Ocular Implants Market: Artificial Eyes And Glaucoma Implants Creating a Buzz | Arizton
Many people worldwide suffer from severe eye disorders, and vision loss is an increasing public health concern.
As the population ages, chronic diseases such as diabetes and hypertension become more common, and eye diseases such as diabetic retinopathy and ocular hypertension have increased.
The World Health Organization states that 2.2 billion visually impaired persons worldwide, with at least 1 billion, have a vision impairment that could have been avoided. The majority of these individuals are in the geriatric age group, meaning they are over 50 years old. Given these large numbers, ophthalmic diagnostics investments have increased.
Because of lockdowns and limits enacted to prevent the spread of COVID-19, the number of patient visits to clinics declined significantly in the first and second quarters of 2020. As a result, hospitals and clinics perform fewer elective eye procedures every week. Essential drugs such as antibiotics, steroids, and anti-glaucoma medications, were in high demand even during the lockdown and were needed for emergency conditions like conjunctivitis, uveitis, keratitis, endophthalmitis, and glaucoma.
Advanced Technology will Create Opportunities
Recent developments in ophthalmic laser technology, such as introducing femtosecond lasers, have shortened operative times and improved surgical outcomes.
Advanced intraocular lenses will spark the ocular implants market growth. It will increase competition between players to develop better lenses, and increase government and non-government investments in eye research institutes. Growing government spending on research and development and an increasing number of clinical studies on these lenses will lead to lucrative growth in the ocular implants market.
A wide range of products has been adopted due to advancements in ophthalmic diagnostic technology. Online tools have made treatment options more accessible to the public and will help the ocular implants market to grow.
The increasing acceptance of advanced ocular devices such as artificial eyes and glaucoma devices has created opportunities for companies active in the global ocular implants market.
The growing number of people suffering from total or partial blindness, as well as the ageing of the population, are driving the artificial eyes market.
The increasing prevalence of visual disturbances, technological advancements, and the rising prevalence of diseases such as diabetes will contribute to the market's growth. While the high cost of treatment and the availability of cheap alternative treatments have hampered the growth of the artificial eye market.
Glaucoma surgical devices are widely used around the world as they play an important role in the operation of glaucoma patients. This includes a variety of LASIK and non-LASIK implants, as well as other similar devices that help decrease and increase intraocular pressure. When treating glaucoma, optical surgeons use either conventional glaucoma surgery or minimally invasive glaucoma surgery. Approximately 2.7 million Americans over 40 years of age have open-angle glaucoma, 3.3 million have blindness or vision loss, and more than 3 million Americans have glaucoma. The increasing prevalence of glaucoma worldwide and the growing geriatric population worldwide are key factors for the growth of the glaucoma implants market.
In the years to come, the growing number of regulatory approvals for corneal implant devices will aid large enterprises in generating significant income in ocular implants market.
READ THE COMPLETE MARKET RESEARCH REPORT ON THE OPHTHALMIC IMPLANTS MARKET.
According to Arizton’s latest research report, The ophthalmic implants market size was valued at USD 4 billion in 2021 and is expected to reach USD 7 billion by 2027, growing at a CAGR of 6.5%.
The report includes revenue generated from corneal implants, intraocular lenses and glaucoma implants
Strategic Partnership Helping Vendors
Top players in the global ophthalmic implants market are ALCON, Johnson & Johnson, and Bausch & Lomb.
The other prominent key players are STAAR Surgical, MORCHER GmbH, Novartis AG, Pfizer Inc., OSD Medical GmbH, Ophtec BV, PhysIOL, and Hoya Surgical Optics, Rayner Intraocular Lenses Limited, SAV-IOL SA., Glaukos, Second Sight, Allergan and many among the others.
The STAAR Surgical Corporation, for example, has announced a collaboration with the World Eye Hospital Group. This strategic partnership has allowed the company to become the largest refractive surgery treatment options provider in Southeastern Europe, with attractive potential projected during the forecast period.
As a result of this strategic partnership, the company has become the most significant treatment solutions provider for refractive eye surgery in South-eastern Europe. It is expected to open profitable opportunities in the region during the forecast period.
The leading companies in the global ocular implants market use various techniques to preserve their market position, including agreements and cooperation with other industry players.
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North America holds the largest share in the global ocular implant market
In 2021, North America held the most significant global ocular implant market share. There is a well-established market in North America, with the United States dominating the region. The region accounts for a significant share of the ophthalmic equipment market because of North America's well-developed healthcare infrastructure, adoption of sophisticated healthcare technology, and large budgets.
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