Ocular Implants Market

Ocular Implants Market Outlook (2022-2032)

The ocular implants market is expected to garner a market value of US$ 12.54 Bn in 2022, anticipated to register a positive CAGR of 4.5% in the forecast period 2022-2032 and reach a value of US$ 19.47 Bn.

Report Attributes	Details
Ocular implants Market Size (2022)	US$ 12.54 Bn
Sales Forecast for ocular implants (2032)	US$ 19.47 Bn
Global Market Growth Rate (2022 to 2032)	4.5% CAGR
Key Companies Profiled	Alcon Inc. Bausch & Lomb Inc. (Bausch Health Companies Inc.) Carl Zeiss AG Johnson & Johnson Morcher GmbH Hoya Corporation Glaukos Corporation STAAR Surgical Company

Demand Analysis of Ocular Implants from 2015-2021 Vs Future Outlook 2022-2032

From 2015 to 2021, the global ocular implants market registered significant gains, reaching a valuation of US$ 12 Bn in 2021. According to market research and competitive intelligence provider Fact.MR, ocular implants sales flourished at a CAGR of 3.8% during the aforementioned historical period.

The outbreak of COVID-19 has created a higher preference among patients to visit specialty eye institutes rather than hospitals in order to avoid crowded places that pose a higher threat of contracting the virus, thereby increasing the demand for ocular implants across specialty clinics.

Moreover, the new dynamics involved in the occupation and education system have increased the overall screen-time of individuals, which is expected to contribute to the rising incidence of eye diseases. This, in turn, is expected to enhance the market growth during the forecast period. Considering these factors, the market is projected to witness high growth over the coming years, registering a CAGR of 4.5% to top US$ 19.47 Bn by 2032.

What is driving the Market Demand for Ocular Implants?

Mounting Incidences of Eye Related Disorders to Pivot Market Growth

Increasing incidence of eye disorders such as age-related macular degeneration, cataract, glaucoma, and scleritis is the major factor anticipated to drive the market. The increase in the incidence rate is leading to a rise in demand for surgical procedures that require ocular implants.

For instance, according to a research article published by the U.S. National Library of Medicine, based on the earlier trends in cataract surgeries, it is anticipated that 3.7 million cataract surgeries must have been performed among the Medicare beneficiaries in 2020 in the U.S.

Increased Time Spent on Virtual Devices Encouraging Ocular Implants Usage

One major factor that indicates this is the major shift towards online education programs and the work from home model. This is leading to a higher percentage of the population being exposed to a relatively high amount of screen time, which can lead to the risk of developing eye disorders. The pandemic resulted in major disruptions of the supply chain initially due to the lack of planning.

As a result, major losses were incurred, which compelled the manufacturers to create strategic plans that can help to avoid any similar situation in the future. Moreover, with the opening of the economies, the demand for these procedures has elevated to a great extent due to the earlier backlog surgeries and increasing focus on multiple awareness programs.

Rising Geriatric Population and Diabetic Patients Presenting Significant Growth Opportunity

Eye diseases such as cataracts and age-related macular degeneration are age-related diseases. An increase in the geriatric population is another factor contributing to the growth of the market. Additionally, increasing adoption of a sedentary lifestyle and the rising prevalence of diabetes may lead to diabetic retinopathy, which is anticipated to boost the sales of ocular implants.

For instance, according to the International Diabetes Federation, in 2021, approximately 537 million individuals were living with diabetes and it is anticipated to rise to 643 million by 2030.

Technological Advancements in Eye Care to Provide Yet another Growth Opportunity

Technological advancement is yet another factor playing an important role in propelling the market growth. The introduction of micro-invasive glaucoma devices for patients suffering from glaucoma is a classic example of the technology that has evolved over the last few years.

For instance, Glaukos Corporation received FDA approval for its second-generation trabecular meshwork bypass stent, iStent Inject in June 2018. The device is indicated for the treatment of mild to moderate glaucoma and is approved for implantation at the time of phacoemulsification.

Country-wise Analysis

How is the United States Propelling the Demand for Ocular Implants?

The United States dominates the market with 35% of the revenue share. Increasing incidence of eye disorders, sedentary lifestyle, and increasing focus of key players to launch products in the United States are factors that are majorly contributing to the market growth in this region.

Additionally, a favorable reimbursement scenario and the availability of technologically advanced products in the region are factors that are likely to retain its lead over the forecast period.

What Drives Demand for Ocular Implants in Asia Pacific Countries?

The Asia Pacific market is expected to register the fastest CAGR of 7.1% during the forecast period. Developing countries such as China and India are expected to witness the fastest growth in the Asia Pacific due to a massive increase in the geriatric population.

