Artificial Cornea and Corneal Implant Market Expected to Reach $656.19 Million by 2028

According to a new report published by Allied Market Research, titled, “Artificial Cornea and Corneal Implant Market by Type, Transplant Type, Disease Indication, and End User: Global Opportunity Analysis and Industry Forecast, 2021–2028," The global artificial cornea and corneal implant market generated $376.61 million in 2020 and is projected to reach $656.19 million by 2028, growing at a CAGR of 7.9% from 2021 to 2028.

The artificial cornea implant market is expected to grow at a significant rate during the forecast period due to increase in incidence of corneal infection. There is increase in visual disability due to cloudy cornea for working people, which has increased the demand for cornea implant in the global market. In addition, rise in government initiatives that are aiming at setting up guidelines to control the increase in vision impairment across the globe are compelling the key manufacturers to introduce novel artificial cornea in the market. For instance, the Centers for Disease Control and Prevention (CDC) has initiated a program named “Vision Health Initiative” through which it aims at spreading awareness regarding eye abnormalities along with the present or latest diagnostic as well as treatment methods to manage the same. This is anticipated to boost the growth of the artificial cornea and corneal implant market.

Due to the COVID-19 outbreak, there has been a significant drop in the number of patient visits to clinics in the first and second quarters of 2020 due to lockdowns and constraints implemented to prevent the spread of the disease. This has led to a decline in the number of elective eye surgeries being conducted per week in hospitals and clinics during the period. This, is expected to create a negative impact on the market.

By type, the human cornea segment accounted for the largest share of the market share in artificial cornea and corneal implant market in 2020. This segment is expected to the increase awareness regarding corneal transplantation and eye tissue donations, especially in the developing economies.

By transplant type, the penetrating keratoplasty segment accounted for major share in artificial cornea and corneal implant market in 2020. This segment is expected to exhibit a prominent growth rate, owing to the rise in number of people suffering from eye disorders such as infectious keratitis and injury of the eyeball.

By disease indication, the Fuchs’ dystrophy segment accounted for major share in artificial cornea and corneal implant market in 2020. This segment is expected to exhibit a prominent growth rate, due to the surge in incidence of the disease and rise in awareness among people regarding early disease diagnosis.

By end user, the specialty clinics segment accounted for major share in artificial cornea and corneal implant market in 2020. Growth in this segment can be attributed to the reluctance of in-patient surgeries and the rise in demand for minimally invasive procedures. Patient preference toward effective treatment and concerns regarding hospital-acquired infections are further supporting the growth of the segment.

By region, North America accounted for the largest share of the global artificial cornea and corneal implants market. The market is well-established in North America, with the U.S. dominating the market in this region. The large share of North America is mainly attributed to the established healthcare infrastructure, higher adoption of sophisticated healthcare technologies, higher budget among end users of ophthalmic devices, and a large number of manufacturers for corneal implants in the region. Furthermore, Asia-Pacific is expected to witness the highest growth rate throughout the forecast period, due to high population base, surge in disposable income, and rise in patient awareness toward eye care.

Key Findings Of The Study 

• The study provides an in-depth analysis, current trends, and future estimations of the global artificial cornea and corneal implant market to elucidate the imminent investment pockets.
• Comprehensive analysis of factors that drive and restrict the artificial cornea and corneal implant market growth is provided.
• By type, the human cornea segment is anticipated to grow at a CAGR of 7.8% from 2021 to 2028.
• By end user, the artificial cornea and corneal implant market segment dominated the spirometer market in 2020.
• Extensive analysis of key segments of the industry help understand the types of products and technologies used across various regions.