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Ocular Implants Market to Reach USD 12.9 Billion by 2030; Increasing Incidence of Eye Disorders & Advance Treatments to Bolster Growth, says The Brain Insights

Brainy Insights Pvt. Ltd.
Brainy Insights Pvt. Ltd.

Increasing government initiatives and investments in the medical sector in the developing economies will provide a huge market to the growing ocular implants market.

Newark, May 26, 2022 (GLOBE NEWSWIRE) -- As per the report published by The Brainy Insights, the global ocular implants market is expected to grow from USD 7.9 billion in 2021 to USD 12.9 billion by 2030, at a CAGR of 5.6% during the forecast period 2022-2030.

Eye disorders can be corrected with non-surgical interventions in many instances. However at times to treat a condition, surgical intervention becomes necessary. When any eye disorder such as glaucoma, incorrect refractive errors, corneal opacities, trachoma, age-related macular degeneration, etc are treated surgically, the use of ocular implants is necessitated. They are artificial substitutes that replicate the appearance of the eyes to enhance the aesthetic value of one’s appearance. It can be used to replace an injured eye or can be used to treat cataracts to increase the sharpness of the vision.

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With new technological advancements in ocular devices, the devices are being made micro-invasive which makes it a popular treatment option. An increase in screen time, the prevalence of a sedentary lifestyle, rising geriatric population are some of the reasons leading to increased eye disorders. This increase has bought the need for minimally invasive treatment options to the forefront. Ocular devices fulfil all such requirements and have a wide variety of applications in ophthalmology.

Increasing incidence of eye disorders, growing geriatric population, prevalence of sedentary lifestyle, product innovations, increased government spending on healthcare infrastructure, as well as increased public awareness about the available treatments, are driving the ocular implants market; the requirement to improve treatment services and device quality for clients is likely to provide an impetus for innovative ocular devices and its applications. New product developments and strategic collaborations amongst top companies striving to expand are some of the factors that are predicted to drive global market growth in the future.

Key players operating in the global ocular implants market are Johnson & Johnson, Alcon, GlaukosCoporation, Bausch & Lomb, Hoya Corporation, Carl Zeiss AG, STAAR Surgical Company, Second Sight, Allergan, MORCHER GmbH, among others. To enhance their market position in the global ocular implants market, the key players are now focusing on adopting the strategies such as product innovations, mergers & acquisitions, recent developments, joint ventures, collaborations, and partnerships.

• To expand its market presence in North America, Alcon, Inc. acquired Invantis, Inc., a research and development company specializing in micro invasive glaucoma ocular devices in California, in August 2021.
• Glaukos Corporation, US, applied for the FDA approval of its second-generation trabecular meshwork bypass stent, which helps treat mild to moderate glaucoma. They received the approval for their product which is called Istent inject.

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The interocular lenses segment dominated the market with a market value of around 2.52 billion in 2021.

The product type segment is divided into glaucoma implants, ocular prosthesis, corneal implants, orbital implants, intraocular lenses, & others. The interocular lenses segment dominated the market with a market value of around 2.52 billion in 2021. The increased incidence of eye disorders, technological advancements in ocular devices, and steps to improve accessibility for such treatments is likely to drive the market for intraocular lenses.

The glaucoma surgery segment is expected to grow at the fastest CAGR of 7.1% over the forecast period.

The application segment is divided into glaucoma surgery, age-related macular degeneration, drug delivery, aesthetic purpose, & others. Over the forecast period, the glaucoma surgery segment is expected to grow at the fastest CAGR of 7.1%. As the incidence of glaucoma is increasing in the population, the focus has shifted to seeking treatments by surgical intervention, resulting in the glaucoma surgery segment growing significantly in the forecast period.

The hospitals segment dominated the market, accounting for around 4.18 billion global revenue.

The end-use segment is divided into hospitals, specialty eye institutes & clinics. The hospitals segment dominated the market, accounting for around 4.18 billion global revenue. With the pandemic exposing the poor state of healthcare infrastructure, governments of countries around worldwide are focused on increasing capital spending to boost healthcare infrastructure and its holistic development. This will help in developing the infrastructure for ophthalmology sector as well which will keep the hospitals segment dominant throughout the forecast period.

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Regional Segment Analysis of the Ocular Implants Market

• North America (U.S. Canada, Mexico)
• Europe (Germany, France, U.K., Italy, Spain, Rest of the Europe)
• Asia-Pacific (China, Japan India, Rest of APAC)
• South America (Brazil and Rest of South America)
• Middle East and Africa (UAE, South Africa, Rest of MEA)

Among all regions, the North American region emerged as the largest market for the global ocular implants market with a market share of around 37.6% in 2021. North America is expected to be the largest market during the forecast period. The ocular implants market in North America has been expanding rapidly. Ocular implants in North America are dominated by the United States. More than 20 million people have suffered vision loss due to cataracts, more than 500 million people in the US have diabetic retinopathy, around 20 million of the world population is suffering from glaucoma and 20 million more will be added to this figure 20 years down the line. With so many people suffering from eye disorders, the need for treatments to avoid vision impairment or loss becomes imperative. Ocular implants are the new age state of the art devices that can help treat such disorders, restoring the sharpness of vision or adding aesthetic value to the appearance. Increasing their accessibility needs to become a priority for all relevant institutions.

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About the report:

The global ocular implants market is analysed based on value (USD Billion). All the segments have been analysed on global, regional, and country basis. The study includes the analysis of more than 30 countries for each segment. The report offers in-depth analysis of driving factors, opportunities, restraints, and challenges for gaining the key insight of the market. The study includes porter’s five forces model, attractiveness analysis, raw material analysis, supply, demand analysis, competitor position grid analysis, distribution and marketing channels analysis.

About The Brainy Insights:

The Brainy Insights is a market research company, aimed at providing actionable insights through data analytics to companies to improve their business acumen. We have a robust forecasting and estimation model to meet the clients' objectives of high-quality output within a short span of time. We provide both customized (clients' specific) and syndicate reports. Our repository of syndicate reports is diverse across all the categories and sub-categories across domains. Our customized solutions are tailored to meet the clients' requirement whether they are looking to expand or planning to launch a new product in the global market.

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