Global Corneal Surgery Market - 2020-2027
Corneal surgery is the procedure for the transplantation of cornea for replacing the part of cornea with corneal tissue from a donor. It involves the replacement of the diseased or scarred corneal tissue with healthy tissue from an organ donor. Corneal surgery is useful to restore vision, reduce pain and improve the appearance of a damaged or diseased cornea. Several factors such as infections including the fungal keratitis, trichiasis, Fuchs’ dystrophy, and keratoconus, eye injury, cornea burns, and other factors can damaged the Cornea.
Corneal surgery is effective to relieve signs and symptoms associated with cornea diseases. Corneal surgery can treat the various conditions such as keratoconus, Fuchs' dystrophy, cornea thinning, cornea scarring, cornea clouding, cornea swelling, corneal ulcers, and others.
The global corneal surgery market size was worth US$ XX billion in 2018 and is estimated to reach US$ XX billion by 2027, growing at a CAGR of XX % during the forecast period (2020-2027).
Rising Prevalence of Visual Impairment is Driving the Growth of the Market
The demand for the corneal surgery is increasing with the increasing number of people affected by the vision impairment. According to the World Health Organization (WHO), approximately, 217 million people have moderate to severe vision impairment worldwide. Around, 37 million people are blind. Globally, 82% of people of age-group 50 years and above are blind. According to the Surgical Eye Expeditions International, Cornea is the leading cause of blindness globally. Around 5.1% of the global population i.e., 12 million people are blind due to cornea. Cornea is the major major causes of visual deficiency after cataract, glaucoma, and age-related macular degeneration. Every year, more than 350,000 children are born with or develop infections at a young age which cause corneal blindness across the globe.
Increasing funding & investment for development of corneal surgery devices is expected to boost the market growth over the forecast period
Several organizations, associations, and foundations are raising the investment and funding for development of the corneal surgery devices. For instance, in August 2020, The Centre for Eye Research Australia’s corneal researchers and University of Melbourne had received the grant of USD 500,000 from the Victorian Medical Research Acceleration Fund (VMRAF) to the accelerate the development of a surgical device known as ‘CorGel’, an ultra thin hydrogel film that is inserted into the donor corneal tissue into a patient’s eye to restore vision. This funding would be used to support the 18 months of preclinical work to refine and test CorGel in collaboration with the University and US eyebank EverSight.
Adverse events associated with corneal surgery is hampering the Market Growth
Several adverse events associated with the corneal surgery is hindering the market growth. Adverse events such as infection, bleeding, pain, redness, sensitivity to light, higher pressure in eye, and others. Corneal surgery increases the risk of developing the eye infection, clouding of the eye's lens, rejection of the donor cornea, and cornea swelling. Corneal transplants the body's immune system attacks the donated tissue in one out of every 10 transplants. Cornea rejection can occur in 20% of the cases. Graft failure can also occur among the patients transplanted with the cornea.
COVID-19 Impact Analysis
The global corneal surgery market has been impacted due to the COVID-19 pandemic as there is reduction in the number of the patients undergoing the corneal surgery with the increasing number of people suffering from the COVID-19. The COVID-19 can be a serious threat for carrying out the corneal surgery. The COVID-19 pandemic has resulted the imbalance betweeen the supply demand between the number of voluntary donors and corneal surgery. There is decrease in the number of the people undergoing the corneal surgery as the several ophthalmologists has ceased providing any treatment other than urgent or emergent care. Moreover, the eye hospitals and eye banks are prohibited from taking the home retrieval of eyes from dead individuals in the various countries owing to the emergence of COVID-19 pandemic. According to the Karnataka Ophthalmic Society, the number of the corneal transplants has decreased by more than 90% as the either people are not coming forward for donating the eyes of the dead people or there is no Covid-negative test report. Several patients have been waiting for undergoing the corneal surgery as there are shortages of corneas for performing the surgery. As per the According to the Parekh, Mohit et.al., 2020, published in the European Journal of Ophthalmology, around 2.7 million patients are waiting for corneal transplants worldwide. Veneto Eye Bank has witnessed the 95% reduction in donor corneas from its network of 250 local and international surgeons.
