Ocular Implants Market Poised To Hold The Value Of USD 24.3 Billion By 2032 - Market.Us

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New York, March 06, 2023 (GLOBE NEWSWIRE) -- The global ocular implants market was worth USD 14 billion in 2022 . Ocular Implants Market Set for Explosive Growth, To Reach Around USD 24.3 Billion by 2032, Growing at 5.8% CAGR from 2023 to 2032. Globally, people are becoming more aware of the prevalence and available treatments for various ocular illnesses. This is primarily due to the expanding improvements in ophthalmic diagnostic technologies and the increased accessibility of online resources that inform the public about the range of available treatments. Additionally, this has increased the use of cutting-edge ocular equipment, including glaucoma and artificial eye systems. Therefore, the global market is primarily driven by technological developments in ocular implants.

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Key Takeaway:

• By product type , Glaucoma implants held a dominating revenue share of more than 26.0% in 2022
• By application , the glaucoma surgery category had the highest revenue share of almost 28.0% in 2022
• By End-user , with a market share of about 40.0% , the hospital sector led the market in 2022
• North America held a revenue share of approximately 36% in 2022
• Asia Pacific market is anticipated to grow at a CAGR of 7.5%.

Age-related disorders include eye conditions, including cataracts and age-related macular degeneration. Another factor benefiting the market's expansion is an increase in the number of elderly people. Additionally, the prevalence of diabetes and sedentary lifestyle adoption may increase the risk of diabetic retinopathy, which is predicted to increase ocular implant sales. The development of technology is yet another element that is crucial in accelerating market expansion. The development of micro-invasive glaucoma devices for glaucoma sufferers is a prime illustration of how technology has advanced in recent years.

Factors affecting the growth of the Ocular Implants Market?

Several factors can affect the growth of the ocular implants market . Some of these factors include:

• Increase in Prevalence of Eye Disorders : The heightened prevalence of ocular pathologies has benefited the ocular implant market, with increased demand for prosthetic eye implants.
• Advancements in Technology : By providing a viable alternative to traditional corrective vision modalities, cutting-edge technological developments have improved functionality and greater accessibility within the ocular implant sector.
• Government Support and Funding : The ocular implant market has seen a significant period of expansion due to the extensive support and funding provided by governmental bodies. This influx of financial resources has provided the sector with greater access to capital, enabling them to invest in research and development and improve service delivery standards.

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Top Trends in Global Ocular Implants Market

For those who have experienced eye injuries, the ocular prosthesis adds aesthetic value to their faces. Implantable ocular prostheses come in various styles and materials, including glass, acrylic, and scleral shell. However, the use of cryolite glass ocular prostheses is becoming more prevalent. This results from the glass's reflection as a substitute for the human eye. Additionally, improvements in digital technology have made it possible to build an ocular prosthesis like this quickly and precisely. In affluent nations like the U.S., Germany, and Japan, the acceptability of glass ocular prostheses has changed as a result of these considerations.

Market Growth

The ocular implant market is burgeoning in the industrial and medical sectors due to its potential to revolutionize visual prosthetics. The development of ocular implants has enabled providers of vision-correcting technology to significantly enhance their abilities in terms of optical performance, miniaturization, and aesthetic appeal. This has facilitated a surge in demand for the product as persons with visual impairment have become increasingly aware of the viable solutions such devices provide.

Regional Analysis

In 2022, North America held a revenue share of approximately 36%, dominating the market. This is because the prevalence of eye problems is rising, people are living sedentary lifestyles, and major manufacturers are focusing more on launching products in North America, significantly boosting the market growth in this region. Additionally, the region is projected to maintain its lead during the forecast period due to the availability of technologically advanced products. During the projection period, the Asia Pacific market is anticipated to grow at a CAGR of 7.5%. Due to a significant rise in the number of older adults, developing nations like China and India are predicted to have the highest development in the Asia Pacific region. According to the country's seventh population census, people 60 and over comprised 18.7% of China's total population in 2020. The market is also expanding as a result of the rising number of diabetics, the number of cataract procedures, and the rising costs of both private and public eye care.

Competitive Landscape

The competitive landscape of the market has also been examined in this report. Some of the major players include Alcon, Inc., STAAR Surgical Company, Morcher GmbH, Johnson & Johnson, Bausch & Lomb, Inc., Carl Zeiss AG, Hoya Corporation, and Glaukos Corporation.

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Ocular Implants Market: Scope of the Report

Report Attribute	Details
Market Value (2022)	USD 13,986 million
Market Size (2032)	USD 24,391 million
CAGR (from 2023 to 2032)	5.87%
North America Revenue Share	36%
Historic Period	2016 to 2022
Base Year	2022
Forecast Year	2023 to 2032

Market Drivers

The ocular implants market is driven by several factors: advances in healthcare technology, the increasing prevalence of eye disorders, and the growing geriatric population. Additionally, rising awareness among patients regarding the availability of ocular implants as an alternative to traditional treatments has further aided the growth of this market. Furthermore, strategic collaborations between major industry players and government initiatives to provide subsidies on medical costs have also served as key drivers for this market.

