Corneal Implants Market 2020 and Forecast 2021-2027

  • TBI964399
  • November 05, 2020
  • Global
  • 135 pages
  • IFF Market Research
                                              

Report Overview: Corneal Implants Market

The global corneal implants market size was valued at USD 275.3 million in 2020 and is anticipated to register a compound annual growth rate (CAGR) of 5.4% from 2021 to 2027. Increasing prevalence of ophthalmic diseases, such as keratoconus, Fuchs dystrophy, and infectious keratitis, is the key factor propelling market growth. According to the NCBI report, approximately 10-15% of the patients diagnosed with keratoconus require to undergo corneal implant procedure at some point. Corneal blindness is the third leading cause of blindness after glaucoma and cataract affecting 10 million people globally. It’s estimated that around 200,000 corneal implant procedures are performed annually. Whereas, still 12.7 million patients are waiting for corneal implants. This large gap between the demand and supply of corneal implants is expected to drive the market growth over the forecast period 2021-2027. Collagen-based bio-engineered artificial corneas have high demand in the market owing to its advantages, such as low cost, biocompatibility, and enhanced safety and effectiveness. For instance, LinkCor a collagen-based artificial cornea developed by LinkoCare Life Sciences Ltd. Is expected to be a potential substitute for human corneas. The product is currently under regulatory and market approval process in several regions and is expected to be commercially available by 2020. Increasing awareness about the importance of eye donation is expected to increase market growth. In addition, improving eye care facilities, eye banking framework, and cornea trade protocols in developing countries are expected to contribute to the rising demand, thereby supporting market growth.

Type Insights: Corneal Implants Market

The synthetic type segment is estimated to register the highest CAGR of 6.2% from 2021 to 2027. These implants are called as artificial corneas and can be further classified as semi-synthetic (collagen-based) and purely synthetic (Polymethyl Methacrylate (PMMA) or titanium-based). Moreover, lack of human corneas coupled with the increasing prevalence of visual impairment due to corneal opacification is expected to drive the segment growth. Human cornea segment held the largest market share of more than 50% in 2019 and is expected to register at a healthy CAGR over the forecast period. Enhanced Visual Acuity (VA) outcomes and high success rate of human cornea, which is reported to be as high as 95% with minimal requirements of repeated follow-ups, are the factors contributing to its largest market share.

Surgery Method Insights: Corneal Implants Market

The penetrating keratoplasty segment held the largest market share of more than 50% in 2019 and will remain dominant throughout the forecast years. However, the endothelial keratoplasty segment is expected to register the highest CAGR from 2020 to 2027. Penetrating keratoplasty is the common procedure for corneal transplant owing to its known safety and efficacy. According to the Eye Bank Association of America, 46% of the cornea produced by eye bank were used for penetrating keratoplasty. In recent times, its adoption rate is slowly falling due to the availability of alternative methods showing promising results. However, its relative advantage over newer approaches, such as avoiding stromal interface and efficiency in treating large central perforations is expected to uphold its market share. Endothelial keratoplasty is the newest approach in corneal transplant where only the affected tissue is replaced, rather than full thickness of the cornea. This helps in faster and better visual restoration with decreased risk of infection and accidents to the eye surface. Moreover, with the growing prevalence of Fuchs Dystrophy, the segment is expected to grow at a significant rate during the forecast period.

End-user Insights: Corneal Implants Market

The hospital segment held the largest market share of over 55% in 2019 and is expected to register a lucrative CAGR over the forecast period. Presence of highly skilled surgeons, rising number of patients, and access to transnational eye banks are the factors expected to drive the segment growth. Ophthalmic centers accounted for the second-largest market share in 2019 and are expected to register a healthy growth rate over the forecast period. Increasing number of ophthalmologists entering practice, growing acceptance of keratoprosthetics, and shorter wait times are the factors expected to fuel the segment growth. Ambulatory Surgical Center (ASC) segment is anticipated to register the maximum CAGR over the forecast period. Corneal implant procedures are performed on an outpatient basis in most care settings. Since it’s a single-day procedure, its adoption is anticipated to increase in ASCs. These centers are supported by several public and private funding projects.

