Corneal Surgery Devices Market Size, Share & Trends Analysis Report By Causes (Diseases , Injuries ), By Applications (Corneal Devices for Human Application, Refractive Devices, Adhesives , Patches, Corneal Fillers, Animals, Surgical Devices, Vision Care Devices) and By Region(North America, Europe, APAC, Middle East and Africa, LATAM) Forecasts, 2024-2032

Market Overview

The global corneal surgery devices market was valued at USD 2.43 billion in 2023. It is estimated to reach USD 4.54 billion by 2032, growing at a CAGR of 6.6% during the forecast period (2024–2032). Ongoing advancements in medical technology, including innovations in corneal surgery devices, enhance the efficacy and safety of corneal procedures. Newer devices offer improved surgical outcomes, reduced recovery times, and enhanced patient comfort, thereby driving adoption rates.

Corneal surgery devices are specialized instruments used in procedures and surgeries involving the cornea, the clear front part of the eye that protects the iris, pupil, and anterior chamber. Corneal surgery devices help ophthalmic surgeons perform delicate and precise corneal operations. These devices are intended to aid in various aspects of corneal surgery, including corneal tissue manipulation, suturing, incisions, and other critical steps in restoring or improving vision and eye health. These devices are essential tools that have evolved due to numerous ophthalmologists' contributions and advances in microsurgical techniques. They play an important role in ensuring successful corneal surgeries, contributing to the high success rates of procedures such as keratoplasty, which is one of the most commonly performed organ transplants and an essential component of corneal surgery.

Highlights

• Disease dominates the causes segment
• Corneal devices for human application dominate the application segment
• North America is the highest shareholder in the global corneal surgery devices market

Market Dynamics

Global Corneal Surgery Devices Market Drivers:

Rising Prevalence of Corneal Conditions

The prevalence of corneal conditions such as keratoconus, corneal dystrophies, and corneal infections is rising, leading to a surge in demand for corneal surgery devices. These devices play a critical role in various corneal surgeries, including transplants, which rank among the most common organ transplant procedures globally. The need for such devices escalates as the incidence of corneal diseases continues to climb, fueled partly by an aging population more susceptible to eye ailments.

Moreover, a heightened awareness of eye health issues combined with advancements in corneal surgery technology has democratized access to these procedures, catering to a wider demographic. Consequently, there's a growing imperative to meet the demand for surgical interventions to improve quality of life and restore vision. This trend forecasts a significant expansion in the availability of corrective surgical options for individuals affected by corneal conditions.

An illustrative example of this escalating concern is highlighted by organizations like the National Eye Institute (NEI), a division of the National Institutes of Health (NIH) under the U.S. Department of Health and Human Services (HHS). NEI recognizes the increasing prevalence of age-related corneal diseases, further underscoring the urgency to address this burgeoning public health challenge.

Global Corneal Surgery Devices Market Restraint:

High Cost of Procedures

The cost associated with implant surgeries and corneal transplants can pose significant barriers for patients seeking these treatments, particularly in regions with constrained healthcare budgets. Several factors contribute to the high expenses involved in these procedures. Firstly, surgical fees are influenced by the surgeon's expertise and proficiency while encompassing overhead, staffing, and equipment expenses incurred by the performing hospital or surgical center. Moreover, the procurement of donor tissue for corneal transplants can incur substantial costs, especially in scarcity where tissue needs to be transported over long distances. Additional expenses such as prescription drugs, follow-up visits, and potentially anti-rejection medications further inflate the overall cost burden, particularly for transplant recipients.

Furthermore, the exorbitant cost of corneal surgeries presents a challenge, significantly impacting the accessibility of care for patients. To address this issue, concerted efforts are required to explore avenues for making these life-changing procedures more affordable and accessible to those in need. Potential solutions could involve government support through healthcare subsidies or funding initiatives, charitable programs to subsidize treatment costs for disadvantaged populations, rigorous cost-effectiveness analysis to optimize resource allocation, and ongoing surgical innovations to streamline procedures and reduce expenses.

