Global Ocular Implants Market Size, Share, Opportunities, COVID-19 Impact, And Trends By Type (Intraocular Lenses, Ocular Prosthesis, Others), By End Users (Eye Hospitals, Ophthalmic Clinics, Eye Institutes), And By Geography - Forecasts From 2021 To 2026
- Published : Sep 2021
- Report Code : KSI061611620
- Pages : 124
The global ocular implants market is expected to grow at a compound annual growth rate of 11.34% over the forecast period to reach a market size of US$29.68 billion in 2026, from US$13.99 billion in 2019. Ocular implants are known as an artificial aid, that is surgically implanted in a person’s living eye to restore the sharpness of vision, after the removal of a person’s cataract. The implants or lenses have to be tolerable, transparent material of an appropriate shape, size, and power for the individual patient.
The market is expected to surge in the coming years, because of the rise in eye problems, globally. Major companies have been making significant developments in the market, in the past few years.
Eye problems to lead the market growth
The market is expected to surge in the coming years because of the rise in the number of eye problems, globally. Vision impairment and blindness are some of the common eye problems. According to the World Health Organisation, approx. 2.2 billion people, worldwide, have a distance or near vision impairment. Half of these vision impairment cases could have been prevented. The major causes of vision impairment are cataracts and uncorrected refractive errors. Over 50 years of age population is mostly affected by this major problem. There are significant economic problems associated with vision impairment or loss. The annual productivity losses which are associated with vision impairment from presbyopia and uncorrected myopia are estimated to be at approx. US$25.4 billion and US$244 billion. In the United States, according to the Centre for Diseases Control & Prevention, more than 4.2 million Americans are either with low vision (best-corrected visual acuity of less than 6/12) or are legally blind (best-corrected visual acuity of 6/60).
The major causes of low vision and blindness in the United States are age-related eye problems such as cataracts, glaucoma, macular degeneration, and diabetic retinopathy. Europe is also expected to make significant developments in the market, because of the rise in eye concerns in the region. According to the European Blind Union, there are over 30 million partially sighted or blind people in the region. An average of one in thirty European is suffering from sight loss. These developments are expected to have a positive impact on the market, during the forecast period.
Increasing geriatric population
The market is expected to surge in the coming years, because of the increasing geriatric population, globally. According to the United Nations, the worldwide population aged 60 years or over was more than 962 million in the year 2019. The number of older people is expected to double to 2.1 billion, by the year 2050. By the year 2030, the older population is expected to cross or outrun the children population. By the year 2050, the number of persons over 80 years is expected to surge more than threefold, rising to 425 million. By the year 2050, 35% of the population in Europe is expected to be above 60 years, whereas 28% in North America, 25% in Latin America, 24%, 23%, and 9% in Asia, Oceania, and Africa, respectively.
The rise in geriatric population is expected to have a surge in eye problems such as loss of vision, cataract problems, and others. There is expected to be a rise in investments in the healthcare industry, to protect older people from several problems. These trends are expected to have a positive impact on the ocular implants market, during the forecast period.
The market is expected to surge in the coming years, because of the rise in innovation and advancements in ocular implant technology. Major companies have been making significant developments in the market. For instance, Ocular Therapeutix, a biopharmaceutical firm focusing on the development, formulation, and commercialization of advanced and innovative therapies for conditions of the eye, provides several advanced implants for the eye. There are some of the company’s assets in the initial stage trials, such as OTX-TKI, an axitinib intravitreal implant for the treatment of ocular itching associated with allergic conjunctivitis. Other players are also making significant developments in the market. For instance, in April 2021, a team from the University of Valencia, Universität Politecnica de Valencia, and the Aiken Ophthalmic Clinic announced the design of a novel implant to correct presbyopia.
The researchers from these universities had created the first and novel trifocal corneal inlay plant, which is also fully transparent. The novel implant or inlay could be a credible alternative for those people, that have been suffering from presbyopia. In April 2021, Alcon, a global player in eye care, announced the availability of AcrySof IQ PanOptix Ultraviolet intraocular lenses, as part of the company’s presbyopia-correcting lens product line in Canada. The novel next-generation IOLs provide ultraviolet filtering hydrophobic protection for Canadians, to prolong vision health and prevent UV damage after cataract surgery. An intraocular lens is known as a medical device that is inserted or implanted inside the eye, to replace the eye’s natural lens, when it is detached or removed during eye cataract surgery. These types of lenses are also used for a type of vision correction surgery, known as refractive lens exchange. There are a plethora of innovations happening in the eye industry.
