Corneal implants Market Expected to Reach $2.1 Billion by 2031—Allied Market Research

According to a new report published by Allied Market Research, titled, “Corneal implants Market," The corneal implants market size was valued at $1,264.18 million in 2021, and is estimated to reach $2,124.44   million by 2031, growing at a CAGR of 5.3% from 2022 to 2031.

The cornea is replaced during a cornea transplant process. The surgeon will remove any diseased or damaged corneal tissue during this surgery and replace it with healthy donor cornea or artificial cornea.

The corneal implants market trends that drive the growth of the market includes a rise in the prevalence of corneal diseases and high growth potential in emerging markets. Corneal diseases such as keratoconus, fuch’s dystrophy, infectious keratitis, corneal scarring and corneal ulceration are responsible for the corneal transplantation.  In addition, the rise in healthcare expenditure and rise in disposable income of people in developing countries contribute to growth of the corneal implant market. Moreover, the development of healthcare infrastructure in emerging economies subsequently leads to an increase in demand for medical equipment and supplies, including corneal implants as more people gain access to quality healthcare and medical procedures.     

Moreover, the demand for corneal implant is anticipated to grow, owing to technological advancements around the globe. In recent years, artificial corneal implant has undergone a number of technological developments that have increased the procedure's efficiency and safety. For instance, in recent years various key market players are involved in the development of corneal implants from living cells using tissue. Bioengineered corneas are less likely to cause infection compared to alloplastic corneas, which can be prone to infection due to their synthetic materials. Furthermore, increased ocular health awareness among people also helps to increase corneal implants market size.  

However, shortage of donor corneas is a significant factor which is expected to restrain the market growth. There is a major shortage of donor corneas in densely populated countries such as India, and individuals suffering from corneal blindness must wait for more than six months for corneal transplants.High burden of corneal blindness, coupled with shortage of corneal donors, is anticipated to impedes the growth of the corneal implants market analysis.

On the other hand, increasing geriatric population is anticipated as lucrative growth opportunity for the market growth during the corneal implants market forecast period. As people age, they are more likely to develop various eye conditions, such as keratoconus, fuchs’ dystrophy, keratitis and other corneal disorders which can lead to visual impairment and even blindness.  

On the basis of procedure type, the market is classified into penetrating keratoplasty, endothelial keratoplasty and others. The penetrating keratoplasty segment dominated the corneal implants industry in 2021. This is attributed to the high survival rate of all indications for corneal transplantation, and good visual outcomes. Moreover, the others segment is projected to register a CAGR during the forecast period, owing to advances in development of artificial cornea and faster recovery.  

On the basis of disease type, the market is classified into keratoconus, fuchs’ dystrophy, infectious keratitis and others. The fuchs’ dystrophy segment occupied corneal implants market share in 2021 and is projected to register a CAGR during the forecast period, owing to rise in awareness regarding ocular health, high prevalence of fuchs’ dystrophy.  

On the basis of end user, the market is categorized into hospitals ophthalmic centers and others. The hospital segment occupied highest corneal implants market share in 2021 owing to availability of highly qualified healthcare practitioners and increase in health coverage for hospital-based healthcare services from several private & group insurance programs. Moreover, others segment is projected to register the highest CAGR owing to a rise in outpatient surgeries for corneal transplantation as it offers cost effective benefits.  

Region wise, North America had the highest market share in 2021, and is expected to maintain its lead during the forecast period, owing to increase in prevalence of ophthalmic diseases and rise in healthcare infrastructure. In addition, the rise in the number of key players manufacturing artificial corneal implants and increase in awareness regarding screening for corneal diseases further drive the market growth in this region. However, Asia-Pacific is expected to witness the highest growth during the forecast period, owing to factors such as a rise in investments for manufacturing high-quality corneal implants, and an increase in awareness programs for eye diseases. In addition, increase in healthcare infrastructure in this region further propels the corneal implants industry growth. 

Key findings of the study:

• By procedure type, the penetrating keratoplasty segment was the highest contributor to the market in 2021.   
• By disease type, fuchs’ dystrophy dominated the market in 2021 with highest CAGR of during the forecast period.  
• On the basis of end user, the hospitals segment was dominated the market in 2021. However, others segment is anticipated to grow at the highest CAGR during the forecast period  
• Region wise, North America generated the largest revenue in 2021. However, Asia-Pacific is anticipated to grow at the highest CAGR during the forecast period.