Ocular Implants Market To Generate Revenue Worth $17,279.4 Million in 2030
- Published: June 2022
The global ocular implants market size was valued at $10,079.7 million in 2021, and it is expected to grow at a CAGR of 6.2% from 2021 to 2030, to reach $17,279.4 million by 2030. The market is expected to grow remarkably as a result of the rise in acceptance of advanced ocular devices, surge in cases of eye-related disorders, growth in the geriatric population, and increased responsiveness to the diagnosis and treatment of eye disorders.
The growing global population is leading to the increasing incidences of vision and eye-related illnesses, which is a major driver for the market. According to a prevalence survey, the number of glaucoma patients would be over 111 million by 2040. Moreover, the increased awareness of eye implant goods such as intraocular lenses, together with technological advancements in the field of vision problems, is also expected to propel the demand for ocular implants.
Surging Cases of Glaucoma and AMD Drive the Market
Due to the increasing prevalence of glaucoma and the surging awareness of its treatment, the glaucoma category accounts for a significant revenue share in the market. Several organizations are concentrating on raising knowledge about glaucoma, which is assisting in increasing the percentage of early treatment-seeking, which, in turn, drives the market growth in this category.
Moreover, the age-related macular degeneration (AMD) category is expected to witness notable growth in the coming years. This can be attributed to the growing geriatric population, which is more prone to having this condition. AMD, for example, is the main cause of blindness and vision loss in Americans, according to a report. For instance, the number of AMD patients is expected to nearly double by 2050, from 11 million in 2021 to 22 million in 2050, in the U.S.
APAC Market Will Grow at the Highest Pace During Forecast Period
The APAC ocular implants market is expected to witness the fastest growth of more than 6% during the forecast period. This can be ascribed to the rising population, which is leading to the increasing cases of blindness, and the surging healthcare expenditure, in the region.
North America accounts for a significant revenue share in the market. This is attributed to the availability of improved technologies for the treatment of eye diseases, easy reimbursement policies, improved healthcare infrastructure, and the presence of key market players, in the region.
Moreover, Europe holds the second-largest position in the market, due to the innovation in ocular implants, technological advancements, and increased investments by key industry players.
To Combat Competition, Key Players Involved in Product Launches and Approvals
- In October 2021, Genentech Inc. received the FDA clearance for ranibizumab (Susvimo) 100 mg/mL injection for the intravitreal usage through the ocular implant to treat persons with wet or neovascular AMD.
- In May 2020, BAUSCH + LOMB, a subsidiary of Bausch Health, launched preloaded intraocular lenses LuxSmart and LuxGood. These are presbyopia-correcting intraocular lenses and feature preloaded delivery systems and Pure Refractive Optics technology.
Some of the major players operating in the ocular implants market are Alcon Vision LLC, Johnson & Johnson, Bausch Health, HOYA Corporation, Glaukos Corporation, Carl Zeiss AG, STAAR Surgical Company, AbbVie Inc..