Artificial Corneal Implants Market Opportunities and Challenges Ahead
The global artificial corneal implants market was valued at USD 67.9 million in 2022 and is expected to grow to USD 118.4 million by 2030, representing a CAGR of 7.1% from 2023 to 2030. Key factors driving the demand for artificial corneal implants include the rising prevalence of corneal disorders, increased need for corneal transplants, and a shortage of human corneas.
The COVID-19 pandemic adversely affected the artificial corneal implants market. Government-imposed lockdowns and restrictions significantly impacted the industry, as healthcare priorities shifted and professionals focused on managing the virus, leading to the cancellation or postponement of elective surgeries. Additionally, many individuals avoided hospitals as a preventive measure, resulting in a decline in corneal transplant procedures during the pandemic, which negatively influenced the market. However, the market has rebounded rapidly due to a large patient base and a growing number of product launches. Furthermore, increased government investment in R&D within the healthcare sector is expected to further enhance market growth over the forecast period.
Key Market Trends & Insights
• North America held the largest revenue share of 50.9% in the artificial corneal implants market in 2022. This dominance can be attributed to a substantial patient population, the availability of advanced technologies that simplify procedures, and favorable reimbursement policies.
• The hard keratoprosthesis segment led the market, accounting for 87.47% of revenue in 2022, driven by the high adoption of products like Boston Kpro. This artificial cornea is the most commonly used, with continuous design improvements and enhanced postoperative care contributing to better outcomes and increased usage.
• The keratoconus segment held the largest market share of 33.93%, reflecting the growing prevalence of this condition globally. According to the Cancer Research Foundation of America, 1 in 5 keratoconus patients progresses to a stage necessitating a corneal implant for normal vision restoration.
• In terms of implant type, the synthetic segment dominated the market with a revenue share of 93.7% in 2022, largely due to the greater availability of synthetic artificial corneal implants compared to biosynthetic alternatives, leading to higher adoption rates.
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Market Size & Forecast
• 2022 Market Size: USD 67.9 Million
• 2030 Projected Market Size: USD 118.4 Million
• CAGR (2023-2030): 7.1%
• North America: Largest market in 2022
• Asia Pacific: Fastest growing market
Key Companies & Market Share Insights
To solidify their position and enhance their overall market presence, manufacturers are focusing on various strategic initiatives. These include partnerships and collaborations, acquisitions and mergers, expansions, and increased investment in R&D.
Key players are prioritizing the launch of new products and obtaining regulatory approvals in various countries to broaden their product reach and boost revenue. For example, in June 2021, EyeYon received CE Mark approval for its EndoArt, the world's first and only synthetic implant that replaces the human endothelium, following clinical trials that demonstrated its safety and efficacy in treating chronic corneal edema.
Key Players
• FCI Ophthalmics, Inc.
• Beijing Microkpro Medical Instrument Co. Ltd.
• DIOPTEX Medizinprodukte Forschungs
• KeraMed, Inc.
• EyeYon
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Conclusion
The global artificial corneal implants market key drivers of demand include the increasing prevalence of corneal disorders, a heightened need for corneal transplants, and a shortage of human corneas. The COVID-19 pandemic negatively impacted the market due to lockdowns and a shift in healthcare priorities, leading to postponed elective surgeries and a decline in corneal transplants. However, the market has since recovered, supported by a large patient base and numerous product launches, alongside increased government investment in R&D expected to further boost growth.