The global artificial cornea and corneal implant market size was US$ 381.5 million in 2021. The global artificial cornea and corneal implant market is forecast to grow to US$ 701.4 million by 2030 by growing at a compound annual growth rate (CAGR) of 7.1% during the forecast period from 2022 to 2030.
Factors Influencing the Market
The global artificial cornea and corneal implant market is expected to grow significantly in the future, owing to an increase in the geriatric population and rising cases of eye diseases.
Favourable government initiatives to offer efficient treatments to the population at low cost will also benefit the artificial cornea and corneal implant market. The growing prevalence of eye disorders, as well as government initiatives to combat visual impairment, will drive market growth during the study period.
Increasing disposable income and improving healthcare infrastructure in developing countries will also contribute to the growth of the artificial cornea and corneal implant market during the analysis period.
On the contrary, the high cost associated with ophthalmology devices and surgical procedures may limit the growth of the market during the study period.
COVID-19 Impact Analysis
Because of the COVID-19 outbreak, the implementation of lockdown has delayed treatment for ophthalmic disorders. Many non-essential surgical procedures for eye diseases, such as penetrating keratoplasty and endothelial keratoplasty, have been cancelled as a result. Moreover, the COVID-19 pandemic significantly shifted the focus of the entire healthcare system on the COVID-19 disease. As a result, it hampered the demand for the ophthalmic procedure. Stringent government restrictions also limit the number of visitors to the eye-care centres. As a result, it impeded the growth of the global artificial cornea and corneal implant market.
Regional Analysis
The Asia-Pacific artificial cornea and corneal implant market is forecast to grow at the highest growth rate. It is owing to the rising geriatric population, which will bring several lucrative opportunities for the growth of the artificial cornea and corneal implant market. In addition, the region's large population base and rising prevalence of several chronic & lifestyle diseases will boost the growth of the market.
The growing use of artificial cornea in primary healthcare settings, especially in hospitals, will benefit the artificial cornea and corneal implant market during the forecast period. Furthermore, China, Japan, and India are the leading countries recording the significantly growing cases of eye ailments, such as glaucoma followed by diabetic retinopathy. As a result, it will escalate the growth of the Asia-Pacific artificial cornea and corneal implant market during the forecast period.
Competitors in the Market
Market Segmentation
The global artificial cornea and corneal implant market segmentation focuses on Type, Transplant, Disease Indication, End-Users, and Region.
By Type Outlook
By Transplant Type Outlook
By Disease Indication Outlook
By End-Users Outlook
By Regional Outlook
