The global ophthalmic implants market size was valued at USD 4.97 billion in 2022. It is estimated to reach USD 8.60 billion by 2031, growing at a CAGR of 6.29% during the forecast period (2023–2031). The increased risk of eye conditions like glaucoma, macular degeneration, and other retinal disorders is the reason for the market's expansion.
Implants are objects or substances inserted or implanted into the body for specific medical purposes. Ophthalmic implants are small devices designed to be inserted into the eye and deliver medication locally over a prolonged period and are gaining popularity as a treatment option. The purpose of an eye implant is to replace or augment a damaged or absent organ of vision. A prosthetic eye is artificial for patients who have lost their natural eyesight for various reasons.
Ophthalmic implants are typically available in biodegradable (bioresorbable) and non-biodegradable (durable) varieties. The patient's eye is implanted with bioresorbable implants safely consumed by the body over time. These implants combine medication with a polymer, typically polylactic-co-glycolic acid (PLGA), which gradually degrades and releases the drug over time. Durable implants do not degrade over time and can be removed or refilled once the treatment has been completed.
|Market Size||USD 8.60 billion by 2031|
|Fastest Growing Market||Europe|
|Largest Market||North America|
|Report Coverage||Revenue Forecast, Competitive Landscape, Growth Factors, Environment & Regulatory Landscape and Trends|
According to WHO, Near or far vision impairment affects at least 2.2 billion individuals worldwide. Age-related eye disorders like age-related macular degeneration, cataracts, diabetic retinopathy, and glaucoma, according to the CDC, are the prominent causes of reduced vision and blindness in the United States. AMD affects 1.8 million Americans under 40, and another 7.3 million with big drusen are at high risk of developing AMD.
The aging population and awareness of the early diagnosis and treatment of eye diseases are expected to support market growth over the forecast period. Ophthalmology has become an issue due to the steady increase in the prevalence of eye diseases worldwide, coupled with rising treatment costs, which increases the need for cost-effective therapeutics for eye diseases worldwide. Thus, the market growth is due to increasing exposure to eye diseases such as glaucoma, macular degeneration, and other retinal diseases.
The growing acceptance of modern ocular equipment, such as artificial eyes and glaucoma devices, has created new opportunities for industry participants. Artificial intelligence (AI) is projected to provide ophthalmologists and ocular scientists with new automated methods for identifying and treating ocular illnesses from the back to the front of the eye.
The US FDA approved the first medical device, IDx-DR, to employ artificial intelligence to identify more than a minor form of diabetic retinopathy, the most prevalent reason for vision loss in diabetic patients and the major cause of vision impairment, on April 11, 2018. The growth of the market is primarily boosted by technological advances such as mydriatic fundus cameras, intraocular lenses, and OCT devices, the use of lasers in the treatment of various eye illnesses, especially diabetic retinopathy and cataract, and R&D activities in devices for ophthalmology.
Despite the surging prevalence of cataracts, glaucoma, and many other eye diseases, many factors are holding back the adoption of eye implants and market growth. The strict regulatory approval process in various regions is putting a strain on the market.
Additionally, many product recalls in the eye implant market are holding the market back. Product recalls challenge the acceptance of eye implants in the population. For instance, in August 2018, Alcon initiated a voluntary product recall of the CyPass micro-stent device used for glaucoma surgery. The product was sent for recall because of its complications in loss of endothelium during use. Such product recalls slow market growth.
Robotic surgery for all surgeons can place a series of standard laser burns on the ischemic retina in a single application. Robotic assistance offers the theoretical advantage of improved agility and accuracy and the integration of a novel technology that could lead to improved patient outcomes. Robotic surgery can potentially be used for telesurgery, where a surgeon is physically many miles from the area where their expertise is needed for training or patient care.
Future innovations in robotic surgery will increase the usefulness of robotic surgery in eye surgery. With the continuous improvement of robot assistance technology, procedures can be carried out more efficiently, effectively, and precisely. As current surgery is reaching the physiological limits of human performance, including robotic technology will enable the carrying out of currently not feasible procedures. All of these factors will support the increasing use of robotic surgical assistants for eye surgery and create opportunities for market growth during the forecast period.
North America Dominates the Global Market
Based on region, the global ophthalmic implants market is bifurcated into North America, Europe, Asia-Pacific, Latin America, Middle East, and Africa.
North America is the most significant global ophthalmic implants market shareholder and is estimated to grow at a CAGR of 5.57% over the forecast period. The regional market is projected to be propelled by an aging population. Cataract and glaucoma surgeries are becoming more common as the population ages. The National Eye Institute (NEI) is at the forefront of research on new ways to prevent, detect, and treat this potentially fatal disease. Glaucoma is frequently asymptomatic in its early stages. The restoration of vision is impossible once it is gone during the latter stages of the sickness. As a result, a greater awareness of eye problems drives up demand for implants in the region.
Additionally, according to the NIH National Eye Institute, the risk of cataracts increases every 40-10 years. By 2050, the number of cataract patients in the US is expected to double from 24.4 million to about 50 million. This increase in prevalence is accelerating the demand for cataract treatment implants in the region. In addition, approval and introduction of the product in North America will also aid market penetration. For example, Roche's Genentech company introduced an eye implant in September 2020 to make using Lucentis macular degeneration treatment easier.
Europe is predicted to exhibit a CAGR of 6.77% over the forecast period. Factors driving market growth include the soaring prevalence of eye disease, technological advances in the field of ophthalmology, and an increase in the aging population. According to Eurostat, cataract surgery is one of Europe's most common surgical interventions. This procedure was performed more than 4.7 million times in 2017, and the number is increasing every year. The increasing number of cataract surgeries has profoundly impacted the ophthalmic market, creating a high demand for devices and drugs for cataract surgery.
