CAGR: 5%Current Market Size: USD 9.5 BillionFastest Growing Region: APAC
Largest Market: North AmericaProjection Time: 2023-2030Base Year: 2022
The global ocular implants market is expected to grow from USD 9.5 billion in 2022 to USD 14.73 billion by 2030, at a CAGR of 5% during the Projection period 2023-2030. The growth of the ocular implant market is mainly driven by rising eye disorders.
The covid 19 epidemic had an impact on the world and resulted in various lifestyle modifications. Schools have gone online, and working professionals have adapted to working from home. This modification resulted in more screen time for students and working people. Long-term exposure to the light rays of laptop and phone screens raised the cases of eye illnesses such as myopia, hypermetropia, dry eyes, and so on. The covid 19-induced lockdowns led to a sedentary lifestyle, which resulted in a slew of lifestyle-related ailments. Surgical procedures can correct eye problems such as uncorrected refractive errors, corneal opacities, trachoma, glaucoma, diabetic retinopathy, age-related macular degeneration, and others. Ocular implants are used in surgical treatments to repair such diseases. Ocular implants offer a wide range of applications. For example, in layman's terms, interocular implants can be utilized as artificial eyes for patients who have lost an eye and require ocular implants to improve their look. Ocular implants can also be used to replace the lens of an injured eye. The kind, color, form, and size are all tailored to the patient. Ocular implants are utilized in people who have cataracts or whose eyesight is impaired owing to another condition. Ocular implants are artificial devices that are surgically placed to improve vision clarity or treat a variety of eye problems.
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Market Dynamics:
Drivers:
Increased time spent in front of laptops and smartphone screens, along with a sedentary lifestyle, has resulted in an increase in the population of people with eye diseases. To put this in context, around 3.17 million people in the United States had cataract surgery, and approximately 537 million suffered from diabetic retinopathy in 2021. These figures are projected to rise over time. With a rise in the number of persons suffering from eye disorders, there will be an increase in the number of people seeking treatment for such conditions. This will increase the need for ocular implants.
Restraints:
Before being employed in surgical operations or other such applications, technological breakthroughs and product improvements in the ocular implants market must be approved by regulatory authorities. These agencies maintain rigorous standards of compliance and responsibility in order to protect the interests of the target audience and protect them from any negative consequences or fraudulent claims. The vetting that market participants must endure is time-consuming. Because of these laws, the timely launch of products and benefits that could be gained is hampered, resulting in a loss in profits.
Opportunities:
As the demand for ocular implants has increased, significant players have committed cash to the research and development of superior devices. For example, the development of micro-invasive glaucoma devices has contributed to an increase in individual demand for glaucoma therapies. Other developments in ocular devices will make the industry more competitive and efficient, giving the required fuel for its expansion.
Challenges:
Because access to such therapies is extremely limited in developing nations, the rise in eye problems will not totally duplicate a rise in demand for such treatments. This is aggravated further by the fact that there are few professionals or ophthalmologists in these countries. The restricted access will be a challenge, but it can be offset by increasing government healthcare spending. The involvement of civil society organizations and non-governmental organizations (NGOs) can also be used to raise awareness and enhance treatment rates. Growing government initiatives and investments in the medical sector in developing nations would provide a massive opportunity for the expanding ocular implants market.
Segmentation Analysis:
The global ocular implants market has been segmented based on product, application, end-user, and region.
By Product
The product segment is corneal implants, glaucoma implants, intraocular lens, ocular prosthesis, orbital implants, and others. The glaucoma implants segment led the largest share of the ocular implants market with a market share of around 28.9% in 2022. This is owing to the increasing prevalence of glaucoma, which is one of the primary causes of blindness. According to a Bright Focus Foundation study, around 20 million people worldwide would have glaucoma by 2020. By the end of 2040, this figure is predicted to approach 111 million. The market for ocular implants is divided into intraocular lenses, corneal implants, orbital implants, glaucoma implants, ocular prosthesis, and others. Glaucoma implants are expected to maintain their market dominance over the Projection period. This is because the government and non-governmental groups are raising awareness about glaucoma.
