Global Corneal Implants Market to grow with a CAGR of 6.10 %
Increasing
healthcare infrastructure and a supportive regulatory environment are the major
drivers for the Global Corneal Implants Market.
According
to TechSci Research report, “Global Corneal Implants Market Industry Size,
Share, Trends, Competition, Opportunity and Forecast, 2018-2028”, Global Corneal Implants Market
has valued at USD 410.60 million in 2022 and is anticipated to witness an
impressive growth in the forecast period with a CAGR of 6.10% through 2028. This
can be due to collaborations and partnerships among leading companies with a
diverse approach to merge the expertise of individual companies and to
strengthen their position in the market. Medical tourism can drive the demand
for the global corneal implants market, particularly in regions where
healthcare facilities are advanced, and costs are competitive. Medical tourism
refers to the practice of individuals traveling to other countries for medical
treatment, often to access high-quality healthcare services at a lower cost or
with shorter wait times. One of the primary reasons individuals engage in
medical tourism is the potential for cost savings. In some countries, the cost
of corneal implant procedures, including corneal transplantation, can be
significantly lower than in their home countries. This cost advantage can
attract patients seeking affordable yet high-quality healthcare. Medical
tourism allows patients to access specialized medical expertise and advanced
technologies that may not be readily available in their home countries. Some
medical facilities in popular medical tourism destinations are equipped with
state-of-the-art equipment and highly skilled healthcare professionals. Medical
tourists can combine their medical treatments with leisure travel. They can
explore new destinations, experience different cultures, and enjoy
post-operative recovery in pleasant surroundings, which can contribute to an
overall positive experience.
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Additionally, approximately 200,000 corneal
implant procedures are conducted each year. Additionally, there is a backlog of
12.7 million patients in need of corneal implants, indicating that only one out
of every 70 individuals in need receives the treatment they require.
Consequently, this substantial disparity between demand and supply is
anticipated to be a driving force for the industry's expansion in the
foreseeable future. Notably, corneal disease ranks as the fifth most prevalent
cause of blindness on a global scale. In August 2022, in a pioneering achievement for India, a collaborative
effort by researchers from L V Prasad Eye Institute (LVPEI), Hyderabad, the
Indian Institute of Technology Hyderabad (IITH), and the centre for Cellular
and Molecular Biology (CCMB), Hyderabad, has resulted in the successful 3D
printing of an artificial cornea, followed by its transplantation into a
rabbit's eye. This groundbreaking innovation was made possible by using human
donor corneal tissue to create the 3D-printed cornea, which contains no
synthetic components, is entirely natural, and is devoid of animal residues,
ensuring its safety for use in patients. Through a combination of regenerative
medicine and tissue engineering advancements, the researchers harnessed
decellularized corneal tissue matrix and human eye-derived stem cells to
develop a novel biomimetic hydrogel (currently pending a patent) as the base
material for the 3D-printed cornea. Notably, this biocompatible and natural
3D-printed cornea is entirely sourced from human corneal tissue and does not
contain any animal residues.
Limited
donor supply is a significant challenge in the global corneal implants market.
This challenge stems from the reliance on donated human corneal tissue for
corneal transplantation procedures. There is a constant and growing demand for
corneal transplants worldwide due to the prevalence of corneal diseases and
conditions, such as keratoconus, Fuchs' dystrophy, and corneal injuries. These
conditions can significantly impair vision and necessitate transplantation to
restore sight. The availability of suitable donor corneas is constrained by
factors such as low rates of corneas, strict donor eligibility criteria, and
the need for careful tissue screening and preservation. Donor cornea
availability varies by region and country. In some parts of the world, there
may be a more plentiful supply of donor tissue, while other regions face
shortages, leading to disparities in access to corneal transplants. Cultural
and religious beliefs, as well as personal preferences, can influence the
willingness of individuals and families to donate corneal tissue. These
considerations can further limit the availability of donor corneas. Corneal
tissue has a limited shelf life, typically ranging from a few days to a couple
of weeks, depending on preservation methods. This short shelf life necessitates
efficient distribution and transplantation procedures to avoid tissue wastage.
Global Corneal Implants Market is segmented based on
Type, Application, Surgery, and by region.
Based on the Type, Global Corneal Implants Market
is segmented into Keratoconus,
Fuchs Dystrophy, Infectious Keratitis, Corneal Ulcers, and others. A
corneal ulcer, also known as a corneal sore or ulcerative keratitis, is a
serious and painful condition that affects the cornea, which is the
transparent, front surface of the eye. Corneal ulcers are typically
characterized by an open sore or erosion on the cornea. These ulcers can lead
to vision problems and require prompt medical attention. Corneal ulcers are
typically diagnosed through a thorough eye examination by an ophthalmologist.
This may include the use of special dyes and a slit lamp to examine the cornea,
assess the size and depth of the ulcer, and identify any underlying causes. In
some cases, cultures or other tests may be performed to identify the infectious
agent. Corneal ulcers can lead to complications such as scarring, vision loss,
or perforation of the cornea if not treated promptly and appropriately.
Based on Region, North America held the largest share in the Global Corneal
Implants Market. Leading academic and research institutions in North
America are actively involved in ophthalmic research and development. This
contributes to the development of cutting-edge technologies and treatments in
the field of corneal implants. Many residents in North America have health
insurance coverage that may include eye care and corneal implant procedures,
making these treatments more accessible. High levels of awareness among
patients about the availability of corneal implant procedures and their benefits
can drive demand in North America. Collaboration between healthcare
institutions, universities, and the private sector has fostered innovation and
made advanced corneal implant technologies more readily available. North
America also attracts medical tourists who seek specialized eye care services,
including corneal implants, further contributing to the region's dominance in
the market.
Some of the major companies
operating in the Global Corneal
Implants Market include:
- Florida
Lions Eye Bank
- Alcon
Inc.
- Auro
Laboratories Ltd.
- CorneaGen
Inc.
- AJL
Ophthalmic S.A.
- DIOPTEX
- Massachusetts
Eye and Ear Associates Inc.
- San
Diego Eye Bank
- KeraMed,
Inc.
- Presbia
PLC
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“Certain areas, particularly in North
America, are projected to exert significant demand for Corneal Implants. The
growth in the competitive landscape and the presence of well-established
companies in the market, committed to enhance the overall wellbeing of people each
year, are expected to contribute to a remarkable growth of the Global Corneal
Implants Market in the forecast period," said Mr. Karan Chechi, Research
Director with TechSci Research, a research-based Global management consulting
firm.
Corneal
Implants Market by
Application (Keratoconus, Fuchs Dystrophy, Infectious Keratitis, Corneal Ulcers,
others), By Type (Human Cornea, Synthetic) by Surgery (Penetrating Keratoplasty,
Endothelial Keratoplasty), By Region, By Competition Forecast &
Opportunities, 2018-2028F has
evaluated the future growth potential of Global Corneal Implants Market and
provides statistics & information on market size, structure, and future
market growth. The report intends to provide innovative market intelligence and
help decision makers take sound investment decisions. Besides, the report also
identifies and analyzes the emerging trends along with essential drivers,
challenges, and opportunities in Global Corneal Implants Market.
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