Ocular Implants Market Trends and Drivers
Explore Ocular Implants Market Trends, Growth Drivers, and Opportunities from 2019 to 2030
Ocular Implants Industry Trends & Drivers
Rising Incidence of Eye Disorders Drives Market
The biggest driver for the market is the rising incidence of disorders leading to partial or complete vision loss. The World Health Organization (WHO) estimates the global incidence of vision impairment at 2.2 billion people. They are not only a health concern but also a source of economic burden, with annual costs of over USD 440 billion in lost productivity due to vision loss. Additionally, around 19 million children below the age of 15 have impaired vision. The WHO lists macular degeneration, cataracts, refractive errors, glaucoma, and diabetic retinopathy as the prime causes of vision loss. The global incidence of these diseases as per the WHO is as follows: refractive error (88.4 million), cataract (94 million), AMD (8 million), diabetic retinopathy (3.9 million), and glaucoma (7.7 million).
Technological Advancements in Eye Care Offer Several Opportunities
Ocular diagnostic technology advancements have resulted in increased product uptake. These new technologies are helping enhance results for eye surgeries and open up new ways of seeing for persons who are blind. Thus, the growing acceptance of innovative ocular equipment, such as artificial or bionic eyes and glaucoma devices, has created several opportunities for industry players.
Tough Regulatory Scenario Impedes Market Growth
The biggest restraint for the ocular implants market is the stringent regulations for patient safety and product effectiveness around the world. The U.S. Food and Drug Administration (FDA) and European Medicine Agency (EMA) have some of the most-stringent such regulations, with developing countries also modifying theirs on similar lines. It can take up to 10 years for a health product to go from the discovery stage to marketing approval, consuming massive investments and resources in the process. Even after the approval, risks of adverse effects and subsequent product recalls persist. Additionally, newer implants can be expensive for people in developing countries and those without insurance coverage.