Global Corneal Surgery Devices Market Opportunities:

Expanding Market Reach

As healthcare budgets rise in developing nations and the middle class expands, there's a notable opportunity for growth in these regions' corneal surgery devices market. Increased access to advanced eye care, facilitated by rising healthcare spending and expanding middle-class populations, presents a promising landscape for the industry.

Telemedicine consultations with ophthalmologists offer a particularly effective means of early detection for corneal conditions in remote areas, potentially prompting more individuals to seek necessary treatment and surgery. With a growing middle class comes increased disposable income, affording individuals the ability to consider elective surgeries like corneal procedures to improve their quality of life by restoring clear vision.

As both governments and individuals allocate more resources to sophisticated eye care procedures such as corneal transplants and implant surgeries, there's a corresponding rise in the number of prospective patients seeking vision restoration treatments. This trend underscores the growing demand for comprehensive eye care services in developing nations, paving the way for expansion and innovation within the corneal surgery devices market.

Regional Analysis

Based on region, the global corneal surgery devices market share is bifurcated into North America, Europe, Asia-Pacific, Latin America, and the Middle East and Africa. 

North America Dominates the Global Market

North America is the most significant global corneal surgery devices market shareholder and is expected to expand substantially during the forecast period. In North America, various eye diseases necessitating corneal transplants are prevalent, including keratoconus, Fuchs endothelial dystrophy, and infectious keratitis. Annually, over 24.4 million Americans aged over 40 are impacted by these conditions, with approximately half of all Americans aged 75 or older developing cataracts. Cataract surgery is the primary cataract treatment, with over 1.5 million procedures conducted annually in North America, as the Canadian Ophthalmological Society reported. Despite the prevalence of eye conditions, a substantial portion of diabetics remains unseen by ophthalmologists, with 35% never receiving an examination. Moreover, North America's LASIK and other refractive surgery procedures are increasingly popular for vision correction, driving demand for associated surgical devices. Both private insurance and government programs often offer adequate coverage for corneal surgeries, enhancing patient accessibility. Such factors propel regional market growth.

Europe is the fastest-growing region. The region's high prevalence of diabetes contributes to conditions such as diabetic retinopathy, necessitating corneal surgery. The aging population in Europe fuels the demand for corneal surgery devices, as older individuals are more sensitive to age-related macular degeneration and cataracts. Europe's robust organ donation policies facilitate the availability of donor corneas for transplantation. Moreover, key players in the corneal surgery devices industry, including CryoLife, Inc., Exactech, Inc., and Kohler GmbH, are based in Europe, further bolstering the region's growth.

Moreover, age-related macular degeneration affects approximately 34 million people in the European Union (EU) and 22 million people in the five most populous European countries alone, underscoring the magnitude of the challenge. Despite this, emotional support for those experiencing vision loss remains inadequate, with only 17% receiving support in the U.K., according to the Royal National Institute of Blind People. This is expected to propel regional market growth.

Segmental Analysis

The global corneal surgery devices market is bifurcated into causes and applications.

Based on causes, the global market for corneal surgery devices is segmented into diseases and injuries.

The diseases segment is anticipated to capture the largest share. This dominance stems from the escalating prevalence of various eye diseases and conditions, including cataracts, hyperopia, diabetic retinopathy, and glaucoma, which are propelling the demand for corneal surgery devices worldwide. As these eye ailments become more widespread, there is a corresponding surge in the need for advanced surgical interventions, thus driving the dominance of the diseases segment.

Moreover, advanced corneal surgery devices, such as femtosecond lasers and intraocular lenses, have revolutionized surgical techniques by enabling more precise and efficient procedures. These technological innovations contribute significantly to enhancing patient outcomes, thereby further fueling the demand for corneal surgery devices, particularly within the diseases segment.

Based on application, the global corneal surgery devices market is segmented into corneal devices for human application, refractive devices, adhesives, patches, corneal fillers, animals, surgical devices, and vision care devices.

