The corneal implants market is projected to register a CAGR of more than 6% over the forecast period.
The rapid emergence of the COVID-19 pandemic has had a significant impact on ophthalmic surgeries across the globe. The suspension of elective procedures during the pandemic reduced the number of patients undergoing ophthalmic surgery, globally, as ophthalmic procedures are considered elective procedures. In March 2020, the Centers for Medicare & Medicaid Services (CMS) recommended the cancellation of elective surgery as a part of the national response to COVID-19. Moreover, in March 2020, the American Academy of Ophthalmology (AAO) released practice guidelines advising ophthalmologists to cease providing any treatment other than urgent and emergent care. Moreover, in November 2020, Eye Bank Associations (EBAA) and the Global Alliance of Eye Bank Associations (GAEBA) recommended guidelines to exclude infected donors. The introduction of such guidelines has impacted the number of ophthalmic surgeries being performed in the pandemic. However, as the lockdown restrictions are reducing, the number of ophthalmic procedures performed worldwide will eventually increase and thus boost the market in the forecast period.
The studied market growth can be largely attributed to the factors such as technological advancements in corneal implants, the increasing prevalence of the geriatric population, and growing incidences of eye disorders worldwide. These factors are leading to a huge demand for corneal implants in the healthcare facilities.
Technological advancements in corneal implants is contributing to the market growth. Significant advancements are being taken place to develop cost-effective corneal implants with improved safety and efficacy. In January 2019, the United States Food and Drug Administration (USFDA) approved a new Boston KPro model, Boston keratoprosthesis, Moreover, the demand for collagen-based artificial corneas is increasing owing to their biocompatibility and low cost that has led to development of bio-engineered artificial corneas. For instance, LinkCor, developed by Life Sciences AB, commercially available in 2020, is anticipated to be a potential substitute for human corneas. Furthermore, CorNeat Vision has developed an easily implantable and affordable artificial cornea, CorNeat KPro. The CorNeat KPro has been designed to replace scarred, deformed or opacified corneas and is anticipated to fully and immediately rehabilitate the vision of corneally blind patients. The product is expected to achieve the CE marking and FDA clearance in 2022. Thus, the aforementioned technological developments are contributing to the rising demand for corneal implants.
Increasing prevalence of geriatric population is anticipated to increase the demand for corneal implants. Corneal implants are used in keratoplasty procedures such as penetrating and endothelial keratoplasty. The geriatric population is prone to suffer from Fuchs’ dystrophy which is treated by endothelial keratoplasty (EK). According to a 2020 published article by the National Library of Medicine (NLM), the late-onset form of Fuchs’ endothelial dystrophy is a common condition, affecting approximately 4 percent of people above 40 years of age in the United States. In addition, bullous keratopathy is the most common condition among older people that undergo cataract surgery. Such patients are recommended to undergo endothelial keratoplasty (EK) procedure. Moreover, as per the World Population Ageing 2019 report by the United Nations (UN), globally, the number of people aged 80 years or older nearly tripled between 54 million in 1990 to 143 million in 2019 and is anticipated to triple again between 2019 and 2050 to reach 426 million by 2050. Thus, the increase in prevalence of geriatric population will fuel the overall market growth.
Also, due to the growing incidences of eye disorders worldwide, there is a huge demand for corneal implants. The corneal implants are used in the treatment of keratoconus, corneal opacity, corneal blindness and other eye disorders. As per the 2020 statistics by the Cornea Research Foundation of America, 50 to 200 out of every 100,000 people in the general population are affected with keratoconus disorder. This indicates that increase in number of people suffering with keratoconus disorder indicate will increase the demand for corneal implants. In addition, as per the 2020 statistics by the Royal National Institute of Blind People (RNIB), an estimated number of 4.1 million people in the United Kingdom will be affected by blindness by 2050. Furthermore, as per the 2021 statistics by the World Health Organization (WHO), globally, approximately, 2.2 billion people have a near or distant vision impairment, including 4.2 million people having corneal opacities. Such a huge number indicates a high demand for corneal implants. Thus, all the above-mentioned factors are currently augmenting the growth of the corneal implants market.
However, high costs of surgical procedures and ophthalmic devices and availability of alternative treatments are some of the factors impeding the market growth.
