, Alcon, Carl Zeiss, Johnson & Johnson, MORCHER GmbH, and STAAR Surgical.

Market Segmentation

• Product Outlook
  • Intraocular lenses
  • Corneal implants
  • Orbital implants
  • Glaucoma implants
  • Ocular prosthesis
  • Others
• Application Outlook
  • Glaucoma surgery
  • Oculoplasty
  • Drug delivery
  • Age-related macular degeneration
  • Aesthetic purpose
• End-use Outlook
  • Hospitals
  • Specialty eye institutes
  • Clinics
• Regional Outlook
  • North America
  • Europe
  • Asia Pacific
  • Latin America
  • MEA

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