Corneal Surgery Devices Market

Market Overview

Global corneal surgery devices market size was valued at USD 682.2 million in 2018, expected to grow at 6.6% CAGR over the forecast period.

Ophthalmic device is the umbrella term for ophthalmic surgery devices, vision care devices, and refractive correction devices. Cornea is the clear tissue at the center of the eye. There are various causes of corneal diseases or injuries, which can damage the cornea. Corneal devices consist of various instruments such as refractive error correction devices, implants, glues, patches, and others. Globally, around 1.3 billion people are living with some sort of vision impairment, WHO. Wherein, according to the National Eye Institute, over 11 million Americans are living with common vision problems, which can be corrected easily. Apart from this, the increasing aging population with visual impairment and blindness is adding fuel to the overall demand for corneal transplantation.

Segmental Analysis

Global corneal surgery devices market is segmented into causes, application, and region.

Based on causes, the market is segmented into diseases and injuries. Diseases segment is expected to grow at a CAGR of 6.3% during the forecast period. It is expected to gross highest share of the global corneal surgery devices market. Refractive surgeries are becoming increasingly popular for reducing or eliminating refractive errors. In addition to this, uncorrected refractive errors and cataracts are some other leading causes of vision impairment. Around 188.5 million and 217 million people have mild and moderate to severe vision impairment respectively. Injuries segment is expected to account for low share of the market. Around 65,000 work-related eye injuries and illnesses are reported in the United States annually, the American Academy of Family Physicians. In addition, over 90% of work-related eye injuries are preventable with adequate eye protection.

Based on application, the market is segmented into corneal devices for human application and animals. Corneal devices for human application segment is further segmented into refractive devices, adhesives, patches, and corneal fillers. Refractive devices segment is segregated into inlays and onlays and phakic IOL. Adhesives is further divided into sealants and others. Animals segment is further divided into surgical devices and vision care devices

Regional Analysis

Global corneal surgery market is segmented into Americas, Europe, Asia Pacific, and Middle East & Africa.

North America dominates the global corneal surgery devices market. Prevalence of cataract is high in the region. Study suggests that geriatric population is more prone to develop cataract than the young and aging populations. Every year, it affects over 24.4 million Americans aged over 40 years and by the age of 75, around half of Americans develop cataracts. Cataract surgery is most widely performed for treating cataract. Every year, over 1.5 million people in North America undergo cataract surgery stated Canadian Ophthalmological Society. In Brazil, around 58 million people are living in endemic areas of Trachoma, the American Academy of Ophthalmology. Approximately 17% of patients with diabetic retinopathy in Latin America need treatment, and 35% of people with diabetes have never been seen by an ophthalmologist, the American Academy of Ophthalmology. Region is expected to witness several advancements for treating different eye errors or disorders in the years to come.

Europe accounts for optimum share of the global corneal surgery devices market. Population profile is expected to become older in the future and the graying population will have significant impact on the overall demand for health care services in the region. Currently, age-related macular degeneration (AMD) has affected around 34 million people in the European Union (EU) and 22 million people in the five most populous European countries alone, namely Germany, France, the U.K, Italy, and Spain.In addition, vision loss makes people vulnerable and emotional and only 17% of them receive emotional support for their sight problems in the U.K., the Royal National Institute of Blind People.

Asia Pacific market is the fastest-growing market for corneal surgery devices. Middle East & Africa is forecasted to account for least share of the market.