The latest and novel generation Light-Adjustable Lens, also known as RxSight has been introduced into clinical practice. There has also been an introduction to the extended depth of focus intraocular lens, in recent times. In April 2021, it was announced that Johnson & Johnson’s novel surgical system for the enhancement of cataract operations had got FDA clearance. The novel system named Veritas Vision system had received both CE mark and 510(k) clearance in Europe. In the cataract operation process, the surgeon would insert an ultrasonic probe into the membrane, which has been around the eye’s lens. The company has been aiming to roll out the commercialization of the novel system, by the end of the year 2021. The rise in investments in the ocular implant industry is expected to surge the market growth during the forecast period.
Ocular Implants Market Scope:
|Market size value in 2019||US$13.99 billion|
|Market size value in 2026||US$29.68 billion|
|Growth Rate||CAGR of 11.34% from 2019 to 2026|
|Forecast Unit (Value)||USD Billion|
|Segments covered||Type, End-User, And Geography|
|Regions covered||North America, South America, Europe, Middle East and Africa, Asia Pacific|
|Companies covered||SMR Ophthalmic Pvt. Ltd., iSTAR Medical, Johnson & Johnson, STAAR Surgical, Alcon, Hoya Surgical Optics, ZEISS, Glaukos, OPHTEC, NanoVision|
|Customization scope||Free report customization with purchase|
- By Type
- Intraocular lenses
- Ocular Prostheses
- By End-User
- Eye Hospitals
- Ophthalmic Clinics
- Eye Institutes
- By Geography
- North America
- South America
- Middle East and Africa
- Saudi Arabia
- South Africa
- Asia Pacific
- North America
Frequently Asked Questions (FAQs)
4.3.Porters Five Forces Analysis
4.3.1.Bargaining Power of Suppliers
4.3.2.Bargaining Power of Buyers
4.3.3.The threat of New Entrants
4.3.4.Threat of Substitutes
4.3.5.Competitive Rivalry in the Industry
4.4.Industry Value Chain Analysis
5.Global Ocular implants Market Analysis, By Type
6.Global Ocular implants Market Analysis, By End User
7.Global Ocular implants Market Analysis, by Geography
7.2. North America
7.2.1.North America Ocular implants Market Analysis, By Type, 2019 to 2026
7.2.2.North America Ocular implants Market Analysis, By End User, 2019 to 2026
18.104.22.168. United States
7.3.1.South America Ocular implants Market Analysis, By Type, 2019 to 2026
7.3.2.South America Ocular implants Market Analysis, By End User, 2019 to 2026
7.4.1.Europe Ocular implants Market Analysis, By Type, 2019 to 2026
7.4.2.Europe Ocular implants Market Analysis, By End User, 2019 to 2026
7.5.The Middle East and Africa
7.5.1.Middle East and Africa Ocular implants Market Analysis, By Type, 2019 to 2026
7.5.2.Middle East and Africa Ocular implants Market Analysis, By End User, 2019 to 2026
22.214.171.124. Saudi Arabia
126.96.36.199. South Africa
7.6.1. Asia Pacific Ocular implants Market Analysis, By Type, 2019 to 2026
7.6.2. Asia Pacific Ocular implants Market Analysis, By End User, 2019 to 2026
7.6.3. By Country
8. Competitive Environment and Analysis
8.1.Major Players and Strategy Analysis
8.2. Emerging Players and Market Lucrativeness
8.3. Mergers, Acquisitions, Agreements, and Collaborations
8.4. Vendor Competitiveness Matrix
9.1.SMR Ophthalmic Pvt. Ltd.
9.3.Johnson & Johnson
9.6.Hoya Surgical Optics
SMR Ophthalmic Pvt. Ltd.
Johnson & Johnson
Hoya Surgical Optics
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