Market Restraints

Ocular implants aren't widely used even though glaucoma, cataracts, and other ocular problems are becoming more common. Lower treatment rates and availability of such devices in developing nations are two main issues impeding the market's growth. Furthermore, the lengthy regulatory approval process makes it difficult for products to enter the market on schedule. In addition, recent ocular implant product recalls may make it more difficult for the general public to accept these devices.

Market Opportunities

The ocular implant market represents a unique opportunity for manufacturers to capitalize on emergent technological advances in the field of ophthalmology. By leveraging novel materials, design techniques, and manufacturing methods, these firms can position themselves as innovators in an emerging niche segment. Furthermore, the potential applications of these medical devices are vast and could result in significant cost savings to healthcare providers while improving patient outcomes.

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Report Segmentation of the Ocular Implants Market

Product Type Insight

Glaucoma implants held a dominating revenue share of more than 26.0% in 2022. This is brought on by the fact that glaucoma is becoming more common and is one of the significant causes of blindness. In 2020, about 20 million people worldwide had glaucoma. This number is predicted to reach 110 million by the end of 2040. The market for ocular implants is divided into intraocular lenses, glaucoma implants, ocular prostheses, corneal implants, orbital implants, and others based on the product type.

Over the forecast period, glaucoma implants are expected to have a significant market share. This is because governmental and non-governmental groups are becoming more aware of glaucoma. For instance, to raise awareness of glaucoma, the World Glaucoma Association has announced 'World Glaucoma Week,' which was scheduled from March 6 to March 12, 2022.

Application Insight

Due to the increasing prevalence of glaucoma and the increased public awareness of the condition, the glaucoma surgery category had the highest revenue share of almost 28.0% in 2022. As a result, many groups are concentrating on raising knowledge about glaucoma, which is assisting in boosting the rate at which people seek treatment early. For instance, the non-profit Prevent Blindness strives to raise awareness of eye problems and primarily focuses on glaucoma. In order to promote glaucoma prevention, the group joined National Glaucoma Awareness Month in January 2021 and provided a range of free instructional and awareness-raising resources.

Age-related macular degeneration is anticipated to rise at the quickest rate during the forecast period. This is demonstrated by the rise in elderly persons, who are highly susceptible to developing this ailment. For instance, according to a report, age-related macular degeneration is the leading cause of visual loss and blindness in Americans over 65. The aforementioned source predicts that 88 million elderly Americans will exist in the United States by 2050.

End-User Insight

With a market share of more than 40.0% in 2022 for ocular implants, the hospital sector led the market. This is because more patients are choosing to have ocular procedures performed in hospitals rather than clinics and specialized eye institutes. Furthermore, over the projected period, factors such as the rising prevalence of refractive disorders and rising infrastructure spending in the healthcare industry are anticipated to propel the expansion of the hospital segment. Due to the increasing need for eye care services in outlying locations, the specialty eye institutes market is anticipated to expand significantly throughout the projected period. With a sharp increase in the number of specialist eye institutes, it is projected that the growing number of ophthalmologists in developing economies will significantly impact market growth. During the projection period, favorable government efforts and rising business accessibility in several developing nations, including China, India, Thailand, and the Philippines, are anticipated to accelerate segment growth.

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Ocular Implants Market Segmentation

Based on Product Type

• Intraocular Lens
• Corneal Implants
• Orbital Implants
• Glaucoma Implants
• Ocular Prostheses
• Other Product Types

Based on Application

• Glaucoma Surgery
• Oculoplasty
• Drug Delivery
• Age-related Macular Degeneration
• Other Applications

Based on End-User

• Hospitals
• Specialty Eye Institutes
• Clinics
• Other End-Users

By Geography

• North America
• Europe
• Asia-Pacific
• Latin America
• The Middle East and Africa

Market Key Players

• Alcon Inc.
• Bausch & Lomb Inc. (Bausch Health Companies Inc.)
• Carl Zeiss AG
• Johnson & Johnson
• Morcher GmbH
• Hoya Corporation
• Glaukos Corporation
• STAAR Surgical Company
• gerresheimer ag
• Shandong Pharmaceutical Glass Co. LTD
• Other Key Players

Recent Development of the Ocular Implants Market

• EyePoint Pharmaceuticals, Inc., pSivida, Pharmaceutical Company, became the first business to get nationwide approval based only on real-world data in June 2022 when a Chinese regulatory agency approved an implant to treat a specific type of eye inflammation.
• Ivantis, Inc. and its HydrusMicrostent for surgical glaucoma were bought by Alcon, Inc., a Novartis affiliate, in August 2021. The planned acquisition demonstrates Alcon's dedication to enhancing its industry-leading portfolio of products for refractive, retinal, cataract, and glaucoma conditions.

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