Application Insights: Corneal Implants Market

Fuchs dystrophy segment held the largest market share with 52.5% in 2019 and is expected to grow at the fastest CAGR during the forecast period. Rising geriatric population, which is at a high risk of developing Fuchs dystrophy, is expected to drive the growth of the segment. Keratoconus also held a significant market share in 2019. According to the Cancer Research Foundation of America, one in 5 keratoconus patients progresses to a stage where the corneal implant is needed to restore normal vision. In addition, the advent of advanced corneal implant procedures, such as Deep Anterior Lamellar Keratoplasty (DALK), and the availability of FDA approved corneal implants are expected to increase the segment growth. The application segment includes keratoconus, Fuchs dystrophy, infectious keratitis, corneal ulcers, and others. The application of corneal implants in post-surgical cataract edema, congenital corneal opacity, and mechanical or chemical damage to cornea is included in the others segment.

Regional Insights: Corneal Implants Market

North America held the largest market share of around 59% in 2019. Domicile of major market players, efficient reimbursement policies, and increasing of R&D activities related to corneal implants are the factors expected to drive the region’s growth further. For instance, CorneaGen has collaborated with the Institute of Regenerative Medicine to develop corneas from the replication of stem cells. Europe held the second-largest market share in 2019. Corneal implant procedures have improved markedly over the years in European countries, especially in the U.K., Germany, Italy, and Spain. The region has faced a shortage of corneal tissue due to a decreased number of corneal donation. Moreover, the procurement of cornea from other countries is expensive and should also match the home resources. Considering this situation, Opt-out system of organ donation has been adopted across countries in the region to promote corneal donation, thereby driving the market growth. Asia Pacific is expected to be the fastest-growing region over the forecast period. Presence of a number of emerging markets and highly unmet clinical needs in countries, such as China, Indonesia, and the Philippines, are expected to drive market growth.

Key Companies & Market Share Insights: Corneal Implants Market

The global market is highly fragmented. Major companies are implementing various business strategies, such as merger and acquisitions and product launches to enhance their market presence. For instance, In October 2019 CorneaGen raised USD 25 million through equity to fund its global market expansion strategy. Some of the prominent players in the corneal implants market include:

Key companies Profiled: Corneal Implants Market Report

  • Florida Lions Eye Bank
  • Alcon, Inc.
  • Aurolab
  • CorneaGen
  • AJL Ophthalmic SA
  • DIOPTEX
  • Massachusetts Eye and Ear
  • San Diego Eye Bank
  • KeraMed, Inc.
  • Alabama Eye Bank, Inc.
This report forecasts revenue growth at global, regional, and country levels and provides an analysis of the latest industry trends in each of the sub-segments from 2015 to 2026. For the purpose of this study, Trusted Business Insights has segmented the global corneal implants market report on the basis of type, surgery method, application, end user, and region:

Type Outlook (Revenue, USD Million, 2016- 2027)

  • Human Cornea
  • Synthetic

Surgery Method Outlook (Revenue, USD Million, 2016- 2027)

  • Penetrating Keratoplasty
  • Endothelial Keratoplasty

Application Outlook (Revenue, USD Million, 2016- 2027)

  • Keratoconus
  • Fuchs Dystrophy
  • Infectious Keratitis
  • Corneal Ulcers
  • Others

End-user Outlook (Revenue, USD Million, 2016 – 2027)

  • Hospitals
  • Ophthalmic Center
  • Ambulatory Surgical Center

Table of Contents

Chapter 1. Methodology and Scope

1.1. Market Segmentation & Scope

    1.1.1. Type

    1.1.2. Surgery method

    1.1.3. Application

    1.1.4. End - user

    1.1.5. Estimates and forecast timeline

1.2. Research Methodology

1.3. Information Procurement

    1.3.1. Purchased Database(Statista, FactSet, Bloomberg, SDC Platinum)

    1.3.2. IFF internal database

    1.3.3. Secondary sources
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