In addition, as the trend to improve one's appearance is increasing, the demand for cosmetic surgery is increasing, positively impacting market growth. In addition, with the development of microelectronics and biotechnology, several advanced implantable medical devices are on the market. These devices reduce hospital stays and enable rapid recovery. This is expected to promote future market growth.
In Asia-Pacific, several product approvals and launches drive the market. For example, a new glaucoma implant created by a National University Health System team in Singapore in November 2021 reduces patients' eye pressure (intraocular pressure, IOP) for longer and reduces the need for eye drops. According to the Asia Pacific Glaucoma Guidelines, glaucoma is the leading cause of permanent blindness registered in Hong Kong, at 23%. In Japan, it is estimated that diabetic retinopathy is 18%, cataracts are 16%, and glaucoma is 15%, the most common cause of blindness. In addition, aging is the most permanent risk factor for all types of glaucoma. Chinese individuals with elevated intraocular pressure are at risk for developing glaucoma optic neuropathy. All of these factors help accelerate the market over the forecast period.
In Latin America, programs are focused on improving primary eye care and expanding surgical and other corrective treatments for cataracts, low vision, refractive error, glaucoma, diabetic retinopathy, and youth blindness. Increased incidences of diseases like diabetes, obesity, and high blood pressure, as well as an aging population, are driving market expansion.
The Middle East and Africa are among the rising nations expected to grow rapidly due to the increased frequency of cataracts in these regions. The Middle East and African ophthalmology markets are expected to grow rapidly during the forecast period as people's awareness of and attention to the healthcare sector grows significantly. These devices help make eye care more convenient for patients and ophthalmologists, as they effectively reduce treatment times and provide better eye care to patients. In addition, players in this market have developed specifications for these devices to lead the fastest market growth while developing applications and more aggressively reaching higher market shares in the Middle East and Africa over the forecast period.
The global ophthalmic implants market is bifurcated into product, application, and end-user.
Based on the product, the global ophthalmic implants market is segmented into intraocular lenses, glaucoma implants, corneal implants, and others.
The intraocular lens segment is the highest contributor to the market and is projected to grow at a CAGR of 6.34% over the forecast period. Intraocular lens refers to a lens that is implanted in an eye during treatment for myopia or cataract. Intraocular lens implants are an artificial replacement for the eye's crystalline lens. It is part of surgery to repair cataracts. In addition, intraocular lens implants (IOLs) are made of clear plastic and are about one-third the size of a dime. It replaces the natural crystalline eye lens, which is removed during cataract surgery. The increase in the number of cataract surgeries worldwide in the coming years will create ample business prospects for this market segment.
A corneal transplant is often called a keratoplasty or corneal transplant. A corneal transplant is an operation in which a damaged cornea is completely or partially removed and replaced with healthy donor tissue. A corneal transplant, or keratoplasty, is a surgical procedure that involves replacing part of your cornea with corneal tissue from a donor. In addition, product launches and their approvals accelerated the segment. In June 2021, for instance, the Israeli ophthalmology startup EyeYon Medical received a CE mark for its EndoArt product, a synthetic corneal implant that is supposed to counteract corneal edema.
Based on application, the global ophthalmic implant market is segmented into cataract surgery, glaucoma surgery, and others.
The cataract surgery segment is the largest contributor to the market and is projected to exhibit a CAGR of 6.28% over the forecast period. A cataract is an eye disease in which cloudiness of the eye's crystalline lens is observed, leading to vision loss. Cataract surgery eliminates the cloudy natural lens and involves the transplantation of an intraocular lens. According to Alcon, cataracts are the leading cause of vision loss worldwide. The US market is expected to reach 5.4 million cataract surgeries by 2025. As the population ages, the number of cataract patients in the US will double by 2050. The frequency of cataract disease and technical advancements in ophthalmic devices drive the market.
Furthermore, the world's aging population is propelling market expansion. The lack of health insurance and the low awareness of the benefits of cataract surgery are hampering the growth of the cataract surgery equipment market.
The growth of this market's glaucoma surgery segment is the aging population and the increasing prevalence of diabetes worldwide. Lifestyle changes and unhealthy foods are driving the growth of this market. Rising awareness of the treatment of this disease, advances in healthcare infrastructure, and innovative developments in product technology are driving market growth in this segment. In addition, the decreasing awareness of glaucoma treatment in developing countries, the shortage of healthcare professionals, and the danger of postoperative complications related to glaucoma surgery are holding back the market segment's growth.
Based on end-users, the global ophthalmic implants market is bifurcated into hospitals, ambulatory surgery centers, and ophthalmic clinics.
The hospitals segment dominates the global market and is predicted to exhibit a CAGR of 6.16% during the forecast period. Hospitals have important high-end devices and state-of-the-art infrastructure to carry out surgical operations. The patients are admitted to the hospital for long-term or short-term treatment. In addition, eye surgery treats various conditions, including diabetic retinopathy, detached retinas, cataracts, glaucoma, retinal tears, and farsightedness or nearsightedness. All these procedures are done in the hospitals. The increasing prevalence of such disorders and demand for such procedures are expected to drive segmental growth in the market.
Ophthalmology clinics include clinical and basic research on the cornea and anterior segment, new refraction and cataract surgery techniques, visual science and corneal cross-linking, and post-race disease and care. In addition, ophthalmic clinics can invest substantially more in the most advanced cataract surgery equipment than multi-specialty ASCs because of the former performer's cost savings. Ophthalmic clinics also have simpler decision-making processes than multi-specialty ASCs.