Artificial Corneal Implants Market Growth & Trends
The global artificial corneal implants market size is expected to reach USD 118.3 billion by 2030, registering a CAGR of 7.1% from 2023 to 2030, as per a new report by Grand View Research Inc. Introduction of new products in the market that are aimed to reduce the post-surgery complications is the key factor driving the growth of the artificial corneal implants market.
In addition, the continuously growing patient pool and lack of human cornea donors create a huge demand and supply gap. Thus, in order to reduce this gap, manufacturers in the market are vigorously conducting research to introduce new products that will be able to address this shortage in the coming years.
Moreover, the high risk of transplant rejection, post the transplantation of human cornea, is also helping the market to grow at a significant rate. On the other hand, increasing corneal disorders that require a corneal transplant, as well as rising awareness regarding artificial corneal implants in Asia Pacific, are factors expected to boost market growth over the forecast period.
The COVID-19 pandemic had a significant negative impact on the market due to reduced hospital visits that resulted in a fall in the number of diagnosed patients that require a corneal transplant. In addition, the lockdowns and strict restrictions imposed by governments and the increased focus of healthcare professionals to treat COVID-19 patients also resulted in a drop in the number of transplantation surgeries carried out during the pandemic.
However, with everything moving towards normalcy and the huge demand-supply gap created as a result of the pandemic, the demand for artificial corneal implants is expected to soar. Moreover, with the expected launch of new products in 2023, the market is further expected to experience great sales opportunities over the forecast period.
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Artificial Corneal Implants Market Report Highlights
The hard keratoprosthesis segment held the highest market share in 2022 owing to an increasing adoption rate
The soft keratoprosthesis segment is projected to experience maximum growth over the forecast period due to expected new product launches
The keratoconus segment dominated the market with the largest revenue share in 2022 owing to the increasing prevalence and rising adoption of artificial corneal implants for this indication
The Ocular Cicatricial Pemphigoid (OCP) segment is predicted to undergo maximum growth owing to new product launches for this indication
Synthetic implants held the highest market share in 2022 owing to the easy availability of these products
The hospitals segment accounted for the highest market share in 2022 owing to a large number of transplantation procedures being carried out in these facilities
The ambulatory surgical centers are expected to render the highest growth over the forecast period due to the increasing number of patients opting for such facilities because of their advantages
North America dominated the market due to the high penetration rate of technologically advanced products and the presence of a large patient pool
Growing awareness regarding corneal diseases, rise in disposable income in Asia Pacific countries, and growing geriatric population is driving the market growth in the region
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