Ocular Implants Industry Overview
The global ocular implants market size was valued at USD 13.30 billion in 2021 and is expected to expand at a compound annual growth rate (CAGR) of 5.8% from 2022 to 2030. Increasing incidence of eye disorders such as age-related macular degeneration, cataract, glaucoma, and scleritis is the major factor anticipated to drive the market. The increase in the incidence rate is leading to a rise in demand for surgical procedures that require ocular implants. For instance, according to a research article published by the U.S. National Library of Medicine, based on the earlier trends in cataract surgeries, it is anticipated that 3.7 million cataract surgeries must have been performed among the Medicare beneficiaries in 2020 in the U.S.
The novel COVID-19 disease has disrupted the overall flow and working of some of the major economies across the globe while having an equal impact on the emerging and smaller economies as well. The outbreak led to major loss of life and created a sense of panic among the population, globally. Therefore, in order to control the spread of the virus and reduce the mortality rate due to the infection of the virus, various restrictions and guidelines were imposed by different countries. Many countries observed a strict lockdown, which led to a postponement of elective surgeries, resulting in the reduction of demand for ocular implants. This implies that the pandemic had a negative impact on the market.
Gather more insights about the market drivers, restraints, and growth of the Global Ocular Implants market
However, in the long run, the pandemic is expected to have a slightly positive impact on the sales of ocular implants. One major factor that indicates this is the major shift towards online education programs and work from home model. This is leading to a higher percentage of the population being exposed to a relatively high amount of screen time, which can lead to the risk of developing eye disorders. The pandemic resulted in major disruptions of the supply chain initially due to the lack of planning.
As a result, major losses were incurred, which compelled the manufacturers to create strategic plans that can help to avoid any similar situation in the future. Moreover, with the opening of the economies, the demand for these procedures has elevated to a great extent due to the earlier backlog surgeries and increasing focus on multiple awareness programs. Thus, although the COVID-19 pandemic did have a negative impact on the market initially, the market is expected to regain its growth and grow at an exponential rate over the forecast period.
Eye diseases such as cataracts and age-related macular degeneration are age-related diseases. An increase in the geriatric population is another factor contributing to the growth of the market. Additionally, increasing adoption of a sedentary lifestyle and the rising prevalence of diabetes may lead to diabetic retinopathy, which is anticipated to boost the sales of ocular implants. For instance, according to the International Diabetes Federation, in 2021, approximately 537 million individuals were living with diabetes and it is anticipated to rise to 643 million by 2030.
Technological advancement is yet another factor playing an important role in propelling market growth. The introduction of micro-invasive glaucoma devices for patients suffering from glaucoma is a classic example of the technology that has evolved over the last few years. For instance, Glaukos Corporation received FDA approval for its second-generation trabecular meshwork bypass stent, iStent Inject in June 2018. The device is indicated for the treatment of mild to moderate glaucoma and is approved for implantation at the time of phacoemulsification.
Browse through Grand View Research's Medical Devices Industry Research Reports.
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Ocular Implants Market Segmentation
Grand View Research has segmented the global ocular implants market based on product, application, end use, and region:
Ocular Implants Product Outlook (Revenue, USD Million, 2017 - 2030)
- Intraocular Lens
- Corneal Implants
- Orbital Implants
- Glaucoma Implants
- Ocular Prosthesis
- Others
Ocular Implants Application Outlook (Revenue, USD Million, 2017 - 2030)
- Glaucoma Surgery
- Oculoplasty
- Drug Delivery
- Age-related Macular Degeneration
- Aesthetic Purpose
Ocular Implants End-use Outlook (Revenue, USD Million, 2017 - 2030)
- Hospitals
- Specialty Eye institutes
- Clinics
Ocular Implants Regional Outlook (Revenue, USD Million, 2017 - 2030)
- North America
- Europe
- Asia Pacific
- Latin America
- Middle East and Africa
Market Share Insights
August 2021: Alcon, Inc., a subsidiary of Novartis, acquired Ivantis, Inc. and its HydrusMicrostent for surgical glaucoma. The intended acquisition supports Alcon’s commitment to further strengthen its industry-leading portfolio across refractive, retina, cataract, and glaucoma.
Key Companies profiled:
Some prominent players in the global ocular implants market include:
- Alcon, Inc.,
- Bausch & Lomb, Inc.
- Carl Zeiss AG
- Johnson & Johnson
- STAAR Surgical Company
- Morcher GmbH
- Hoya Corporation
- Glaukos Corporation
Order a free sample PDF of the Ocular Implants Market Intelligence Study, published by Grand View Research.
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