According to China’s seventh population census, the country’s population in 2020 individuals aged 60 and above comprised 18.7% of the total population. Other factors that are contributing to the growth of the market include the growing diabetic population, increasing cataract surgeries, and rising expenditure by individuals and the government on eye care.

Category-wise Insights

Which Product Type Leads the Market?

The glaucoma implants segment dominates the market with a revenue share of more than 25%. This is due to the rising incidence of glaucoma and the fact that it is one of the leading causes of blindness.

According to a study by Bright Focus Foundation, about 20 million people across the globe had glaucoma in 2020. This number is expected to exceed over 111 million by the end of 2040. On the basis of product, the market for ocular implants is classified into the intraocular lens, corneal implants, orbital implants, glaucoma implants, ocular prosthesis, and others.

Glaucoma implants are projected to continue dominating the market over the forecast period. This is due to the increase in awareness regarding glaucoma by the government and non-government organizations.

For instance, the World Glaucoma Association has introduced an initiative called “World Glaucoma Week”, which is planned to happen from 6th -12th March 2022 in order to create awareness pertaining to glaucoma. The intraocular lens segment accounted for a significant revenue share in 2021. Intraocular lenses have gained significant popularity over the years owing to their extended use in the treatment of nearsightedness, farsightedness, and presbyopia.

Which Application is projected to Get Traction in the Market?

The glaucoma surgery segment accounts for the largest revenue share of over 30% owing to the rising incidence of glaucoma, coupled with the growing awareness regarding the disease.

Several organizations are focusing on creating awareness regarding glaucoma, which is helping to increase the treatment-seeking rate at an early stage. For instance, Prevent Blindness is an organization that works towards creating awareness regarding eye disorders and mainly focuses on glaucoma. The organization joined the National Glaucoma Awareness Month in January 2021 by offering a variety of free educational and awareness-building resources to help prevent glaucoma.

Age-related macular degeneration is expected to be the fastest-growing segment over the forecast period. This is attributed to the growing geriatric population that is highly susceptible to developing this disorder.

For instance, according to CDC, age-related macular degeneration is the leading cause of blindness and vision loss in Americans aged over 65 years of age. The above source also stated that the number of older Americans is predicted to nearly double from 48 million to 88 million in 2050.

Which End-User is Prominently Adding to the Overall Market Growth?

The hospitals' segment dominates the market for ocular implants, holding a revenue share of more than 40%. This is due to the increasing number of patients opting for ophthalmic surgeries in hospitals as compared to clinics and specialty eye institutes. The growing incidence of refractive disorders and increasing spending on healthcare infrastructure are factors expected to fuel the growth of the hospitals' segment over the forecast period.

The specialty eye institutes segment is expected to witness significant growth during the forecast period owing to the rising need for eye care services in remote areas. The rising number of ophthalmologists in developing economies is anticipated to have a considerable impact on the market growth with a steep rise in the number of specialty eye institutes. Favorable government initiatives and increasing ease of doing business in several developing countries such as India, Thailand, the Philippines, and China are expected to accelerate the segment growth during the forecast period.

Competitive Landscape

The competitive landscape of the ocular implants market is shaped by product innovation and strategic mergers & acquisitions. Front Runners are emphasizing capacity enhancements and global footprint expansion to leverage lucrative prospects in developing economies.

• In August 2021, Alcon, Inc., a subsidiary of Novartis, acquired Ivantis, Inc. and its HydrusMicrostent for surgical glaucoma. The intended acquisition supports Alcon’s commitment to further strengthen its industry-leading portfolio across refractive, retina, cataract, and glaucoma.

Ocular Implants Market Report Scope

Report Attributes	Details
Forecast Period	2022-2032
Historical Data Available for	2015-2021
Market Analysis	US$ Mn for Value
Key Regions Covered	North America Latin America Europe Asia Pacific MEA
Key Countries Covered	U.S. Canada Germany U.K. France Italy BENELUX Nordics China Japan South Korea Brazil Mexico GCC Turkey South Africa
Key Market Segments Covered	Product Application End-use Region
Pricing	Available upon Request

Key Market Segments in Ocular Implants Industry Research

• By Product

  • Intraocular Lens
  • Corneal Implants
  • Orbital Implants
  • Glaucoma Implants
  • Ocular Prosthesis
  • Others

• By Application

  • Glaucoma Surgery
  • Oculoplasty
  • Drug Delivery
  • Age-related Macular Degeneration
  • Aesthetic Purpose

• By End Use

  • Hospitals
  • Specialty Eye Institutes
  • Clinics