Artificial Cornea and Corneal Implant Market Worth $599 million – Untapped Potential of Emerging Markets

PUNE, India, 2021-Apr-20 — /EPR Network/ — The report “Artificial Cornea and Corneal Implant Market by Type (Human Cornea, Artificial Cornea), Transplant Type (Penetrating Keratoplasty, Endothelial Keratoplasty), Disease Indication, End Users (Hospitals, Specialty Clinics & ASCs) – Global Forecast to 2026″ The global artificial cornea implant market is projected to reach USD 599 million by 2026 from USD 418 million in 2021, at a CAGR of 7.4% from 2021 to 2026.

COVID-19 Impact on the artificial cornea and corneal implant market;

Due to the COVID-19 outbreak, there has been a significant drop in the number of patient visits to clinics in the first and second quarters of 2020 due to lockdowns and constraints implemented to prevent the spread of the disease. This has led to a decline in the number of elective eye surgeries being conducted per week in hospitals and clinics during the period. According to the Ophthalmology Times article, the number of elective surgeries has reduced from 200 surgeries to only ten surgeries a week. Also, countries such as the US have witnessed 15% cancellations in the number of patient visits to examination centers. According to the same article, ophthalmology lost a significant share of patient volume during the coronavirus disease (COVID-19) pandemic. It is estimated that ophthalmic practice volume fell by 81%, led by declination in patients seeking care for glaucoma (88%) and cataract surgery (97%).

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Opportunity: Shortage of corneal donors;

There is a significant requirement of corneal donors across the globe, as approximately 10 million people are in need of corneal transplants. Densely populated counties such as India suffer from a significant shortage of donor corneas, and there is a waiting period of more than six months for corneal transplants among patients suffering from corneal blindness. Approximately 6.8 million people in the country have poor vision in one eye, and nearly one million people have poor vision in both eyes due to corneal disorders.

It was estimated that by the end of 2020, India would suffer from 10.6 million cases of unilateral corneal blindness. In 2019, around 120,000 people were affected by corneal blindness. Around 250,000 corneas are needed annually in the country; however, the total number of corneas donated each year is around 25,000. The high burden of corneal blindness, coupled with a shortage of corneal donors, is expected to offer high-growth opportunities to manufacturers of corneal implants.

Penetrating keratoplasty segment accounted for the largest share of artificial cornea and corneal implant market in 2020.

On the basis of transplant type, the artificial cornea and corneal implants market is segmented into penetrating keratoplasty, endothelial keratoplasty, and other transplants (including anterior lamellar keratoplasty (ALK) and keratoprosthesis). In 2020, the penetrating keratoplasty segment accounted for the largest share of the global artificial cornea and corneal implants market. The large share of this segment can be attributed to the rising number of people suffering from eye disorders such as infectious keratitis and injury of the eyeball.

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Geographical View in-detailed:

the artificial cornea and corneal implant market is segmented into North America, Europe, the Asia Pacific, Latin America, and Middle East & Africa. Asia Pacific is projected to witness highest CAGR during the forecast period of 2021–2026. The Asia Pacific forms the most lucrative region in the artificial cornea and corneal implants market, owing to the large population in countries such as China and India, rapid growth in the geriatric population, improving healthcare infrastructure, growing per capita income, and the rising focus of key market players on this region.

Global Key Leaders:

The prominent players in artificial cornea implant market are AJL Ophthalmic (Spain), CorneaGen Inc. (US), Addition Technology, Inc. (US), LinkoCare Life Sciences AB (Sweden), Presbia plc (Ireland), Mediphacos (Brazil), Aurolab (India), Cornea Biosciences (US), DIOPTEX GmbH (Austria), EyeYon Medical (Israel), Massachusetts Eye and Ear (US), Florida Lions Eye Bank (US), SightLife (US), Advancing Sight Network (US), San Diego Eye Bank (US) and L V Prasad Eye Institute (LVPEI, India).