Keratoconus Treatment Market Demand, Share To 2031

(MENAFN- Straits Research) Introduction

Keratoconus is a progressive eye disease that causes the cornea to thin and assumes a conical or dome-like shape. Keratoconus results in vision changes that eyeglasses cannot correct. Keratoconus is distinguished by myopia, light sensitivity, blurred vision, and irregular astigmatism. The treatment for keratoconus disorder highly depends on the condition's severity and rate of progression. In addition to contact lenses and eyeglasses, mild to moderate keratoconus is treatable with contact lenses. As more people are diagnosed with keratoconus, the international market for keratoconus treatments expands at a breakneck rate. An increase in sun and UV exposure will likely contribute to the growth of this industry.

Market Dynamics Increasing Ultraviolet and Sun Exposure Drives the Global Market

One of the leading causes of keratoconus is believed to be UV radiation because of the oxidative damage it generates. This is evidenced by the fact that it frequently occurs in regions with a lot of heat and sunlight. It is theorized that exposure to UV light causes the cornea to produce an abnormally high amount of reactive oxygen species. People with keratoconus cannot process these reactive oxygen species, leading to oxidative stress, cytotoxicity, and decreased corneal thickness. Saudi Arabia, Iran, New Zealand, Israel, and other Pacific Islands have been reported to have a greater prevalence of the eye disorder known as keratoconus because of the high quantities of ultraviolet light. As a result, increased sun and ultraviolet exposure also contribute to the development of keratoconus, which benefits the need for keratoconus therapy and encourages businesses to create new therapies and other therapies cutting-edge treatment modalities.

Emerging Markets of Keratoconus Treatment Creates Tremendous Opportunities

Keratoconus has become a significant global public health concern affecting people's daily lives. The prevalence of keratoconus is thought to be between fifty and two hundred per 100,000 people. An extensive range of commercially available therapeutic alternatives can effectively control the keratoconus condition. Patients increasingly choose several types of contact lenses for treating keratoconus, including soft contact lenses, piggybacking contact lenses, hybrid contact lenses, and others. Additionally, keratoconus treatments have made tremendous market progress in recent years, including Intacs and corneal transplants.

People of different non-Asian ethnicities in Asia, especially Indians, Pakistanis, Middle Easterners, and Polynesians, have a higher risk of developing keratoconus and a faster pace of disease progression when compared with white populations. Additionally, the infrastructure for healthcare in developing countries is getting better. For instance, the number of keratoplasties performed on keratoconus patients has increased dramatically in Saudi Arabia during the past few years.

Regional Analysis

Asia-Pacific is the highest revenue contributor and is anticipated to grow at a CAGR of 6.00% during the projection period. Asia-Pacific is predicted to have the fastest growth rate, and the enormous merger and acquisition activity and rate of product approvals in the area are to blame for this. Many local businesses focus on organic growth strategies to expand their product offerings and worldwide market presence. In January 2018, Hoya Corporation opened a research and development center for cataract intraocular lenses in Singapore. Additionally, Hoya Corporation acquired Mid Labs (US) and Fritz Ruck, two manufacturers of ophthalmic medical equipment, in January 2019. (Germany). With this acquisition, the company's ophthalmology product range was strengthened.

North America is anticipated to grow at a CAGR of 5.10% during the projection period. The critical reasons for this high proportion are the numerous medical facilities in the U.S. and continual technological advancements. 2019 and the whole study period saw the Americas dominate the keratoconus therapy market. This region's high volume of cataract procedures, mergers and acquisitions, and product launches is to blame. The increased incidence and prevalence of keratoconus conditions also contribute to the demand for various treatment options such as lenses, surgery, and corneal cross-linking.

Key Highlights

• The global keratoconus treatment industry was valued at USD 820.80 million in 2022. It is projected to reach USD 1,209.32 million by 2031, growing at a CAGR of 4.40% during the forecast period (2023-2031).
• Based on type, the global keratoconus treatment market is bifurcated into corneal hydrops, forme fruste keratoconus, and others. The corneal hydrops segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.20% during the forecast period.
• Based on treatment type, the global keratoconus treatment market is bifurcated into corneal cross-linking, lenses, surgery, and others. The corneal cross-linking segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.05% during the forecast period.
• Based on end-user, the global keratoconus treatment market is bifurcated into eye clinics, hospitals, and others. The eye clinic segment is the highest contributor to the market and is estimated to grow at a CAGR of 5.00% during the forecast period.
• Asia-Pacific is the most significant revenue contributor and is expected to grow at a CAGR of 6.00% during the forecast period.

Competitive Players

HOYA Vision Care Company

Menicon Co. Ltd.

CooperVision Inc.

Bausch Health

SynergEyes

Carl Zeiss Meditec AG

Contamac

SEED Co. Ltd

Novartis AG

Johnson and Johnson

Recent Developments

Recent Developments

• August 2022- Glaukos and iVeena Delivery Systems entered into a strategic licensing agreement that grants Glaukos an exclusive global license to develop and commercialize IVMED-80 for the treatment of keratoconus, according to a press release.
• January 2023- Glaukos announced the positive results for a prospective, multi-center clinical trial designed to evaluate the safety of the surgical exchange procedure for travoprost intraocular implant in patients who had already received a travoprost intraocular implant in the Phase 2b clinical trial, also called the exchange trial.

Segmentation

By Type

Corneal Hydrops

Forme Fruste Keratoconus

Others

By Treatment Type

Corneal Cross-linking

Lenses

Surgery

By End-User

Eye Clinic

Hospitals

Others

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