Corneal eye diseases are the major cause of blindness worldwide. Corneal eye diseases affects more than 10 million people worldwide. Several conditions such as corneal opacity, trachoma, corneal scarring, corneal dystrophies, and corneal vascularization are the leading cause of the corneal blindness across the globe. According to the World Health Organization, around, 146 million people are suffering from the trachoma. Around, 10 million are affected by trichiasis and need surgery to prevent corneal blindness. Approximately, 4.9 million are totally blind due to trachomatous corneal scarring.
According to the Global Vision Database, corneal opacity affects around 3·21% of the population across the globe. Corneal opacity affects 4·26% of population in East Asia, 3.58% of population in Central Asia, 2.43% of population in South Asia, 3.63% of population in Central Europe, 3.43% of population in Eastern Europe, and 2.43% of population in Western Europe. The overall prevalence of the corneal dystrophies was 897 per 1000,000 in the United States. Around, 60% of all corneal dystrophies are endothelial.
Deep Anterior Lamellar Keratoplasty segment is expected to hold the Significant share in the Corneal Surgery market
By transplantation type, the corneal surgery market is segmented as deep anterior lamellar keratoplasty, penetrating keratoplasty, and synthetic corneas. The deep anterior lamellar keratoplasty segment is anticipated to hold the largest share in the corneal surgery treatment market owing to the increasing adoption of the deep anterior lamellar keratoplasty for the treatment of keratoconus, corneal ectasia, corneal stromal dystrophies, and corneal scars. Deep anterior lamellar keratoplasty is the surgical procedure for removing the corneal stroma down to Descemet’s membrane. It is a partial-thickness cornea transplant procedure that includes the elective transplantation of the corneal stroma and leave the native Descemet membrane and endothelium in place. It is an effective treatment for any pathology of the anterior cornea including the epithelium, Bowman’s layer and stroma. The use of the deep anterior lamellar keratoplasty has demonstrated the reduced rejection rate as this surgical procedure preserves the host endothelium among the patients. The shorter healing time fewer postoperative complications and shorter use of topical steroid treatment was observed among the patients undergone deep anterior lamellar keratoplasty.
By Procedure Type, penetrating keratoplasty is Expected to Witness a Significant Growth Over the Forecast Period
The market is classified based on the procedure type as the pre-operative examination, penetrating keratoplasty, and lamellar keratoplasty. Penetrating keratoplasty segment accounts for the significant market share as it is the most common procedure being performed across the globe. According to the Cincinnati Eye Insitute (CEI), every year, approximately 45,000 number of penetrating keratoplasty procedures are performed in the United States. Penetrating keratoplasty involves the surgical removal of the central two-thirds of the damaged cornea and insertion of matching portion of clear, healthy donor tissue donor tissue. Penetrating keratoplasty is used for the treatment, and management of the corneal edema, corneal ulceration, corneal dystrophy, Fuch’s dystrophy, keratoconus, and other conditions. Studies have shown that the penetrating keratoplasty grafts can survive 10 years or longer among the patients.
North America region holds the largest market share global Corneal Surgery Market
North America region is dominating the global corneal surgery market accounted for the largest market share in 2019. The United States is expected to hold the largest share in this region owing to the increasing number of people undergoing the corneal surgery with the increase in the number of the people affected by the visual impairment. According to the Centers for Disease Control and Prevention (CDC), around 3.22 million people were suffering from the vision impairment in the United States in 2015. According to the American Academy of Ophthalmology, approximately 48,229 number of the corneal transplants in the United States in 2013. More than one million men, women, & children of age-group nine days to 100+ years have restored their vision through corneal surgery in the United States since 1961.
There is increase in the number of the market players developing the corneal surgery devices. Several companies are raising the investment & funding for the development of the corneal surgery devices. There is growing usage of the advanced methods for performing corneal surgery. There are several organization, associations, and foundations are raising the awareness regarding the corneal surgery. For instance, the Cornea Research Foundation of America (CRFA), a non-profit organization is involved in conducting the clinical research and education specializing in corneal disease, corneal transplantation and intraocular lens surgery. Moreover, several companies are also launching their surgical vision centres. For instance, in July 2019, Johnson & Johnson had launched the Surgical Vision Experience Center at the Johnson & Johnson Institute in Jacksonville, Florida. This center would serve as Johnson & Johnson Vision’s premier physical training space and laboratory setting for a variety of experiential educational programs offering hands-on, in-depth training for practicing ophthalmic surgeons, ophthalmology residents and optometrists. The availability of the better healthcare facilities and infrastructure shall stimulate the market growth.
