Ocular Implants Market Size, Share, And Growth Rate Analysis 2023
The Business Research Company’s global market reports are now updated with the latest market sizing information for the year 2023 and forecasted to 2032
The Business Research Company’s ocular implants market report forecasts the ocular implants market size to grow to $17.66 Billion by 2027, with a CAGR (compound annual growth rate) of 8%.
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Ocular Implants Market Size Forecast
The global ocular implants market is expected to grow from $12.03 billion in 2022 to $12.98 billion in 2023 at a compound annual growth rate (CAGR) of 8.0%. The Russia-Ukraine war disrupted the chances of global economic recovery from the COVID-19 pandemic, at least in the short term. The war between these two countries has led to economic sanctions on multiple countries, a surge in commodity prices, and supply chain disruptions, causing inflation across goods and services and affecting many markets across the globe. The ocular implants market size is expected to grow to $17.66 billion in 2027 at a CAGR of 8.0%.
North America held the largest ocular implants market share, and Asia-Pacific was the fastest-growing region in 2022.
Key Ocular Implants Market Driver – Increase In Prevalence Of Eye Disorders Across The World
For instance, in 2022 in line with American Academy of Ophthalmology (AAO) offer statistics on the prevalence of visual defect because of eye disorders by ethnicity yet because the breakdown of individuals who are legally blind thanks to eye diseases or eye disorders by grouping. Within the united statesUnited States alone, about 12 million people ageaged 40 and above suffer from vision impairment, with about a million full of blindness globally, the similar reports about 2.2 billion individuals have eye and visual disorders, according to the world health organization. Hence, the rising prevention of eye disorders, is anticipated more demand for ocular implants increasing prevalence of eye disorders like cataract and glaucoma is to fuel the demand for ocular implants.
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Key Ocular Implants Market Trend – Technological Advancement
Technological advancements are the discovery of knowledge that helps in developing products using advanced technology. Major companies operating in the ocular implants market are focused on developing new technological solutions to meet customer demand and make ocular implants more advanced. For instance, In July 2021, ZEISS, a Germany-based manufacturer of optical systems and optoelectronics, introduced the ZEISS Medical Ecosystem. The ZEISS Medical Ecosystem is an entirely integrated setting that uses various tools for data management, apps, and services to enhance patient outcomes continuously. This ecosystem’s unique combination of unmatched ocular knowledge and cutting-edge digital technology makes it possible to make decisions based on the best available data, ensuring the most effective treatment delivery on a single, secure platform. in 2019 France based bioelectronics and brain-machine interface technology company PIXIUM VISION recently introduced PRIMA System artificial eye technology that partially replaces the normal physiological functioning of the photoreceptors of the eye, with a mini camera mounted on the glasses that captures visual scenes in the environment, which gets processed and simplified by the pocket computer, in order to extract meaningful information from the photos, using artificial intelligence breakthrough algorithms. In patients, 36 months after implantation, the PRIMA implant was well tolerated and safe. These observations are in line with Vitro reliability studies that showed the implants to be 100% reliable with the pixels reliability of over 90%, for over the past 20 years.
Ocular Implants Market Segment
1) By Product: Intraocular Lens, Corneal Implants, Orbital Implants, Glaucoma Implants, Other Products
2) By Application: Glaucoma Surgery, Diabetic Retinopathy, Age-Related Macular Degeneration
3) By End-User: Specialty Eye Institutes, Hospitals, Clinics
Ocular Implants Market Major Players and Strategies
Major players in the ocular implants market are Alcon Inc., Bausch & Lomb Inc., Carl Zeiss AG, ZEISS International, STAAR Surgical Company, Morcher GmbH, Hoya Corporation, and Glaukos Corporation.
In August 2021, Alcon, a Switzerland-based medical company offering dedicated eye care, announced acquisition of Ivantis®, $475 million in cash up front. The aim of this acquisition demonstrates Alcon’s commitment to the surgical glaucoma market, bolstering the company’s industry-leading portfolio in cataract, refractive, retina, and glaucoma. Ivantis® is a US-based company the developing and manufacturing the Hydrus® Microstent, a novel minimally invasive glaucoma surgery (MIGS) device the designed to lower intraocular pressure in open-angle glaucoma patients during cataract surgery.
The Ocular Implants Global Market Report 2023 covers regional data on ocular implants market size, ocular implants market trends and drivers, opportunities, strategies, and ocular implants market competitor analysis. The countries covered in the ocular implants market report are Australia, Brazil, China, France, Germany, India, Indonesia, Japan, Russia, South Korea, the UK, and the USA, and the major seven regions are Asia-Pacific, Western Europe, Eastern Europe, North America, South America, the Middle East, and Africa.
Ocular implants are used to improve eye vision of a person. These implants help improve the fixing sight of people who have lost an eye to injury or disease, commonly called a glass eye, made up of hard plastic acrylic. The prosthetic eye has a shell form, consisting of a clear, artificial lens implant, used to replace a cloudy natural lens in cataract surgery.
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