By Application
The application segment is drug delivery, oculoplasty, glaucoma surgery, aesthetic purpose, and age-related macular degeneration. The glaucoma surgery segment led the largest share of the ocular implants market with a market share of around 34.87% in 2022. Attributable to the rising incidence of glaucoma, coupled with the expanding awareness surrounding the disease. Several groups are concentrating on raising knowledge of glaucoma, which is assisting in increasing the rate of treatment sought at an early stage. Prevent Blindness, for example, is an organization that aims to raise awareness about eye illnesses, with a concentration on glaucoma. In January 2021, the group will participate in National Glaucoma Awareness Month by providing a variety of free educational and awareness-building resources to help prevent glaucoma.
By End-User
The end-user segment is specialty eye institutes, hospitals, and clinics. The hospitals segment led the largest share of the ocular implants market with a market share of around 40.98% in 2022. This is attributable to an increase in the number of patients seeking ocular surgery in hospitals rather than clinics and specialty eye institutes. The rising prevalence of refractive disorders, as well as increased spending on healthcare infrastructure, are likely to drive hospital segment growth over the Projection period.
Global Ocular Implants Market - Sales Analysis.
The sale of the ocular implants market expanded at a CAGR of 3.6% from 2016 to 2022.
Ocular implants are medical devices used to restore or improve vision by replacing a damaged or missing visual organ. Ocular implants, also known as ocular prostheses, are prosthetic eyes that are used to treat face lineament damage caused by an eye disease or accident. Cosmetic therapy for these patients, such as the implantation of an ocular prosthesis, helps to restore their confidence by improving their exterior look. Ocular prostheses are fitted behind the eyelids over a shrunken eyeball or an orbital implant inserted after the eye is surgically removed.
The global ocular implants market is predicted to develop due to an increasing number of product launches. For example, at the Alcon-hosted Synergeyes clinical symposium in Sydney in July 2018, Alcon, an ophthalmology business, launched its intraocular lens (IOL) portfolio, which included the Clareon AutonoMe IOL and delivery system, designed to give easy and intuitive control during cataract surgery. AutonoMe is the first and only automated, disposable, preloaded IOL delivery system that is preloaded with the Clarion IOL and is driven by CO2. Furthermore, Molteno Ophthalmic, a medical device business, unveiled its Molteno3 S-Series glaucoma implants at the 24th Greek Glaucoma in June 2018.
Thus, owing to the aforementioned factors, the global ocular implants market is expected to grow at a CAGR of 5% during the Projection period from 2023 to 2030.
By Regional Analysis:
The regions analyzed for the ocular implants market include North America, Europe, South America, Asia Pacific, the Middle East, and Africa. North America region dominated the ocular implants market and held a 37.5% share of the market revenue in 2022.
Global Ocular Implants Market - Country Analysis:
Germany's ocular implants market size was valued at USD 0.71 billion in 2022 and is expected to reach USD 1.05 billion by 2030, at a CAGR of 5.1% from 2023 to 2030. Because of the rising prevalence of eye illnesses and the government's renewed emphasis on providing patients with the appropriate remedies
China’s ocular implants market size was valued at USD 0.72 billion in 2022 and is expected to reach USD 1.09 billion by 2030, at a CAGR of 5.4% from 2023 to 2030. According to China's seventh population census, the population aged 60 and older accounted for 18.7% of the total population in 2020. Other factors driving market expansion include an increasing diabetic population, an increase in cataract treatments, and rising consumer and government spending on eye care.
India's ocular implants market size was valued at USD 0.56 billion in 2022 and is expected to reach USD 0.84 billion by 2030, at a CAGR of 5.3% from 2023 to 2030. Because of a significant increase in the geriatric population, developing countries such as India are expected to have the largest growth in the Asia Pacific.
Key Industry Players Analysis:
To increase their market position in the global ocular implants market business, top companies focus on tactics such as adopting new technology, mergers & acquisitions, product developments, collaborations, partnerships, joint ventures, etc.
