Corneal Implants Market Size By Tissue Type (Human Donor, Artificial Cornea), By Transplant Type (Anterior Lamellar Keratoplasty, Endothelial Lamellar Keratoplasty, Penetrating Keratoplasty), By Condition (Fungal Keratitis, Fuchs' Dystrophy, Keratoconus), By End-use (Hospitals, Eye Clinics, Ambulatory Surgical Centers), Industry Analysis Report, Regional Outlook, Growth Potential, Competitive Market Share & Forecast, 2022 - 2028
The corneal implants market is expected to grow significantly by 2028 owing to surging advancements in corneal implant technology. In addition, increasing investment towards R&D activities in corneal implants would further propel market growth through the forecast timeframe.
According to the World Health Organization (WHO), at least 2.2 billion people suffer from some type of vision impairment caused by glaucoma and corneal opacity, among other reasons. Corneal implants are surgeries that replace damaged cornea tissues with healthy donor tissues. Notably, during the coronavirus outbreak, the market witnessed a setback due to a halt in non-essential surgeries. However, corneal implants gained popularity as an effective option for corneal ectasis, boosting market growth during the pandemic.
Moreover, industry players have been adopting collaborative strategies and investing in product innovation to improve their standing in the corneal implants market, which has been favorable for the overall business scenario. For instance, in October 2021, CorNeat, a leading player in the industry, received a 2.5 million EURO grant for their CorNeat KPro, the firm’s artificial cornea project, from the European Innovation Council (EIC). The project has proven to completely rehabilitate vison in blind people.
In another instance, in February 2022, a group of researchers from the University of Sydney and the University of South Wales announced successful bionic implant tech results through an analytical technology, Phoenix99. The novel tech is connected wirelessly to a pair of glasses and functions by stimulating the user’s retina.
The corneal implants market has been bifurcated based on transplant, tissue type, condition, end-use, and region. In terms of tissue type, the market has been divided into artificial cornea and human donor. The artificial cornea segment is estimated to expand at a CAGR of over 8% through the assessment timeframe due to rising demand for artificial cornea.
Based on transplant, the market has been further categorized into endothelial lamellar keratoplasty, anterior lamellar keratoplasty, penetrating keratoplasty, and others. The anterior lamellar keratoplasty segment was valued at around USD 11 million in 2021. The involvement of low intraoperative complications as compared to open sky procedures is expected to propel segmental growth.
With regards to condition, the corneal implants market has been segregated into Fuchs’ dystrophy, keratoconus, fungal keratitis, and others. The Fuchs’ dystrophy segment held around 53% market share in 2021 and is projected to observe solid growth through 2028. The segmental expansion is positively impacted by mounting incidences of the disease, coupled with growing awareness among the global population pertaining to the illness.
In terms of end-use, the market has been split into eye clinics, hospitals, and ambulatory surgical centers. The ambulatory surgical centers segment held more than USD 133 million in revenue in 2021 and is forecast to grow substantially over 2022-2028 due to soaring availability of trained professionals and cost-effective treatment.
In the regional landscape, the Latin America corneal implants market accounts for a sizable share in the overall industry revenue and is set to witness robust growth at approximately 6% CAGR by 2028.
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