Asia-Pacific region is expected to grow at the fastest CAGR during the forecast period
Asia-Pacific region is estimated to be the fastest-growing region in the global corneal surgery market owing to the increasing prevalence of the various chronic diseases such as diabetes, diabetic retinopathy, obesity, and others increase the chances of eye disorders that could lead to corneal blindness. According to the Global Alliance of Eye Bank Association (GAEBA), around 2.8 million people are affected by corneal blindness in Asia. Approximately, 6.8 million people who have vision less than 6/60 in at least one eye due to corneal diseases. Among these people, one million people have bilateral involvement. As per the National Programme for Control of Blindness (NPCB), there were 120,000 corneal blind persons in India in 2013. Every year, there is addition of 25,000-30,000 new cases of Corneal blindness.
The drastic market growth is expected to observed in the countries such as India, China, Japan, and Australia due to the increase in the number of ophthalmic clinics, hospitals, and other healthcare organizations providing the corneal surgery. There is growing awareness regarding the importance of eye donation shall have a positive impact on the market. Several companies are focussing on developing the technologically advanced corneal surgery devices. There is growing initiatives by the government for providing the low cost ophthalmic procedures in the clincs and hospitals. The improvement in eye care facilities, eye banking framework, and cornea trade protocols shall boost the demand for corneal surgery.
The corneal surgery market studied is a fragmented market with the presence of large number of market players. Nidek Co. Ltd, Johnson & Johnson, Essilor International S.A., Topcon Corporation, Ziemer Ophthalmic Systems AG, Carl Zeiss Meditec, Bausch & Lomb, Abbott Medical, Alcon Laboratories, Meditec AG, Medical Optics Inc., and Cooper Vision are the major players with significant market share. The major players are adopting several growth strategies such as product launches, product approvals, mergers, licensing, acquisitions, and collaborations, which are contributing to the growth of the corneal surgery market globally. For instance,
Mergers & Collaborations:
• In October 2019, TECLens had entered into the collaboration with SERVimed Industrial Spa for the development and FDA approval of new combination product to treat keratoconus. The new product under development would combine TECLens’ CXLens ‘on-eye’ cross-linking system for corneal remodeling with SERVImed’s trans-epithelial RIBOCROSS riboflavin drug formulation.
Product Launch & Approvals:
• In April 2017, Nidek Co. Ltd. had launched the NAVEX Quest M2 NIDEK Advanced Vision Excimer Laser System. The NAVEX Quest M2 comprised of the Quest M2 excimer laser system, the OPD-Scan III whole eye aberrometer and corneal topographer, and the Final Fit software that provides the state-of-the-art technologies, superior engineering, excellent workmanship, and outstanding clinical outcomes.
• In June 2016, ReVision Optics had received the approval for the raindrop inlay, an implantable corneal device for correction of near vision in patients who have not had cataract surgery, and to change the shape of the cornea to correct vision. It is recommended for use in patients aged 41 to 65 years who have not had cataract surgery and are unable to focus clearly on near objects or small print and need reading glasses with +1.50 D to +2.50 D of power but do not need glasses or contact lenses for distance vision.
• In July 2014, Nidek Co. Ltd. had received the FDA 510K clearance for its' revolutionary new AL-Scan Optical Biometer that provides 6 essential values for cataract surgery very quickly. AL-Scan measures 6 fundamental values for cataract surgery in 10 seconds including the axial length, corneal curvature radius, anterior chamber depth, central corneal thickness, white-to-white distance, and pupil size.
• In October 2018, HOYA Surgical Optics had entered into the agreement to acquire two medical device companies i.e, Mid Labs, manufacturing of ophthalmic medical surgical devices and Fritz Ruck, manufactures dual function phacoemulsification machines and accessories & other ophthalmic devices and instruments. This acquisition would help the company to broaden its ophthalmic surgical devices
• In March 2018, SightLife Surgical had acquired the AcuFocus Kamra corneal inlay for an undisclosed amount.
• In October 2017, Katena Products had acquired the Rhein Medical Inc., focused on the anterior segment surgical business, including instruments for cataract and refractive surgery, glaucoma and corneal procedures, and for the ocular surface. This acquisition would bring the internal synergies and provide physicians a more complete resource for handheld instrumentation
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