Latest Development:
Report Metrics
Report Attribute |
Details |
Study Period |
2022-2030 |
Base year |
2022 |
CAGR (%) |
5% |
Market Size |
9.5 billion in 2022 |
Projection period |
2023-2030 |
Projection unit |
Value (USD) |
Segments covered |
By Product, By Application, By End-User, and By Region. |
Report Scope |
Revenue Projection, competitive landscape, company ranking, growth factors, and trends |
Companies covered |
Alcon, Inc., Johnson & Johnson, Bausch & Lomb, Inc., Carl Zeiss AG, Morcher GmbH, STAAR Surgical Company, Glaukos Corporation, and Hoya Corporation. |
By Product |
|
By Application |
|
By End-User |
|
Regional scope |
|
Scope of the Report
Global Ocular Implants Market By Product:
Global Ocular Implants Market By Application:
Global Ocular Implants Market By End-User:
Global Ocular Implants Market By Region:
Global ocular implants market is expected to reach USD 14.73 billion by 2030.
The ocular implants market is projected to have a CAGR of 5%.
Increased time spent in front of laptops and smartphone screens, along with a sedentary lifestyle, has resulted in an increase in the population of people with eye diseases. To put this in context, around 3.17 million people in the United States had cataract surgery, and approximately 537 million suffered from diabetic retinopathy in 2021.
Leading market players active in the global ocular implants market are Novartis AG, OSD Medical GmbH, Pfizer Inc., Staar Surgical, Bausch & Lomb Incorporated., Johnson & Johnson Services, Inc., Morcher GmbH, Ophtec BV, and ZEISS International. among other
Political Factors- Because they are critical to the formulation of laws, the ocular implants market should carefully research the concerns made by pressure organizations, social and environmental activists, and labor unions. Close partnerships with these organizations may improve the ability of the ocular implants market to engage the community and achieve long-term company goals. A strong governance structure and a democratic political atmosphere improve the business environment for multinational corporations, such as those operating in the ocular implants market. Because of frequent changes in government policy, the environment becomes increasingly murky, which is detrimental to corporate growth.
Economic Factors- The efficiency of the financial market has an impact on the ocular implants market and the market's goal for global expansion since operating in highly efficient financial markets boosts a company's liquidity position and strengthens its capacity to join new markets. The ability of the ocular implants sector to raise finance at competitive rates will be determined by the health and efficiency of the financial markets. The existing economic structure influences the ocular implants industry, which also supports the market's commercial activity. An oligopolistic or monopolistic structure will not have the same economic or regulatory environment as one with perfect or monopolistic competition.
Social Factors- The power distance reflects how a culture accepts hierarchy and income inequality. When entering markets with high or low power distance, the ocular implants market must modify its business management strategies. Growing inequality in many nations is changing the power structure, which has significant consequences for international corporations such as those in the ocular implants business. To change its marketing and communication strategies, the ocular implants market must perform research on commonly accepted gender stereotypes. Traditional, patriarchal civilizations with well-defined gender roles would employ different marketing and human resource methods than societies with fewer gender preconceptions.
Technological Factors- In order to understand how new technologies affect the firm's value chain and current cost structure, the ocular implants market must analyse both micro and macro expenditures made by competitors. In an environment where creative disruption is widespread, R&D initiatives are critical. To maximise revenues in this scenario, the ocular implants business should invest in disruptive technologies and then reinvest earnings in the development of new disruptive technologies. The adoption of new technology has reduced the time required to create new things.
Environmental Factors- People are increasingly opting for green or eco-friendly items. To win over stakeholders, the ocular implants market can seize the opportunity and use green business practises. Product innovation goals are shifting as a result of regulatory organisations' emphasis on ensuring compliance with environmental regulations. The ocular implants sector should stress environmental friendliness over traditional value propositions. If the ocular implants market's resources are repeatedly depleted, it may face criticism from the media, environmental groups, customers, and the general public.
Legal Factors- Because of consumers' concerns about their privacy and security, data protection has become a major issue. The ocular implants sector must explore data protection rules to protect consumer data. There are additional laws in place to regulate prices, maintain quality, and protect customers from fraudulent advertising claims. In order to comply with consumer protection rules, the ocular implants sector must consider a few things. Intellectual property regulations are intended to safeguard firms' valuable ideas and patents. The ocular implants market position in comparison to other market participants may be jeopardised if a competitive advantage is lost due to a failure to protect intellectual property rights.
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