The corneal devices segment owns the highest market share. The dominance of corneal devices for the human application segment within the market is evident due to its inclusion of a diverse range of instruments essential for corneal surgery, including refractive devices, adhesives, patches, and corneal fillers. This comprehensive array of devices caters directly to the needs of patients undergoing various corneal procedures, thereby solidifying the segment's prominence. A key driver behind this dominance is the increasing prevalence of eye diseases and vision impairment, particularly among the aging population.

As per the National Institute of Health report, half of the 40 million blind people in the globe are blind due to cataracts, which are the primary cause of blindness globally. Most of the 20 million cataract-blind people worldwide reside in underdeveloped nations. Every year, there are over 5 million new cases of cataract blindness. Given the profound impact of cataracts and other eye conditions on global health, the demand for corneal devices for human application remains robust and continues to grow.

Impact of covid-19

The COVID-19 pandemic has forced governments to close down inter-nation, inter-state, and even inter-city borders to promote social distancing as a measure to stop the spread of the disease. The WHO warns cash and bank cards may also aid disease transmission, and at present, digital payments offer the safest option. Hence, many are opting for online transactions, especially as retailers are refusing hard cash.

The pandemic has redirected authorities’ attention toward the expansion of online payment systems and contactless cards. Countries such as the U.S. and China are planning to promote electronic cash to fight against the spread of the deadly pathogen. Businesses and governments in the regions are significantly investing in digital currency because it cannot be misplaced and is widely accepted by business officials. The robust infrastructure of the U.S. financial market for electronic money facilitated through Visa and MasterCard, and China’s recent announcement of electronic Renminbi (e-RMB) are a couple of the best examples in the current scenario.

• Trade globalization
• Economic globalization
• Military and geostrategic globalization

The below chart represents the historical exchange rate of the U.S. Dollar to the Chinese Yuan.

China’s Digital Currency Market Post-COVID-19

• With PBoC’s support, the digital Yuan will be ‘tokenised’, and e-RMB will grow at a rapid pace, intensely competing with Alipay and WeChat pay
• In Shenzhen, Suzhou, Chengdu, Xiong'an, and certain 2022 Beijing Winter Olympics host cities, the digital money will be tested. Global brands including McDonalds, Starbucks, and Subway will test.
• The country targets a nationwide rollout in two or three years with an aim to reduce the amount of hard cash printing.
• The e-currency will disrupt traditional banking, replacing some part of physical cash owing to the ubiquitous presence of Chinese QR code-based digital wallets.
• Since May 2020, several provinces' civil officials will get half their monthly pay in e-RMB.

Rest of the World (RoW)

• Factors such as declining cash use and the rise of privately owned ‘stablecoins’ has compelled governments across the world to prioritize Central Bank Digital Currencies (CBDCs). The Swiss Financial Market Supervisory Authority (FINMA) confirmed in April that it had received an application for a payment system license from a Geneva-based association governing Facebook’s planned cryptocurrency Libra.
• Regarding CDBCs, both the Bank of England (BoE) in the United Kingdom and the Central Bank of France (Banque de France) are making progress.
• It is anticipated that the growing cryptocurrency investments from South Africa, the Middle East, and Africa would open up new markets for the industry worldwide.

Recent Developments

• August 2023- Nova Eye Medical boosted sales on the glaucoma product launch. Ophthalmic treatment device manufacturer Nova Eye Medical reported strong sales results following the US launch of its latest iTrack Advance glaucoma surgical device. The iTrack Advance is a consumable device with an illuminated fiber optic tip designed to improve the efficacy of canaloplasty surgery in treating glaucoma. The updated device was launched in May and can also be utilized by ophthalmologists, a large new market, as well as cataract surgeons.
• September 2023- Johnson & Johnson Vision introduced a new procedure for patients with myopia. According to the company, refractive surgery can correct myopia, allowing patients to clearly see distant objects without glasses or contacts. The SILK procedure is the newest innovation to help patients achieve excellent vision. Johnson & Johnson Vision announced the limited market release and first laser vision correction surgeries performed using the new Smooth Incision Lenticule Keratomileusis (SILK) procedure.