Key Market Trends
Penetrating Keratoplasty is expected to Witness a Significant Growth Over the Forecast Period
Based on procedure type, penetrating keratoplasty is predicted to witness significant growth over the forecast period. The major factors owing to the growth of penetrating keratoplasty are the increasing number of people suffering from eye-ball injuries and eye disorders. Penetrating keratoplasty procedures are performed to treat patients suffering from eye disorders such as corneal ulcers and infectious keratitis. In addition, penetrating keratoplasty (PKP) is preferred for treating ectatic corneal disease and has been the standard procedure for the treatment of keratoconus patients with remarkable optical and visual outcomes for keratoconus patients that are contact lens intolerant or have corrected visual acuity. According to the 2019 Eye Banking Statistical Report by the Eye Bank Association of America (EBAA), the domestic use of keratoplasty tissue in the United States has led to an increase in the number of penetrating grafts performed from 17,347 in 2018 to 17,409 in 2019. Hence the increasing number of penetrating keratoplasty procedures performed indicates the rising demand for corneal implants. Thus, in view of the above-mentioned factors, the segment is anticipated to grow significantly over the forecast period.
North America accounted for the Largest Share in the Global Market
Within North America, the United States has held the major share of the market and expected to dominate the forecast period. The increasing awareness pertaining to eye donation in the region and the presence of several organizations are a few of the major factors accounting for the growth of the market in the region. The Eye Bank Association of America (EBAA) celebrates eye donation month held each November to raise awareness about cornea donation and transplantation. Such initiatives increase the number of eye surgeries performed in the country. For instance, according to the 2019 Eye Banking Statistical Report by the Eye Bank Association of America (EBAA), the number of endothelial keratoplasty procedures increased 1% in 2019 to 30,650 from 30,336 in 2018. Moreover, as per the 2020 statistics by the Centers for Disease Control and Prevention (CDC), approximately, 12 million people aged 40 years and above suffer from vision impairment in the United States. Thus increasing prevalence of vision impairment in the region has boosted the number of ophthalmic surgeries that further contribute to the rising demand for corneal implants. Thus, in view of the above-mentioned factors, the market growth will boost in North America.
The corneal implants market is highly fragmented due to the presence of several regional and global market players. These players focus on growth strategies such as new product launches, innovations in existing products, and mergers & acquisitions. Some of the market players are also focusing on the provision of human eye corneas while maintaining a focus on eye donations. Key market players operating in the global market are CorneaGen, CorNeat Vision, Aurolab, KERAMED, INC., and Price Vision Group.
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1.1 Study Assumptions and Market Definition
1.2 Scope of the Study
2 RESEARCH METHODOLOGY
3 EXECUTIVE SUMMARY
4 MARKET DYNAMICS
4.1 Market Overview
4.2 Market Drivers
4.2.1 Technological Advancements in Corneal Implants
4.2.2 Increasing Prevalence of Geriatric Population
4.2.3 Growing Incidences of Eye Disorders
4.3 Market Restraints
4.3.1 High Cost of Surgical Procedures and Ophthalmic Devices
4.3.2 Availability of Alternative Treatments
4.4 Porter’s Five Force Analysis
4.4.1 Threat of New Entrants
4.4.2 Bargaining Power of Buyers/Consumers
4.4.3 Bargaining Power of Suppliers
4.4.4 Threat of Substitute Products
4.4.5 Intensity of Competitive Rivalry
5 MARKET SEGMENTATION
5.1 By Implant Type
5.1.1 Artificial Corneal Implant
5.1.2 Human Corneal Implant
5.2 By Procedure Type
5.2.1 Endothelial Kertoplasty
5.2.2 Penetrating Keratoplasty
5.3 By Disease Indication
5.3.2 Fuschs' Dystrophy
5.3.3 Infectious Keratitis
5.3.4 Corneal Ulcers
5.3.5 Other Disease Indications
5.4 By End-User
5.4.2 Ambulatory Surgical Centers
5.4.3 Ophthalmic Centers
5.5.1 North America
220.127.116.11 United States
18.104.22.168 United Kingdom
22.214.171.124 Rest of Europe
126.96.36.199 South Korea
188.8.131.52 Rest of Asia-Pacific
5.5.4 Rest of the World
6 COMPETITIVE LANDSCAPE
6.1 Company Profiles
6.1.1 Florida Lions Eye Bank
6.1.2 CorNeat Vision
6.1.4 San Diego Eye Bank
6.1.5 Alabama Eye Bank
6.1.7 Cornea Biosciences
6.1.8 KERAMED, INC.
6.1.9 Price Vision Group
6.1.10 LinkoCare LifeSciences AB
7 MARKET OPPORTUNITIES AND FUTURE TRENDS
A selection of companies mentioned in this report includes:
- Florida Lions Eye Bank
- CorNeat Vision
- San Diego Eye Bank
- Alabama Eye Bank
- Cornea Biosciences
- KERAMED, INC.
- Price Vision Group
- LinkoCare LifeSciences AB